Churchill Downs (NASDAQ:CHDN) Board of Directors Declares Share Buyback Plan

Churchill Downs (NASDAQ:CHDN - Get Free Report) declared that its Board of Directors has authorized a share repurchase program on Wednesday, March 12th, RTT News reports. The company plans to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Churchill Downs Trading Down 1.9 %

NASDAQ:CHDN traded down $2.10 during trading hours on Wednesday, reaching $106.50. 658,805 shares of the stock were exchanged, compared to its average volume of 470,769. Churchill Downs has a twelve month low of $105.20 and a twelve month high of $150.21. The business has a 50-day moving average of $121.90 and a two-hundred day moving average of $132.51. The company has a market capitalization of $7.83 billion, a price-to-earnings ratio of 18.75, a PEG 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.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.06). The firm had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. On average, equities analysts predict that Churchill Downs will post 6.92 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CHDN. Wells Fargo & Company lowered their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. StockNews.com lowered Churchill Downs from a "hold" rating to a "sell" rating in a research note on Tuesday. JMP Securities restated a "market outperform" rating and issued a $166.00 target price on shares of Churchill Downs in a research report on Thursday, January 16th. Stifel Nicolaus dropped their price target on Churchill Downs from $164.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Finally, Mizuho decreased their price objective on Churchill Downs from $151.00 to $148.00 and set an "outperform" rating on the stock in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $159.38.

Remove Ads

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.