Investment analysts at Telsey Advisory Group assumed coverage on shares of Churchill Downs (NASDAQ:CHDN) in a report released on Tuesday, The Fly reports. The brokerage set a “market perform” rating on the stock.
Several other equities analysts have also recently commented on the stock. BidaskClub upgraded shares of Churchill Downs from a “hold” rating to a “buy” rating in a research report on Saturday, December 2nd. Jefferies Group started coverage on shares of Churchill Downs in a research report on Thursday, January 18th. They issued a “hold” rating and a $261.00 target price for the company. Finally, Zacks Investment Research cut shares of Churchill Downs from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 3rd. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $240.25.
Churchill Downs (NASDAQ:CHDN) traded down $5.75 during midday trading on Tuesday, reaching $267.95. 83,234 shares of the company’s stock were exchanged, compared to its average volume of 151,994. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.76. The company has a market cap of $3,711.52, a P/E ratio of 30.48, a P/E/G ratio of 1.50 and a beta of 1.02. Churchill Downs has a 52-week low of $151.15 and a 52-week high of $279.45.
Churchill Downs declared that its Board of Directors has approved a stock repurchase plan on Wednesday, November 29th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
In other news, Director Robert L. Evans sold 32,866 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $265.00, for a total value of $8,709,490.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard L. Duchossois bought 3,680 shares of the company’s stock in a transaction dated Wednesday, March 7th. The stock was purchased at an average price of $271.85 per share, with a total value of $1,000,408.00. Following the completion of the transaction, the director now directly owns 16,290 shares in the company, valued at approximately $4,428,436.50. The disclosure for this purchase can be found here. 18.44% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of CHDN. Nationwide Fund Advisors raised its position in shares of Churchill Downs by 1.3% in the 3rd quarter. Nationwide Fund Advisors now owns 29,229 shares of the company’s stock valued at $6,027,000 after buying an additional 377 shares in the last quarter. First Trust Advisors LP increased its position in Churchill Downs by 54.2% during the 3rd quarter. First Trust Advisors LP now owns 13,565 shares of the company’s stock worth $2,797,000 after purchasing an additional 4,768 shares in the last quarter. Chicago Equity Partners LLC acquired a new position in Churchill Downs during the 3rd quarter worth approximately $1,185,000. Prudential Financial Inc. increased its position in Churchill Downs by 4.6% during the 3rd quarter. Prudential Financial Inc. now owns 9,270 shares of the company’s stock worth $1,911,000 after purchasing an additional 404 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Churchill Downs by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 59,940 shares of the company’s stock worth $12,360,000 after purchasing an additional 2,450 shares in the last quarter. Institutional investors own 82.26% of the company’s stock.
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 five segments: Racing, Casinos, TwinSpires, Other Investments and Corporate.
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