PNC Financial Services Group Inc. Sells 11,415 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

PNC Financial Services Group Inc. trimmed its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 13.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 75,641 shares of the company's stock after selling 11,415 shares during the period. PNC Financial Services Group Inc. owned approximately 0.10% of Churchill Downs worth $10,227,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Churchill Downs by 0.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 40,359 shares of the company's stock valued at $4,988,000 after buying an additional 230 shares during the period. Janus Henderson Group PLC grew its stake in shares of Churchill Downs by 6.7% during the 1st quarter. Janus Henderson Group PLC now owns 432,867 shares of the company's stock valued at $53,564,000 after purchasing an additional 27,173 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Churchill Downs during the 1st quarter valued at about $235,000. Strategic Wealth Partners Ltd. lifted its stake in shares of Churchill Downs by 48.7% in the 1st quarter. Strategic Wealth Partners Ltd. now owns 8,969 shares of the company's stock worth $1,110,000 after purchasing an additional 2,936 shares during the period. Finally, Community Trust & Investment Co. lifted its stake in shares of Churchill Downs by 19.5% in the 1st quarter. Community Trust & Investment Co. now owns 129,913 shares of the company's stock worth $16,077,000 after purchasing an additional 21,200 shares during the period. Institutional investors own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of Churchill Downs stock traded down $0.51 during trading hours on Friday, hitting $141.87. The company's stock had a trading volume of 299,219 shares, compared to its average volume of 515,459. The company has a market cap of $10.43 billion, a PE ratio of 25.84, a PEG ratio of 3.94 and a beta of 0.96. 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 business has a 50 day moving average price of $139.05 and a two-hundred day moving average price of $138.00. Churchill Downs Incorporated has a 12-month low of $111.10 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The company had revenue of $628.50 million for the quarter, compared to analysts' expectations of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The firm's revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.87 EPS. Analysts expect that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently declared an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be issued a $0.409 dividend. This is an increase from Churchill Downs's previous annual dividend of $0.38. This represents a yield of 0.29%. The ex-dividend date is Friday, December 6th. Churchill Downs's payout ratio is currently 6.92%.

Analyst Ratings Changes

Several brokerages recently issued reports on CHDN. Truist Financial restated a "buy" rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. Bank of America upgraded Churchill Downs from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $145.00 to $155.00 in a research note on Monday, August 12th. 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 report on Thursday, October 17th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $166.00 price objective on shares of Churchill Downs in a research note on Monday, October 14th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $160.88.

Churchill Downs 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; casino gaming; and Terre Haute Casino Resort.