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

Churchill Downs (NASDAQ:CHDN) 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) 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.

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.