As a sports betting outlet, we are excited to report the news from Churchill Downs. Churchill Downs (NASDAQ: CHDN) is planning to buy back one million of its shares for a purchase price of $123.75 apiece from the Duchossois Group affiliate. This could indicate value in its stock, as revealed by a traditional share repurchase program.
This development is good news for investors, especially as Churchill Downs is known for its shareholder-friendly moves, such as its previous stock split and repurchase program. At the end of today’s trading, the company behind the Kentucky Derby showed that it had 74.80 million shares outstanding and a market capitalization of $9.69 billion, with the stock experiencing a 22.94% year-to-date increase.
Furthermore, Churchill Downs is a favorite among analysts, with seven out of nine analysts rating the company with a “strong buy.” The emerging growth story tied to historical horse racing machines and benefits from acquisitions are seen as positive catalysts for the stock. No analyst has issued a “sell” rating on Churchill Downs in the last three years. The stock’s current average 12-month price target is $142.56, implying potential upside of 9.69% from today’s close.
For those interested in sports betting, this news could represent financial opportunity in the betting market. Stay updated with our website for more potential investment tips within the sports betting industry.