PNC Financial Services Group Inc. Trims Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

PNC Financial Services Group Inc. reduced its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 13.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 75,641 shares of the company’s stock after selling 11,415 shares during the period. PNC Financial Services Group Inc.’s holdings in Churchill Downs were worth $10,227,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. CANADA LIFE ASSURANCE Co lifted its position in Churchill Downs by 0.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 40,359 shares of the company’s stock worth $4,988,000 after acquiring an additional 230 shares during the period. Janus Henderson Group PLC increased its stake in Churchill Downs by 6.7% in the 1st quarter. Janus Henderson Group PLC now owns 432,867 shares of the company’s stock valued at $53,564,000 after buying an additional 27,173 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in Churchill Downs during the 1st quarter worth $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 acquiring an additional 2,936 shares during the period. Finally, Community Trust & Investment Co. boosted its holdings in shares of Churchill Downs by 19.5% in the first quarter. Community Trust & Investment Co. now owns 129,913 shares of the company’s stock valued at $16,077,000 after acquiring an additional 21,200 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CHDN shares. Truist Financial reissued a “buy” rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Macquarie upped their price target on shares of Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Mizuho reduced their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a research note on Tuesday, October 22nd. Finally, JMP Securities restated a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research report on Monday, October 14th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Churchill Downs has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Price Performance

CHDN stock opened at $141.87 on Friday. The stock has a market capitalization of $10.43 billion, a price-to-earnings ratio of 25.84, a price-to-earnings-growth ratio of 3.84 and a beta of 0.96. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35. Churchill Downs Incorporated has a 52-week low of $111.10 and a 52-week high of $150.21. The stock’s fifty day simple moving average is $139.05 and its 200-day simple moving average is $138.00.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The company had revenue of $628.50 million during the quarter, compared to the consensus estimate of $627.90 million. During the same quarter in the prior year, the company posted $0.87 EPS. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. Equities research analysts expect that Churchill Downs Incorporated will post 5.86 EPS for the current year.

Churchill Downs Increases Dividend

The company 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 $0.409 dividend. This represents a dividend yield of 0.29%. This is an increase from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date of this dividend is Friday, December 6th. Churchill Downs’s dividend payout ratio (DPR) is 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.