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

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on CHDN shares. Wells Fargo & Company lifted their target price on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. JMP Securities reissued a “market outperform” rating and set a $166.00 price objective on shares of Churchill Downs in a research report on Thursday, January 16th. Truist Financial reaffirmed a “buy” rating and issued a $165.00 target price (down previously from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Mizuho cut their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. Finally, StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Price Performance

Shares of CHDN opened at $123.58 on Monday. The stock has a 50 day simple moving average of $132.44 and a 200 day simple moving average of $136.44. Churchill Downs has a 52-week low of $111.10 and a 52-week high of $150.21. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market capitalization of $9.08 billion, a PE ratio of 22.51, a P/E/G ratio of 3.08 and a beta of 0.96.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which was paid on Friday, January 3rd. Stockholders of record on Friday, December 6th were issued a $0.409 dividend. This represents a dividend yield of 0.29%. The ex-dividend date of this dividend was Friday, December 6th. This is an increase from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s dividend payout ratio is presently 7.47%.

Institutional Trading of Churchill Downs

A number of large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its holdings in shares of Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after acquiring an additional 103 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Churchill Downs in the 3rd quarter valued at $27,000. Fortitude Family Office LLC grew its holdings in Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after buying an additional 246 shares in the last quarter. Eagle Bay Advisors LLC bought a new position in Churchill Downs during the 4th quarter worth $55,000. Finally, R Squared Ltd acquired a new stake in shares of Churchill Downs during the fourth quarter worth $55,000. 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.