Churchill Downs (NASDAQ:CHDN) Price Target Cut to $142.00 by Analysts at Stifel Nicolaus

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its price objective dropped by stock analysts at Stifel Nicolaus from $161.00 to $142.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the stock. Stifel Nicolaus' target price suggests a potential upside of 37.72% from the stock's previous close.

CHDN has been the subject of several other reports. JMP Securities reaffirmed a "market outperform" rating and set a $166.00 price objective on shares of Churchill Downs in a research note on Thursday, January 16th. Mizuho reduced their price objective on shares of Churchill Downs from $151.00 to $148.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 19th. Wells Fargo & Company reduced their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, StockNews.com lowered Churchill Downs from a "hold" rating to a "sell" rating in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating and nine have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $153.44.

Churchill Downs Price Performance

NASDAQ:CHDN traded up $1.49 on Thursday, reaching $103.11. 213,753 shares of the company's stock traded hands, compared to its average volume of 504,114. 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 has a 12 month low of $96.67 and a 12 month high of $150.21. The stock has a 50-day simple moving average of $112.54 and a 200-day simple moving average of $127.29. The firm has a market cap of $7.58 billion, a PE ratio of 18.15, a P/E/G ratio of 2.95 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.92 EPS for the quarter, missing the consensus estimate 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 net margin of 15.61% and a return on equity of 43.67%. Equities research analysts forecast that Churchill Downs will post 6.92 earnings per share for the current year.

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

Institutional Investors Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp increased its position in shares of Churchill Downs by 22.1% in the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company's stock valued at $3,958,000 after acquiring an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Churchill Downs by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company's stock valued at $80,839,000 after buying an additional 10,153 shares during the period. Proficio Capital Partners LLC purchased a new position in Churchill Downs during the fourth quarter valued at approximately $1,927,000. JPMorgan Chase & Co. boosted its position in Churchill Downs by 7.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company's stock worth $24,824,000 after purchasing an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Churchill Downs by 4.7% during the fourth quarter. Victory Capital Management Inc. now owns 228,550 shares of the company's stock worth $30,521,000 after buying an additional 10,359 shares in the last quarter. 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.