Churchill Downs (NASDAQ:CHDN) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Churchill Downs (NASDAQ:CHDN) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

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

Churchill Downs Price Performance

Shares of NASDAQ CHDN opened at $112.97 on Wednesday. The stock’s 50-day simple moving average is $119.82 and its 200-day simple moving average is $131.55. The firm has a market capitalization of $8.31 billion, a PE ratio of 19.89, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. Churchill Downs has a fifty-two week low of $105.18 and a fifty-two week high of $150.21.

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

Churchill Downs announced that its board has authorized a share buyback plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Churchill Downs Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. Churchill Downs’s dividend payout ratio (DPR) is presently 7.04%.

Institutional Trading of Churchill Downs

A number of institutional investors have recently modified their holdings of the business. Blue Trust Inc. raised its holdings in Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Churchill Downs during the third quarter worth $27,000. Fortitude Family Office LLC raised its holdings in Churchill Downs by 2,733.3% during the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock worth $34,000 after purchasing an additional 246 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in Churchill Downs during the fourth quarter worth $55,000. Finally, R Squared Ltd acquired a new position in Churchill Downs during the fourth quarter worth $55,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

About Churchill Downs

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.