Short Interest in Churchill Downs Incorporated (NASDAQ:CHDN) Increases By 5.8%

Churchill Downs Incorporated (NASDAQ:CHDN) was the target of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 1,470,000 shares, a growth of 5.8% from the December 15th total of 1,390,000 shares. Based on an average daily trading volume, of 441,500 shares, the days-to-cover ratio is presently 3.3 days.

Churchill Downs Stock Up 1.1 %

Shares of Churchill Downs stock opened at $126.00 on Tuesday. The business has a fifty day simple moving average of $135.19 and a 200 day simple moving average of $137.45. The stock has a market cap of $9.26 billion, a PE ratio of 22.95, a price-to-earnings-growth ratio of 2.97 and a beta of 0.96. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35. Churchill Downs has a 12 month low of $111.10 and a 12 month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The company had revenue of $628.50 million during the quarter, compared to analyst estimates of $627.90 million. During the same period in the previous year, the company earned $0.87 EPS. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts predict that Churchill Downs will post 5.84 EPS for the current year.

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which was paid on Friday, January 3rd. Stockholders of record on Friday, December 6th were given a dividend of $0.409 per share. This represents a dividend yield of 0.29%. This is a boost from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date of this dividend was Friday, December 6th. Churchill Downs’s dividend payout ratio (DPR) is currently 7.47%.

Analysts Set New Price Targets

CHDN has been the subject of several research reports. JMP Securities restated a “market outperform” rating and issued a $166.00 price objective on shares of Churchill Downs in a research report on Thursday, January 16th. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Wells Fargo & Company increased their price objective on Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Truist Financial restated a “buy” rating and set a $165.00 target price (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. Finally, Mizuho decreased their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $160.88.

Hedge Funds Weigh In On Churchill Downs

Institutional investors and hedge funds have recently made changes to their positions in the company. Aigen Investment Management LP bought a new position in Churchill Downs during the third quarter worth about $516,000. Westfield Capital Management Co. LP lifted its holdings in shares of Churchill Downs by 100.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock valued at $103,241,000 after purchasing an additional 381,754 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of Churchill Downs by 66.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 250,319 shares of the company’s stock valued at $34,944,000 after purchasing an additional 100,230 shares during the period. Dimensional Fund Advisors LP increased its stake in Churchill Downs by 15.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 442,531 shares of the company’s stock worth $61,782,000 after purchasing an additional 57,892 shares in the last quarter. Finally, Atria Investments Inc raised its holdings in Churchill Downs by 3.9% during the 3rd quarter. Atria Investments Inc now owns 6,004 shares of the company’s stock worth $812,000 after buying an additional 224 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

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.