24,990 Churchill Downs, Incorporated $CHDN Shares Sold by Copeland Capital Management LLC

Key Points

• Copeland Capital Management reduced its Churchill Downs stake by 9.6%, selling 24,990 shares in the third quarter and retaining 236,127 shares valued at approximately $17.87 million.
• Institutional ownership remains high at 82.59%, with several major firms—including BlackRock, William Blair, and Bank of America—recently establishing positions or increasing their holdings.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus from 11 analysts and an average price target of $133.90. Churchill Downs also reported $3.45 in quarterly EPS and $980 million in revenue, up 4.9% year over year.

Copeland Capital Management LLC trimmed its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 9.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 236,127 shares of the company's stock after selling 24,990 shares during the period. Copeland Capital Management LLC owned approximately 0.34% of Churchill Downs worth $17,870,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Churchill Downs during the second quarter valued at $555,948,000. William Blair Investment Management LLC bought a new position in Churchill Downs in the 2nd quarter worth about $92,340,000. Bank of America Corp DE purchased a new stake in Churchill Downs during the 2nd quarter valued at about $69,099,000. Jupiter Topco LLC purchased a new stake in Churchill Downs during the 2nd quarter valued at about $67,787,000. Finally, Balyasny Asset Management L.P. grew its position in Churchill Downs by 94.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company's stock valued at $116,100,000 after purchasing an additional 494,553 shares during the last quarter. 82.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada set a $131.00 target price on shares of Churchill Downs in a research note on Tuesday. Susquehanna increased their target price on Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research note on Friday, July 31st. Wolfe Research began coverage on Churchill Downs in a report on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 target price for the company. Wells Fargo & Company decreased their price target on Churchill Downs from $120.00 to $117.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Finally, Weiss Ratings raised Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, September 2nd. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $133.90.

Churchill Downs Stock Up 0.7%

CHDN opened at $81.06 on Wednesday. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of 13.90, a PEG ratio of 0.76 and a beta of 0.77. The firm has a 50 day moving average price of $84.14 and a 200-day moving average price of $86.84. Churchill Downs, Incorporated has a twelve month low of $73.08 and a twelve month high of $118.35. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The company had revenue of $980.00 million for the quarter, compared to analysts' expectations of $977.38 million. During the same quarter last year, the company posted $3.10 earnings per share. The firm's quarterly revenue was up 4.9% on a year-over-year basis. Equities research analysts forecast that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, racing and entertainment company headquartered in Louisville, Kentucky. The company traces its origins to Churchill Downs Racetrack, which hosted the first Kentucky Derby in 1875 and remains its flagship property. Churchill Downs Incorporated operates and supports Thoroughbred racing, pari-mutuel wagering, casino gaming and related hospitality businesses.

The company's operations include live and historical horse-racing venues, traditional casinos and historical racing-machine facilities.

Want to see what other hedge funds are holding CHDN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.