Churchill Downs, Inc. (NASDAQ:CHDN) shares reached a new 52-week high on Wednesday . The company traded as high as $251.10 and last traded at $238.65, with a volume of 125800 shares traded. The stock had previously closed at $240.05.
A number of research firms have weighed in on CHDN. Telsey Advisory Group upped their target price on Churchill Downs from $182.00 to $196.00 and gave the stock a “market perform” rating in a report on Thursday, September 14th. BidaskClub downgraded Churchill Downs from a “buy” rating to a “hold” rating in a research note on Thursday, December 14th. Finally, Zacks Investment Research upgraded Churchill Downs from a “hold” rating to a “buy” rating and set a $239.00 price target on the stock in a research note on Wednesday, November 8th.
The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.77. The stock has a market cap of $3,695.21, a P/E ratio of 30.09 and a beta of 0.92.
The firm also recently disclosed an annual dividend, which was paid on Friday, January 5th. Investors of record on Friday, December 1st were given a $1.52 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This is a boost from Churchill Downs’s previous annual dividend of $1.32. This represents a yield of 0.73%. Churchill Downs’s dividend payout ratio is 19.17%.
Churchill Downs declared that its board has initiated a stock repurchase plan on Wednesday, November 29th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of hedge funds have recently added to or reduced their stakes in CHDN. Citigroup Inc. lifted its position in Churchill Downs by 352.2% in the 2nd quarter. Citigroup Inc. now owns 719 shares of the company’s stock valued at $132,000 after acquiring an additional 560 shares in the last quarter. Bruderman Asset Management LLC bought a new position in shares of Churchill Downs during the 2nd quarter valued at $161,000. Smithfield Trust Co. bought a new position in shares of Churchill Downs during the 3rd quarter valued at $175,000. Sawgrass Asset Management LLC bought a new position in shares of Churchill Downs during the 2nd quarter valued at $203,000. Finally, Community Trust & Investment Co. bought a new position in shares of Churchill Downs during the 3rd quarter valued at $206,000. 72.50% of the stock is currently owned by institutional investors and hedge funds.
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About Churchill Downs
Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate.
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