JPMorgan Chase & Co. Issues Pessimistic Forecast for Churchill Downs (NASDAQ:CHDN) Stock Price

Churchill Downs (NASDAQ:CHDN) had its price objective lowered by research analysts at JPMorgan Chase & Co. from $123.00 to $118.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 42.31% from the company’s current price.

Several other research analysts have also commented on the stock. Truist Financial dropped their price target on shares of Churchill Downs from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Tuesday. Wolfe Research started coverage on shares of Churchill Downs in a research note on Wednesday, September 2nd. They issued an “outperform” rating and a $119.00 price objective for the company. Mizuho upped their price objective on shares of Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Citizens Jmp lowered their target price on shares of Churchill Downs from $137.00 to $131.00 and set a “market outperform” rating on the stock in a research report on Tuesday, October 13th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $120.00 price objective (up from $117.00) on shares of Churchill Downs in a report on Monday. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Churchill Downs presently has an average rating of “Moderate Buy” and an average price target of $132.70.

Churchill Downs Stock Up 1.2%

Shares of NASDAQ CHDN traded up $0.95 during trading hours on Tuesday, hitting $82.92. The stock had a trading volume of 383,322 shares, compared to its average volume of 1,004,503. The company has a market capitalization of $5.78 billion, a P/E ratio of 14.21, a P/E/G ratio of 0.78 and a beta of 0.77. The firm’s 50-day moving average price is $83.71 and its two-hundred day moving average price is $86.68. Churchill Downs has a 52 week low of $73.08 and a 52 week high of $118.35. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting the consensus estimate of $3.45. The firm had revenue of $980.00 million for the quarter, compared to analyst estimates of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.10 earnings per share. Analysts anticipate that Churchill Downs will post 7.05 EPS for the current fiscal year.

Institutional Trading of Churchill Downs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC boosted its holdings in Churchill Downs by 0.5% in the 1st quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company’s stock valued at $2,479,000 after purchasing an additional 125 shares during the period. Atlas Brown Inc. raised its position in shares of Churchill Downs by 4.7% during the third quarter. Atlas Brown Inc. now owns 3,351 shares of the company’s stock valued at $254,000 after buying an additional 150 shares during the last quarter. Concurrent Investment Advisors LLC lifted its stake in shares of Churchill Downs by 6.4% in the second quarter. Concurrent Investment Advisors LLC now owns 3,610 shares of the company’s stock valued at $324,000 after buying an additional 217 shares during the period. Essential Partners LLC lifted its stake in shares of Churchill Downs by 64.7% in the first quarter. Essential Partners LLC now owns 578 shares of the company’s stock valued at $52,000 after buying an additional 227 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Churchill Downs by 19.6% in the third quarter. GAMMA Investing LLC now owns 1,383 shares of the company’s stock valued at $105,000 after buying an additional 227 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated (NASDAQ: CHDN) is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.