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

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

Several other brokerages have also recently issued reports on CHDN. Mizuho lowered their target price on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Stifel Nicolaus cut their price objective 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. JMP Securities restated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a report on Thursday, January 16th. Finally, Wells Fargo & Company cut their price target on Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $159.38.

Churchill Downs Trading Up 0.1 %

NASDAQ CHDN opened at $112.10 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. Churchill Downs has a 52 week low of $105.18 and a 52 week high of $150.21. The stock has a market capitalization of $8.24 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. The firm has a 50 day moving average of $119.19 and a two-hundred day moving average of $131.23.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.92 EPS 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 firm had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. As a group, research analysts expect that Churchill Downs will post 6.92 EPS for the current fiscal year.

Churchill Downs Dividend Announcement

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

Churchill Downs declared that its board has approved 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 purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its position in Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after acquiring an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Churchill Downs in the 3rd quarter valued at approximately $27,000. Fortitude Family Office LLC raised its position in shares of Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after purchasing an additional 246 shares in the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of Churchill Downs in the 4th quarter valued at approximately $55,000. Finally, R Squared Ltd acquired a new position in shares of Churchill Downs in the 4th quarter valued at approximately $55,000. 82.59% of the stock is owned by institutional investors and hedge funds.

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.