Churchill Downs (NASDAQ:CHDN) Raised to Hold at StockNews.com

Churchill Downs (NASDAQ:CHDN) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Wednesday.

CHDN has been the topic of several other research reports. Wells Fargo & Company reduced their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Stifel Nicolaus reduced their price target on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Mizuho reduced their price target on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $166.00 price target on shares of Churchill Downs in a research report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $159.38.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $112.01 on Wednesday. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The firm has a 50-day moving average of $119.48 and a two-hundred day moving average of $131.41. The stock has a market cap of $8.23 billion, a P/E ratio of 19.72, a PEG ratio of 2.95 and a beta of 0.93. Churchill Downs has a 1-year low of $105.18 and a 1-year high of $150.21.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). The firm had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. On average, research analysts expect that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs declared that its Board of Directors has initiated a share buyback program on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Churchill Downs

Large investors have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 103 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Churchill Downs in the third quarter valued at approximately $27,000. Fortitude Family Office LLC increased its stake in shares of Churchill Downs by 2,733.3% in the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after purchasing an additional 246 shares during the period. Eagle Bay Advisors LLC acquired a new stake in shares of Churchill Downs in the fourth quarter valued at approximately $55,000. Finally, R Squared Ltd acquired a new stake in shares of Churchill Downs in the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.