Artemis Investment Management LLP Sells 140,342 Shares of Churchill Downs, Incorporated (NASDAQ:CHDN)

Artemis Investment Management LLP lowered its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 39.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund 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 reporting period.

A number of other hedge funds have also recently bought and sold shares of CHDN. Illinois Municipal Retirement Fund boosted its stake in shares of Churchill Downs by 78.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 12,951 shares of the company's stock valued at $1,438,000 after buying an additional 5,683 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in Churchill Downs during the 1st quarter valued at $8,677,000. Bessemer Group Inc. boosted its stake in Churchill Downs by 2.8% during the 1st quarter. Bessemer Group Inc. now owns 6,348 shares of the company's stock valued at $705,000 after acquiring an additional 175 shares during the last quarter. Lecap Asset Management Ltd. grew its holdings in Churchill Downs by 148.6% during the 1st quarter. Lecap Asset Management Ltd. now owns 3,928 shares of the company's stock worth $436,000 after acquiring an additional 2,348 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of Churchill Downs by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 8,601 shares of the company's stock worth $955,000 after purchasing an additional 220 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Stock Up 0.2%

Shares of CHDN traded up $0.23 during trading hours on Monday, reaching $101.18. The company's stock had a trading volume of 376,691 shares, compared to its average volume of 587,507. The company has a 50 day moving average of $96.21 and a two-hundred day moving average of $110.99. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.49. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of 18.00, a P/E/G ratio of 2.61 and a beta of 0.94. Churchill Downs, Incorporated has a 1-year low of $85.58 and a 1-year high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share 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 firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period last year, the business earned $1.13 earnings per share. As a group, research analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its board has approved a share buyback plan on Wednesday, March 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Churchill Downs

In other Churchill Downs news, Director Douglas C. Grissom acquired 10,000 shares of Churchill Downs stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average price of $92.77 per share, with a total value of $927,700.00. Following the purchase, the director now owns 38,869 shares in the company, valued at approximately $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R Alex Rankin bought 2,000 shares of the stock in a transaction on Monday, May 5th. The shares were acquired at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the transaction, the director now directly owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. The trade was 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 recently commented on CHDN. Jefferies Financial Group decreased their price target on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Macquarie decreased their target price on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Wall Street Zen raised Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. JMP Securities decreased their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating for the company in a report on Tuesday, May 27th. Finally, Truist Financial lowered their target price on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $139.91.

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.