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

Principal Financial Group Inc. trimmed its position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 10.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 262,725 shares of the company's stock after selling 32,217 shares during the period. Principal Financial Group Inc. owned approximately 0.36% of Churchill Downs worth $35,523,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Amalgamated Bank raised its stake in Churchill Downs by 2.7% in the third quarter. Amalgamated Bank now owns 35,788 shares of the company's stock valued at $4,839,000 after buying an additional 934 shares during the last quarter. Harbor Capital Advisors Inc. lifted its stake in Churchill Downs by 127.6% in the third quarter. Harbor Capital Advisors Inc. now owns 45,202 shares of the company's stock valued at $6,112,000 after buying an additional 25,345 shares during the last quarter. Silvant Capital Management LLC grew its stake in shares of Churchill Downs by 34.0% in the third quarter. Silvant Capital Management LLC now owns 19,345 shares of the company's stock worth $2,616,000 after purchasing an additional 4,905 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of Churchill Downs by 6.7% during 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. Finally, Hunter Associates Investment Management LLC increased its stake in shares of Churchill Downs by 14.2% during the 3rd quarter. Hunter Associates Investment Management LLC now owns 23,278 shares of the company's stock worth $3,147,000 after purchasing an additional 2,886 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Bank of America raised shares of Churchill Downs from a "neutral" rating to a "buy" rating and raised their price target for the company from $145.00 to $155.00 in a research note on Monday, August 12th. Mizuho decreased their target price on shares of Churchill Downs from $157.00 to $151.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 22nd. Stifel Nicolaus boosted their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the company a "buy" rating in a report on Monday, July 22nd. 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 research report on Friday, October 25th. Finally, StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $160.88.

Churchill Downs Trading Down 0.4 %

CHDN traded down $0.60 during trading on Tuesday, reaching $141.28. 565,602 shares of the company's stock were exchanged, compared to its average volume of 436,877. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55. Churchill Downs Incorporated has a fifty-two week low of $111.10 and a fifty-two week high of $150.21. The company's fifty day moving average price is $138.77 and its 200-day moving average price is $137.53. The firm has a market capitalization of $10.38 billion, a PE ratio of 25.84, a P/E/G ratio of 4.02 and a beta of 0.96.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued 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%. Churchill Downs's revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the business earned $0.87 earnings per share. As a group, equities analysts forecast that Churchill Downs Incorporated will post 5.86 EPS for the current year.

Churchill Downs Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be given a dividend of $0.409 per share. This represents a yield of 0.29%. This is a boost from Churchill Downs's previous annual dividend of $0.38. The ex-dividend date is Friday, December 6th. Churchill Downs's payout ratio is presently 6.92%.

Churchill Downs Company 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.