Copeland Capital Management LLC Trims Holdings in Churchill Downs, Incorporated (NASDAQ:CHDN)

Copeland Capital Management LLC decreased its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 2.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 256,048 shares of the company's stock after selling 7,355 shares during the period. Copeland Capital Management LLC owned 0.35% of Churchill Downs worth $28,439,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CHDN. Blue Trust Inc. increased its stake in shares of Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after buying an additional 103 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in Churchill Downs by 159.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after acquiring an additional 253 shares in the last quarter. Central Pacific Bank Trust Division increased its position in Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after purchasing an additional 129 shares during the period. Covestor Ltd raised its holdings in Churchill Downs by 46.8% in the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after purchasing an additional 296 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in shares of Churchill Downs by 119,900.0% in the 4th quarter. Larson Financial Group LLC now owns 1,200 shares of the company's stock worth $160,000 after purchasing an additional 1,199 shares during the period. Institutional investors own 82.59% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Wall Street Zen raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Barclays lowered their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research note on Friday, April 25th. Jefferies Financial Group reduced their price target on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Mizuho decreased their price objective on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating for the company in a report on Friday, May 23rd. Finally, Stifel Nicolaus dropped their target price on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $139.91.

Insider Activity

In other Churchill Downs news, Director R Alex Rankin bought 2,000 shares of the company's stock in a transaction on Monday, May 5th. The shares were bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the acquisition, the director directly owned 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was a 2.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Douglas C. Grissom purchased 10,000 shares of Churchill Downs stock in a transaction dated 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 acquisition, the director owned 38,869 shares in the company, valued at approximately $3,605,877.13. This represents a 34.64% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.

Churchill Downs Trading Up 3.2%

NASDAQ:CHDN traded up $3.20 during midday trading on Tuesday, hitting $104.20. 547,311 shares of the company traded hands, compared to its average volume of 587,615. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 4.49. The firm's fifty day moving average is $96.23 and its 200-day moving average is $110.74. The firm has a market capitalization of $7.53 billion, a P/E ratio of 18.54, a P/E/G ratio of 2.61 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.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its 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). Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. The business had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. During the same quarter in the previous year, the business earned $1.13 EPS. The business's revenue for the quarter was up 8.7% on a year-over-year basis. On average, sell-side analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

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

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.