Churchill Downs (NASDAQ:CHDN) Reaches New 1-Year Low – What’s Next?

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN) hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $74.92 and last traded at $75.72, with a volume of 1602205 shares. The stock had previously closed at $79.77.

Analysts Set New Price Targets

CHDN has been the topic of several research analyst reports. Weiss Ratings raised Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. Mizuho lifted their target price on Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Wells Fargo & Company lowered their target price on shares of Churchill Downs from $120.00 to $117.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Citizens Jmp cut their price target on shares of Churchill Downs from $149.00 to $137.00 and set a “market outperform” rating on the stock in a report on Friday, July 31st. Finally, Jefferies Financial Group restated a “buy” rating on shares of Churchill Downs in a report on Thursday, July 2nd. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Churchill Downs has an average rating of “Moderate Buy” and an average target price of $134.89.

Churchill Downs Stock Down 0.6%

The stock has a market cap of $5.27 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 0.72 and a beta of 0.67. The business has a fifty day moving average of $85.61 and a 200-day moving average of $87.37. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.36 and a quick ratio of 0.36.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, hitting the consensus estimate of $3.45. The company had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.Churchill Downs’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period last year, the business posted $3.10 EPS. Equities research analysts anticipate that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Hedge Funds Weigh In On Churchill Downs

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Churchill Downs in the second quarter worth about $555,948,000. Arrowstreet Capital Limited Partnership increased its position in Churchill Downs by 0.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,384,089 shares of the company’s stock valued at $157,482,000 after purchasing an additional 7,687 shares during the period. Geode Capital Management LLC raised its holdings in shares of Churchill Downs by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 1,327,655 shares of the company’s stock valued at $151,089,000 after purchasing an additional 32,445 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Churchill Downs by 94.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company’s stock valued at $116,100,000 after purchasing an additional 494,553 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $92,340,000. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, racing and entertainment company headquartered in Louisville, Kentucky. The company traces its origins to Churchill Downs Racetrack, which hosted the first Kentucky Derby in 1875 and remains its flagship property. Churchill Downs Incorporated operates and supports Thoroughbred racing, pari-mutuel wagering, casino gaming and related hospitality businesses.

The company’s operations include live and historical horse-racing venues, traditional casinos and historical racing-machine facilities.