Principal Financial Group Inc. Sells 32,217 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Principal Financial Group Inc. lowered its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 10.9% in the third quarter, Holdings Channel reports. The firm owned 262,725 shares of the company’s stock after selling 32,217 shares during the quarter. Principal Financial Group Inc.’s holdings in Churchill Downs were worth $35,523,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Amalgamated Bank boosted its holdings in shares of Churchill Downs by 2.7% during the third quarter. Amalgamated Bank now owns 35,788 shares of the company’s stock worth $4,839,000 after acquiring an additional 934 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of Churchill Downs by 127.6% during the third quarter. Harbor Capital Advisors Inc. now owns 45,202 shares of the company’s stock valued at $6,112,000 after acquiring an additional 25,345 shares during the last quarter. Silvant Capital Management LLC raised its holdings in Churchill Downs by 34.0% during the 3rd 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 during the last quarter. New York State Teachers Retirement System boosted 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 valued at $7,973,000 after purchasing an additional 3,727 shares in the last quarter. Finally, Hunter Associates Investment Management LLC increased its stake in Churchill Downs by 14.2% in the third quarter. Hunter Associates Investment Management LLC now owns 23,278 shares of the company’s stock valued at $3,147,000 after purchasing an additional 2,886 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CHDN. Macquarie raised their price objective on Churchill Downs from $154.00 to $162.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Truist Financial restated a “buy” rating and set a $165.00 price objective (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. 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 note on Tuesday, October 22nd. JMP Securities reiterated a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a report on Monday, October 14th. Finally, Wells Fargo & Company raised their price objective 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. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Churchill Downs presently has a consensus rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Trading Down 2.4 %

Shares of NASDAQ:CHDN opened at $141.88 on Tuesday. Churchill Downs Incorporated has a 1 year low of $111.10 and a 1 year high of $150.21. The firm has a market capitalization of $10.43 billion, a price-to-earnings ratio of 25.84, a price-to-earnings-growth ratio of 4.02 and a beta of 0.96. The business’s 50 day moving average price is $138.77 and its 200-day moving average price is $137.53. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.55 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $628.50 million during 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 for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the business posted $0.87 EPS. On average, equities research analysts forecast that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently announced an annual dividend, which will be paid on Friday, January 3rd. Stockholders 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 dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, December 6th. Churchill Downs’s payout ratio is presently 6.92%.

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.