Churchill Downs (NASDAQ:CHDN) Reaches New 52-Week Low Following Analyst Downgrade

Shares of Churchill Downs Incorporated (NASDAQ:CHDN - Get Free Report) reached a new 52-week low on Thursday after Stifel Nicolaus lowered their price target on the stock from $161.00 to $142.00. Stifel Nicolaus currently has a buy rating on the stock. Churchill Downs traded as low as $96.67 and last traded at $105.90, with a volume of 899670 shares trading hands. The stock had previously closed at $98.00.

CHDN has been the topic of a number of other research reports. Mizuho reduced their target price on Churchill Downs from $151.00 to $148.00 and set an "outperform" rating on the stock in a report on Wednesday, February 19th. StockNews.com lowered shares of Churchill Downs from a "hold" rating to a "sell" rating in a research note on Tuesday, April 8th. Wells Fargo & Company lowered their target price 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 reiterated a "market outperform" rating and issued a $166.00 target price on shares of Churchill Downs in a report on Thursday, January 16th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $153.44.

Institutional Investors Weigh In On Churchill Downs

Several institutional investors have recently added to or reduced their stakes in CHDN. Louisiana State Employees Retirement System raised its stake in shares of Churchill Downs by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the company's stock valued at $2,724,000 after purchasing an additional 100 shares during the period. Utah Retirement Systems raised its position in Churchill Downs by 2.7% in the 4th quarter. Utah Retirement Systems now owns 3,800 shares of the company's stock valued at $507,000 after buying an additional 100 shares during the last quarter. Blue Trust Inc. lifted its stake in Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after acquiring an additional 103 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Churchill Downs by 0.6% during the 4th quarter. Arizona State Retirement System now owns 19,165 shares of the company's stock worth $2,559,000 after acquiring an additional 116 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Churchill Downs by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 2,252 shares of the company's stock valued at $301,000 after purchasing an additional 120 shares during the last quarter. 82.59% of the stock is owned by institutional investors.

Churchill Downs Stock Performance

The stock's 50-day moving average price is $112.54 and its 200 day moving average price is $127.29. The firm has a market cap of $7.60 billion, a P/E ratio of 18.19, 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 - Get Free Report) last issued 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). The business 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 analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

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 0.23%. Churchill Downs's dividend payout ratio (DPR) is presently 7.04%.

Churchill Downs declared that its board has authorized a stock buyback 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 shares through open market purchases. Shares buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

About Churchill Downs

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.