Churchill Downs (NASDAQ:CHDN) Sets New 1-Year Low – What’s Next?
by Danessa Lincoln · The Markets DailyChurchill Downs, Incorporated (NASDAQ:CHDN – Get Free Report) shares reached a new 52-week low on Wednesday. The stock traded as low as $73.59 and last traded at $73.88, with a volume of 577583 shares trading hands. The stock had previously closed at $78.21.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the stock. Susquehanna boosted their target price on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a “positive” rating in a research note on Friday, July 31st. Truist Financial set a $145.00 price target on shares of Churchill Downs in a report on Friday, June 12th. Weiss Ratings upgraded shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. Wolfe Research started coverage on Churchill Downs in a report on Wednesday, September 2nd. They set an “outperform” rating and a $119.00 price objective on the stock. Finally, Citigroup reiterated an “outperform” rating on shares of Churchill Downs in a research report on Friday, July 31st. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $134.89.
View Our Latest Report on CHDN
Churchill Downs Stock Performance
The stock’s 50 day moving average is $84.37 and its two-hundred day moving average is $86.95. The firm has a market capitalization of $5.31 billion, a P/E ratio of 13.06, a P/E/G ratio of 0.70 and a beta of 0.77. 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 – Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, meeting the consensus estimate of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The company had revenue of $980.00 million during the quarter, compared to analysts’ expectations of $977.38 million. During the same quarter in the previous year, the company posted $3.10 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts anticipate that Churchill Downs, Incorporated will post 7.14 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Churchill Downs
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in Churchill Downs during the 2nd quarter worth approximately $555,948,000. Arrowstreet Capital Limited Partnership increased its stake in Churchill Downs by 0.6% in the fourth 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 in the last quarter. William Blair Investment Management LLC acquired a new stake in Churchill Downs in the second quarter worth $92,340,000. Balyasny Asset Management L.P. boosted its position in shares of Churchill Downs by 94.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company’s stock worth $116,100,000 after purchasing an additional 494,553 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Churchill Downs during the second quarter worth $69,099,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.
About Churchill Downs
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.