Churchill Downs (CHDN) Hits New 1-Year High at $251.10

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.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, November 1st. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.18. The company had revenue of $314.80 million for the quarter, compared to the consensus estimate of $308.43 million. Churchill Downs had a return on equity of 17.48% and a net margin of 9.75%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.52 EPS. equities analysts expect that Churchill Downs, Inc. will post 6.95 earnings per share for the current year.

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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