Short Interest in Churchill Downs Incorporated (NASDAQ:CHDN) Rises By 6.9%

Churchill Downs Incorporated (NASDAQ:CHDN) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 1,870,000 shares, a growth of 6.9% from the May 31st total of 1,750,000 shares. Based on an average trading volume of 505,200 shares, the days-to-cover ratio is presently 3.7 days.

Insiders Place Their Bets

In related news, Director Paul C. Varga bought 3,800 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were bought at an average cost of $130.22 per share, for a total transaction of $494,836.00. Following the transaction, the director now owns 28,902 shares of the company’s stock, valued at $3,763,618.44. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.13% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Churchill Downs

Several institutional investors have recently added to or reduced their stakes in CHDN. UMB Bank n.a. grew its holdings in Churchill Downs by 59.8% in the 1st quarter. UMB Bank n.a. now owns 286 shares of the company’s stock valued at $35,000 after buying an additional 107 shares during the period. M&T Bank Corp boosted its position in shares of Churchill Downs by 5.2% in the fourth quarter. M&T Bank Corp now owns 2,399 shares of the company’s stock worth $324,000 after acquiring an additional 118 shares during the last quarter. SeaCrest Wealth Management LLC grew its holdings in Churchill Downs by 4.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 2,575 shares of the company’s stock valued at $327,000 after purchasing an additional 121 shares during the period. Treasurer of the State of North Carolina increased its position in Churchill Downs by 0.4% during the third quarter. Treasurer of the State of North Carolina now owns 32,082 shares of the company’s stock worth $3,723,000 after purchasing an additional 130 shares during the last quarter. Finally, Sculati Wealth Management LLC raised its stake in Churchill Downs by 2.8% during the fourth quarter. Sculati Wealth Management LLC now owns 5,175 shares of the company’s stock worth $698,000 after purchasing an additional 140 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Mizuho upped their price target on Churchill Downs from $142.00 to $143.00 and gave the stock a “buy” rating in a report on Friday, April 26th. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, May 15th. Stifel Nicolaus boosted their price objective on shares of Churchill Downs from $150.00 to $153.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. JMP Securities restated a “market outperform” rating and set a $156.00 target price on shares of Churchill Downs in a report on Monday, May 6th. Finally, Wells Fargo & Company raised shares of Churchill Downs from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $137.00 to $141.00 in a report on Monday, April 15th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Churchill Downs presently has an average rating of “Moderate Buy” and a consensus price target of $145.25.

Churchill Downs Price Performance

Churchill Downs stock opened at $140.00 on Thursday. The firm’s 50-day moving average is $135.21 and its two-hundred day moving average is $127.08. The company has a debt-to-equity ratio of 5.88, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $10.29 billion, a P/E ratio of 31.18, a P/E/G ratio of 3.72 and a beta of 0.97. Churchill Downs has a 12-month low of $106.45 and a 12-month high of $141.57.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, April 24th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.35. The firm had revenue of $590.90 million for the quarter, compared to analyst estimates of $565.41 million. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. Churchill Downs’s revenue was up 5.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.98 earnings per share. Equities analysts predict that Churchill Downs will post 6.04 earnings per share for the current year.

Churchill Downs Company Profile

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; and casino gaming.