Churchill Downs (NASDAQ:CHDN) Sets New 52-Week Low – Here’s Why

Churchill Downs Incorporated (NASDAQ:CHDN)’s stock price hit a new 52-week low on Thursday . The stock traded as low as $105.18 and last traded at $106.50, with a volume of 658805 shares trading hands. The stock had previously closed at $108.60.

Analyst Upgrades and Downgrades

CHDN has been the topic of several analyst reports. Mizuho reduced their target price on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Stifel Nicolaus reduced their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Wells Fargo & Company reduced their target price on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. StockNews.com cut shares of Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, JMP Securities reaffirmed 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 eight have given a buy rating to the company. Based on data from MarketBeat.com, Churchill Downs has a consensus rating of “Moderate Buy” and an average target price of $159.38.

Churchill Downs Trading Down 1.9 %

The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The business’s fifty day simple moving average is $121.90 and its two-hundred day simple moving average is $132.51. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 18.75, a PEG ratio of 2.95 and a beta of 0.93.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). The business had revenue of $624.20 million for the quarter, compared to analysts’ expectations 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 Incorporated will post 6.92 EPS 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 purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. grew its position 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 buying an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Churchill Downs in the 3rd quarter valued at $27,000. Fortitude Family Office LLC grew its position in Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after buying an additional 246 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in Churchill Downs in the 4th quarter valued at $55,000. Finally, R Squared Ltd purchased a new position in Churchill Downs in the 4th quarter valued at $55,000. 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.