Churchill Downs, Inc. (NASDAQ:CHDN) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $240.20 and last traded at $237.85, with a volume of 138500 shares. The stock had previously closed at $238.05.
CHDN has been the subject of several research analyst reports. Telsey Advisory Group boosted their target price on Churchill Downs from $182.00 to $196.00 and gave the stock a “market perform” rating in a research note on Thursday, September 14th. Zacks Investment Research downgraded Churchill Downs from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Finally, BidaskClub raised Churchill Downs from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd.
The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market cap of $3,660.00, a P/E ratio of 29.69 and a beta of 0.92.
The company also recently disclosed an annual dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 1st will be paid a $1.52 dividend. The ex-dividend date is Thursday, November 30th. This represents a dividend yield of 0.73%. This is an increase from Churchill Downs’s previous annual dividend of $1.32. Churchill Downs’s dividend payout ratio is currently 18.98%.
Churchill Downs declared that its board has initiated a stock buyback plan on Wednesday, November 29th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently added to or reduced their stakes in CHDN. Russell Investments Group Ltd. increased its position in Churchill Downs by 322.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 8,384 shares of the company’s stock valued at $1,537,000 after purchasing an additional 6,400 shares during the period. Sei Investments Co. acquired a new stake in Churchill Downs during the 2nd quarter valued at approximately $314,000. Schwab Charles Investment Management Inc. increased its position in Churchill Downs by 5.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 68,114 shares of the company’s stock valued at $12,486,000 after purchasing an additional 3,297 shares during the period. First Trust Advisors LP increased its position in Churchill Downs by 17.0% during the 2nd quarter. First Trust Advisors LP now owns 8,797 shares of the company’s stock valued at $1,612,000 after purchasing an additional 1,278 shares during the period. Finally, SG Americas Securities LLC increased its position in Churchill Downs by 1.6% during the 2nd quarter. SG Americas Securities LLC now owns 4,233 shares of the company’s stock valued at $776,000 after purchasing an additional 67 shares during the period. 72.50% of the stock is owned by institutional investors.
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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