Churchill Downs (NASDAQ:CHDN) Stock Rating Upgraded by StockNews.com

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

Several other research firms have also recently issued reports on CHDN. JMP Securities reissued a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research note on Thursday, January 16th. Stifel Nicolaus decreased their price target on Churchill Downs from $164.00 to $161.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Wells Fargo & Company decreased 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. Finally, Mizuho decreased their price target on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. One 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 a consensus rating of “Moderate Buy” and a consensus price target of $159.38.

Churchill Downs Stock Performance

CHDN stock opened at $112.10 on Wednesday. The firm has a market cap of $8.24 billion, a P/E ratio of 19.74, a P/E/G ratio of 2.95 and a beta of 0.93. The stock’s 50 day simple moving average is $119.19 and its 200 day simple moving average is $131.23. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. Churchill Downs has a 12-month low of $105.18 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). The company had revenue of $624.20 million for the quarter, compared to the consensus estimate 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 predict that Churchill Downs will post 6.92 EPS for the current year.

Churchill Downs Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 0.21%. Churchill Downs’s dividend payout ratio is currently 7.04%.

Churchill Downs announced that its Board of Directors has initiated a stock repurchase program on Wednesday, March 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Churchill Downs

Several hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its stake in Churchill Downs by 4.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 4,165 shares of the company’s stock worth $556,000 after acquiring an additional 165 shares in the last quarter. Centaurus Financial Inc. increased its position in Churchill Downs by 15.4% in the 4th quarter. Centaurus Financial Inc. now owns 3,868 shares of the company’s stock worth $517,000 after purchasing an additional 515 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Churchill Downs by 2.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 210,639 shares of the company’s stock worth $28,129,000 after purchasing an additional 4,036 shares during the last quarter. Teza Capital Management LLC increased its position in Churchill Downs by 53.7% in the 4th quarter. Teza Capital Management LLC now owns 7,056 shares of the company’s stock worth $942,000 after purchasing an additional 2,466 shares during the last quarter. Finally, Strategic Wealth Partners Ltd. increased its position in Churchill Downs by 6.5% in the 4th quarter. Strategic Wealth Partners Ltd. now owns 11,300 shares of the company’s stock worth $1,391,000 after purchasing an additional 688 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

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.