Churchill Downs Incorporated (NASDAQ:CHDN) Short Interest Update

Churchill Downs Incorporated (NASDAQ:CHDN) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,540,000 shares, a growth of 13.2% from the September 30th total of 1,360,000 shares. Based on an average trading volume of 396,300 shares, the days-to-cover ratio is presently 3.9 days.

Hedge Funds Weigh In On Churchill Downs

Institutional investors and hedge funds have recently bought and sold shares of the company. Kimelman & Baird LLC acquired a new position in Churchill Downs in the 2nd quarter worth about $42,000. Central Pacific Bank Trust Division acquired a new position in Churchill Downs in the 1st quarter worth about $44,000. CWM LLC increased its holdings in Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after purchasing an additional 118 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Churchill Downs by 82.8% in the third quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after buying an additional 255 shares during the period. Finally, Bank & Trust Co acquired a new stake in shares of Churchill Downs in the second quarter valued at about $84,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Price Performance

Shares of CHDN stock traded down $3.88 on Thursday, hitting $140.10. 469,584 shares of the company’s stock were exchanged, compared to its average volume of 433,757. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.57 and a quick ratio of 0.57. Churchill Downs has a 12 month low of $107.82 and a 12 month high of $146.64. The stock has a market cap of $10.30 billion, a P/E ratio of 25.52, a price-to-earnings-growth ratio of 2.06 and a beta of 0.97. The company has a 50 day moving average of $138.18 and a 200 day moving average of $136.35.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The business had revenue of $628.50 million during the quarter, compared to the consensus estimate of $627.90 million. During the same period in the prior year, the company earned $0.87 EPS. Churchill Downs’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research analysts predict that Churchill Downs will post 6.13 EPS for the current year.

Churchill Downs Increases Dividend

The firm also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be given a dividend of $0.409 per share. This is an increase from Churchill Downs’s previous annual dividend of $0.38. This represents a dividend yield of 0.29%. The ex-dividend date is Friday, December 6th. Churchill Downs’s dividend payout ratio is currently 7.29%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Mizuho decreased their target price on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company boosted their price target on Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Truist Financial restated a “buy” rating and issued a $165.00 price target (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. StockNews.com downgraded Churchill Downs from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Finally, Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and boosted their price target for the company from $145.00 to $155.00 in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $160.88.

About Churchill Downs

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.