Churchill Downs (CHDN) Now Covered by Analysts at Jefferies Group

Research analysts at Jefferies Group started coverage on shares of Churchill Downs (NASDAQ:CHDN) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $261.00 price target on the stock. Jefferies Group’s target price would indicate a potential upside of 2.17% from the company’s previous close.

Several other equities analysts have also issued reports on CHDN. Zacks Investment Research lowered shares of Churchill Downs from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Telsey Advisory Group lifted their price objective on shares of Churchill Downs from $196.00 to $209.00 and gave the company a “market perform” rating in a report on Thursday, October 12th. Finally, BidaskClub raised shares of Churchill Downs from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $240.25.

Shares of Churchill Downs (CHDN) traded up $2.75 during trading hours on Thursday, hitting $255.45. 193,728 shares of the stock were exchanged, compared to its average volume of 110,148. The stock has a market capitalization of $3,894.15, a price-to-earnings ratio of 32.21, a PEG ratio of 1.54 and a beta of 0.92. Churchill Downs has a fifty-two week low of $141.00 and a fifty-two week high of $256.10. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.77.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, November 1st. The company reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.18. The company had revenue of $314.80 million for the quarter, compared to analyst estimates of $308.43 million. Churchill Downs had a net margin of 9.75% and a return on equity of 17.48%. Churchill Downs’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. sell-side analysts expect that Churchill Downs will post 7.05 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has initiated a stock buyback plan on Wednesday, November 29th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

A number of hedge funds have recently modified their holdings of CHDN. Citigroup Inc. increased its holdings in Churchill Downs by 352.2% during the second quarter. Citigroup Inc. now owns 719 shares of the company’s stock valued at $132,000 after buying an additional 560 shares during the period. Smithfield Trust Co. acquired a new stake in Churchill Downs in the third quarter valued at approximately $175,000. Sawgrass Asset Management LLC acquired a new stake in Churchill Downs in the second quarter valued at approximately $203,000. Campbell & CO Investment Adviser LLC acquired a new stake in Churchill Downs in the third quarter valued at approximately $206,000. Finally, Community Trust & Investment Co. acquired a new stake in Churchill Downs in the third quarter valued at approximately $206,000. 72.50% of the stock is currently owned by institutional investors.

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About Churchill Downs

Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through five segments: Racing, Casinos, TwinSpires, Other Investments and Corporate.

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