Churchill Downs Incorporated (NASDAQ:CHDN) Short Interest Update

Churchill Downs Incorporated (NASDAQ:CHDN) saw a large increase in short interest in October. As of October 15th, there was short interest totalling 1,540,000 shares, an increase of 13.2% from the September 30th total of 1,360,000 shares. Based on an average daily volume of 396,300 shares, the short-interest ratio is currently 3.9 days.

Churchill Downs Stock Performance

NASDAQ CHDN traded up $2.99 during trading hours on Tuesday, reaching $144.16. The company’s stock had a trading volume of 630,718 shares, compared to its average volume of 432,864. The stock has a market cap of $10.60 billion, a PE ratio of 32.11, a PEG ratio of 2.06 and a beta of 0.97. The business has a 50-day simple moving average of $138.06 and a 200 day simple moving average of $136.29. Churchill Downs has a 52 week low of $107.37 and a 52 week high of $146.64. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.65.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $627.90 million. During the same quarter in the previous year, the firm posted $0.87 EPS. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. Equities research analysts predict that Churchill Downs will post 6.13 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.409 per share. The ex-dividend date is Friday, December 6th. This represents a dividend yield of 0.29%. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s dividend payout ratio is currently 8.91%.

Institutional Trading of Churchill Downs

Several hedge funds have recently bought and sold shares of the company. Harbor Capital Advisors Inc. grew its position in Churchill Downs by 127.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 45,202 shares of the company’s stock worth $6,112,000 after purchasing an additional 25,345 shares during the last quarter. Silvant Capital Management LLC boosted its position in shares of Churchill Downs by 34.0% during the third quarter. Silvant Capital Management LLC now owns 19,345 shares of the company’s stock worth $2,616,000 after buying an additional 4,905 shares during the period. New York State Teachers Retirement System grew its holdings in Churchill Downs by 6.7% in the 3rd quarter. New York State Teachers Retirement System now owns 58,971 shares of the company’s stock worth $7,973,000 after buying an additional 3,727 shares in the last quarter. Hunter Associates Investment Management LLC increased its position in Churchill Downs by 14.2% in the 3rd quarter. Hunter Associates Investment Management LLC now owns 23,278 shares of the company’s stock valued at $3,147,000 after acquiring an additional 2,886 shares during the period. Finally, J.W. Cole Advisors Inc. bought a new stake in Churchill Downs during the 3rd quarter valued at $344,000. 82.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. JMP Securities reissued a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research report on Monday, October 14th. Truist Financial reiterated 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. Stifel Nicolaus upped their price objective on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Mizuho decreased their target price on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.