Churchill Downs (NASDAQ:CHDN) Sets New 12-Month Low on Analyst Downgrade

Shares of Churchill Downs Incorporated (NASDAQ:CHDN) reached a new 52-week low on Friday after Jefferies Financial Group lowered their price target on the stock from $160.00 to $127.00. Jefferies Financial Group currently has a buy rating on the stock. Churchill Downs traded as low as $87.38 and last traded at $87.99, with a volume of 4196215 shares changing hands. The stock had previously closed at $105.04.

A number of other analysts have also recently weighed in on CHDN. Macquarie lowered their price target on Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a research report on Thursday. JMP Securities restated a “market outperform” rating and issued a $157.00 target price on shares of Churchill Downs in a research note on Thursday. Mizuho dropped their target price on shares of Churchill Downs from $148.00 to $140.00 and set an “outperform” rating for the company in a research report on Tuesday. Stifel Nicolaus reduced their price target on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Finally, Wells Fargo & Company decreased their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Churchill Downs has an average rating of “Moderate Buy” and a consensus target price of $144.80.

Hedge Funds Weigh In On Churchill Downs

Institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its holdings 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 in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Churchill Downs in the 3rd quarter valued at $27,000. Fortitude Family Office LLC boosted its position in 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 buying an additional 246 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Churchill Downs by 159.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company’s stock valued at $46,000 after buying an additional 253 shares during the period. Finally, Central Pacific Bank Trust Division raised its position in shares of Churchill Downs by 39.6% during the first quarter. Central Pacific Bank Trust Division now owns 455 shares of the company’s stock worth $51,000 after acquiring an additional 129 shares during the last quarter. 82.59% of the stock is owned by institutional investors.

Churchill Downs Stock Up 0.4 %

The firm has a 50 day moving average price of $108.37 and a 200-day moving average price of $125.07. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of 15.55, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. As a group, equities analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Churchill Downs’s payout ratio is presently 7.12%.

Churchill Downs announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

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.