Principal Financial Group Inc. Trims Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Principal Financial Group Inc. cut its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 10.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 262,725 shares of the company's stock after selling 32,217 shares during the quarter. Principal Financial Group Inc. owned about 0.36% of Churchill Downs worth $35,523,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CHDN. Aigen Investment Management LP bought a new position in shares of Churchill Downs during the 3rd quarter worth approximately $516,000. Westfield Capital Management Co. LP lifted its holdings in Churchill Downs by 100.0% in the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company's stock valued at $103,241,000 after buying an additional 381,754 shares during the period. Point72 Asset Management L.P. increased its stake 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 acquiring an additional 100,230 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Churchill Downs in the second quarter valued at about $794,000. Finally, 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. 82.59% of the stock is owned by institutional investors.

Churchill Downs Price Performance

NASDAQ CHDN traded down $0.11 during trading hours on Tuesday, hitting $131.98. The company had a trading volume of 188,848 shares, compared to its average volume of 433,020. Churchill Downs Incorporated has a 52 week low of $111.10 and a 52 week high of $150.21. The firm has a market capitalization of $9.70 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 3.84 and a beta of 0.95. 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 50 day simple moving average of $139.21 and a 200 day simple moving average of $138.59.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 earnings per share (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 the consensus estimate 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 quarter last year, the business posted $0.87 earnings per share. Equities research analysts expect that Churchill Downs Incorporated will post 5.86 earnings per share for the current year.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.409 per share. This is an increase from Churchill Downs's previous annual dividend of $0.38. This represents a dividend yield of 0.29%. The ex-dividend date is Friday, December 6th. Churchill Downs's payout ratio is currently 7.29%.

Analysts Set New Price Targets

CHDN has been the subject of several analyst reports. Wells Fargo & Company raised their target price on shares of Churchill Downs from $161.00 to $168.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. Mizuho reduced their price target on Churchill Downs from $157.00 to $151.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 22nd. JMP Securities restated a "market outperform" rating and issued a $166.00 price target on shares of Churchill Downs in a research report on Thursday, December 19th. Truist Financial reiterated a "buy" rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Finally, StockNews.com raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average 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.