Principal Financial Group Inc. Has $35.52 Million Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Principal Financial Group Inc. trimmed its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 10.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 262,725 shares of the company’s stock after selling 32,217 shares during the period. Principal Financial Group Inc. owned 0.36% of Churchill Downs worth $35,523,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Churchill Downs by 5.8% during the 3rd quarter. State Street Corp now owns 2,078,031 shares of the company’s stock worth $280,971,000 after purchasing an additional 114,018 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Churchill Downs by 8.1% during the third quarter. Geode Capital Management LLC now owns 1,299,442 shares of the company’s stock worth $175,742,000 after purchasing an additional 96,910 shares during the period. William Blair Investment Management LLC acquired a new position in Churchill Downs in the 2nd quarter valued at $125,418,000. Westfield Capital Management Co. LP grew its stake in Churchill Downs by 100.0% during the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock worth $103,241,000 after buying an additional 381,754 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Churchill Downs by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company’s stock valued at $88,551,000 after acquiring an additional 3,608 shares during the last quarter. 82.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CHDN shares. Wells Fargo & Company increased their target price on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Truist Financial reiterated a “buy” rating and issued a $165.00 price objective (down previously from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. JMP Securities reissued a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research report on Thursday, December 19th. Finally, Mizuho dropped their price target 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. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from 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 $132.09 on Tuesday. Churchill Downs Incorporated has a 12-month low of $111.10 and a 12-month high of $150.21. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 24.06, a PEG ratio of 3.84 and a beta of 0.95. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 4.35. The firm’s 50-day moving average price is $139.21 and its two-hundred day moving average price is $138.59.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The business had revenue of $628.50 million during the quarter, compared to analyst estimates of $627.90 million. During the same period in the prior year, the business earned $0.87 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, equities analysts predict that Churchill Downs Incorporated will post 5.86 earnings per share for the current year.

Churchill Downs Increases Dividend

The firm 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 dividend of $0.409 per share. This represents a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, December 6th. This is a boost from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is 7.29%.

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.