Artemis Investment Management LLP Lowers Holdings in Churchill Downs, Incorporated (NASDAQ:CHDN)

Artemis Investment Management LLP lowered its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 39.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 215,225 shares of the company's stock after selling 140,342 shares during the period. Artemis Investment Management LLP owned about 0.29% of Churchill Downs worth $23,905,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Utah Retirement Systems boosted its stake in shares of Churchill Downs by 2.7% during the fourth quarter. Utah Retirement Systems now owns 3,800 shares of the company's stock valued at $507,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after acquiring an additional 103 shares during the period. Arizona State Retirement System raised its position in shares of Churchill Downs by 0.6% in the 4th quarter. Arizona State Retirement System now owns 19,165 shares of the company's stock worth $2,559,000 after acquiring an additional 116 shares in the last quarter. Central Pacific Bank Trust Division lifted its stake in shares of Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock worth $51,000 after purchasing an additional 129 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its position in Churchill Downs by 6.4% during the fourth quarter. SRS Capital Advisors Inc. now owns 2,540 shares of the company's stock valued at $339,000 after purchasing an additional 152 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Trading Up 0.9%

Shares of NASDAQ:CHDN opened at $100.60 on Friday. The company has a market capitalization of $7.27 billion, a PE ratio of 17.90, a PEG ratio of 2.57 and a beta of 0.94. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The business has a 50 day moving average of $96.22 and a two-hundred day moving average of $111.62. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 4.49.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The firm had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. The business's quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the company posted $1.13 earnings per share. As a group, analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Churchill Downs announced that its board has authorized a share buyback program on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Insider Transactions at Churchill Downs

In related news, Director Douglas C. Grissom purchased 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was bought at an average price of $92.77 per share, with a total value of $927,700.00. Following the acquisition, the director now owns 38,869 shares in the company, valued at $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Alex Rankin bought 2,000 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was purchased at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the transaction, the director now owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. This represents a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 5.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CHDN. Barclays lowered their price target on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Jefferies Financial Group lowered their price target on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a report on Friday, April 25th. Macquarie dropped their target price on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. began coverage on shares of Churchill Downs in a research note on Monday. They set an "overweight" rating and a $116.00 price objective for the company. Finally, JMP Securities cut their target price on Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a research report on Tuesday, May 27th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Churchill Downs currently has a consensus rating of "Moderate Buy" and an average price target of $139.91.

Churchill Downs 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.

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