Churchill Downs (NASDAQ:CHDN) Stock Rating Upgraded by StockNews.com

Churchill Downs (NASDAQ:CHDN) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

A number of other research analysts have also commented on CHDN. Wells Fargo & Company lowered 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. Mizuho decreased their price target 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. Stifel Nicolaus decreased their price target on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Finally, JMP Securities restated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $159.38.

Churchill Downs Price Performance

NASDAQ CHDN opened at $112.01 on Wednesday. Churchill Downs has a 12 month low of $105.18 and a 12 month high of $150.21. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The firm has a market capitalization of $8.23 billion, a PE ratio of 19.72, a P/E/G ratio of 2.95 and a beta of 0.93. The company’s 50 day simple moving average is $119.48 and its 200 day simple moving average is $131.41.

Churchill Downs (NASDAQ:CHDN) 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, equities research analysts forecast that Churchill Downs will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its board has approved a share repurchase program on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Churchill Downs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commerce Bank boosted its stake in shares of Churchill Downs by 1.8% during the 3rd quarter. Commerce Bank now owns 5,072 shares of the company’s stock valued at $686,000 after buying an additional 90 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Churchill Downs by 0.5% during 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 in the last quarter. Utah Retirement Systems raised its holdings in shares of Churchill Downs by 2.7% during the 4th quarter. Utah Retirement Systems now owns 3,800 shares of the company’s stock valued at $507,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Churchill Downs by 127.2% during the 4th 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. Finally, Arizona State Retirement System raised its holdings in Churchill Downs by 0.6% in 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 during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

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.