Churchill Downs (NASDAQ:CHDN) Upgraded at StockNews.com

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

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

Churchill Downs Price Performance

Churchill Downs stock opened at $110.39 on Wednesday. The stock has a market cap of $8.12 billion, a P/E ratio of 19.43, a P/E/G ratio of 2.95 and a beta of 0.93. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The company’s 50 day moving average price is $120.14 and its two-hundred day moving average price is $131.68. Churchill Downs has a 52 week low of $105.18 and a 52 week 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 the consensus estimate of $0.98 by ($0.06). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $620.21 million. On average, equities analysts predict that Churchill Downs will post 6.92 earnings per share for the current year.

Churchill Downs announced that its board has initiated a stock repurchase program on Wednesday, March 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Churchill Downs

A number of institutional investors have recently added to or reduced their stakes in the stock. Truist Financial Corp increased its position in shares of Churchill Downs by 22.1% during the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock valued at $3,958,000 after buying an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Churchill Downs by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock valued at $80,839,000 after purchasing an additional 10,153 shares in the last quarter. Westfield Capital Management Co. LP raised its stake in Churchill Downs by 100.0% in the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock valued at $103,241,000 after purchasing an additional 381,754 shares in the last quarter. JPMorgan Chase & Co. grew its position in Churchill Downs by 7.1% in the third quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company’s stock worth $24,824,000 after acquiring an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Churchill Downs by 4.7% in the fourth quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock valued at $30,521,000 after acquiring an additional 10,359 shares during the last quarter. Hedge funds and other institutional investors 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.