Churchill Downs (NASDAQ:CHDN) Trading Down 3.2% – Time to Sell?

Churchill Downs, Incorporated (NASDAQ:CHDN) shares dropped 3.2% during mid-day trading on Friday . The stock traded as low as $111.74 and last traded at $110.1760. Approximately 26,136 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 622,034 shares. The stock had previously closed at $113.78.

Analyst Ratings Changes

A number of analysts have commented on CHDN shares. JPMorgan Chase & Co. dropped their price target on shares of Churchill Downs from $130.00 to $128.00 and set an “overweight” rating on the stock in a research report on Thursday, October 16th. Macquarie reaffirmed an “outperform” rating and set a $155.00 price objective on shares of Churchill Downs in a research note on Friday, October 24th. Weiss Ratings restated a “hold (c-)” rating on shares of Churchill Downs in a report on Wednesday, October 8th. Barclays lifted their price target on Churchill Downs from $131.00 to $132.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Finally, Susquehanna restated a “positive” rating and issued a $124.00 price target (down from $126.00) on shares of Churchill Downs in a research note on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $133.30.

Churchill Downs Stock Performance

The stock has a market capitalization of $7.76 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.86 and a beta of 0.68. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.87. The business has a fifty day moving average price of $107.90 and a 200-day moving average price of $103.20.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. The business had revenue of $683.00 million during the quarter, compared to analyst estimates of $671.43 million. Churchill Downs had a net margin of 13.99% and a return on equity of 42.54%. Churchill Downs’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.97 earnings per share. On average, sell-side analysts expect that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Churchill Downs Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.438 per share. This is a boost from Churchill Downs’s previous annual dividend of $0.41. The ex-dividend date is Friday, December 5th. This represents a yield of 39.0%. Churchill Downs’s dividend payout ratio (DPR) is currently 8.00%.

Institutional Investors Weigh In On Churchill Downs

Institutional investors and hedge funds have recently bought and sold shares of the stock. Measured Wealth Private Client Group LLC bought a new stake in shares of Churchill Downs in the 3rd quarter worth about $25,000. First Horizon Corp acquired a new stake in Churchill Downs during the third quarter worth approximately $26,000. Quent Capital LLC bought a new position in Churchill Downs in the third quarter valued at about $27,000. Geneos Wealth Management Inc. boosted its holdings in shares of Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after buying an additional 232 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Churchill Downs by 1,670.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 301 shares of the company’s stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.