Stifel Nicolaus Issues Pessimistic Forecast for Churchill Downs (NASDAQ:CHDN) Stock Price

Churchill Downs (NASDAQ:CHDN) had its price target reduced by stock analysts at Stifel Nicolaus from $161.00 to $142.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 35.42% from the company’s previous close.

Other analysts have also recently issued research reports about the company. StockNews.com cut Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday. Mizuho dropped 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. Wells Fargo & Company dropped their price objective 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, JMP Securities reissued a “market outperform” rating and set a $166.00 price objective 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $157.00.

Churchill Downs Stock Performance

Shares of CHDN stock traded down $1.04 on Thursday, hitting $104.86. 78,006 shares of the stock were exchanged, compared to its average volume of 501,345. 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 firm has a market capitalization of $7.71 billion, a PE ratio of 18.46, a P/E/G ratio of 2.95 and a beta of 0.86. Churchill Downs has a one year low of $96.67 and a one year high of $150.21. The firm’s 50 day moving average is $113.76 and its two-hundred day moving average is $127.97.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share 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 the consensus estimate of $620.21 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. Sell-side analysts expect that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs announced that its board has authorized a stock repurchase plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Churchill Downs

Institutional investors and hedge funds have recently modified their holdings of the business. Truist Financial Corp raised its holdings 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 in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Churchill Downs by 1.7% during 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 in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Churchill Downs during the 4th quarter valued at about $1,927,000. JPMorgan Chase & Co. raised its holdings in shares of Churchill Downs by 7.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company’s stock valued at $24,824,000 after buying an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Churchill Downs by 4.7% during the 4th quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock valued at $30,521,000 after buying an additional 10,359 shares in the last quarter. Hedge funds and other institutional investors 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.