Churchill Downs (NASDAQ:CHDN) Rating Increased to Hold at StockNews.com

Churchill Downs (NASDAQ:CHDN - Get Free Report) was upgraded by equities researchers at StockNews.com from a "sell" rating to a "hold" rating in a report released on Wednesday.

Several other equities analysts have also weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Stifel Nicolaus cut their price objective 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. JMP Securities restated a "market outperform" rating and issued a $166.00 target price on shares of Churchill Downs in a report on Thursday, January 16th. 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 report on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Churchill Downs has an average rating of "Moderate Buy" and a consensus target price of $159.38.

Churchill Downs Price Performance

CHDN stock traded up $0.09 during trading on Wednesday, hitting $112.10. The company had a trading volume of 925,264 shares, compared to its average volume of 470,940. The firm has a market capitalization of $8.24 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 2.95 and a beta of 0.93. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The business has a 50 day moving average of $119.19 and a 200 day moving average of $131.23. Churchill Downs has a fifty-two week low of $105.18 and a fifty-two week high of $150.21.

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Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted 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). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. As a group, research analysts predict that Churchill Downs will post 6.92 earnings per share for the current year.

Churchill Downs declared that its board has approved a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Churchill Downs

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in Churchill Downs by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock valued at $909,183,000 after acquiring an additional 107,737 shares in the last quarter. FMR LLC raised its holdings in Churchill Downs by 6.4% during the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock valued at $479,687,000 after buying an additional 214,694 shares in the last quarter. State Street Corp lifted its position in shares of Churchill Downs by 5.8% in the third quarter. State Street Corp now owns 2,078,031 shares of the company's stock worth $280,971,000 after buying an additional 114,018 shares during the last quarter. Boston Partners lifted its holdings in Churchill Downs by 25.6% in the 4th quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after purchasing an additional 366,283 shares during the last quarter. Finally, Schroder Investment Management Group boosted its position in Churchill Downs by 5.4% during the fourth quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company's stock worth $201,223,000 after purchasing an additional 77,213 shares during the period. 82.59% of the stock is currently 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.