Copeland Capital Management LLC Has $28.44 Million Holdings in Churchill Downs, Incorporated (NASDAQ:CHDN)

Copeland Capital Management LLC lowered its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 2.8% in the 1st quarter, according to its most recent filing with the 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 as of its most recent SEC filing.

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

Insider Transactions at Churchill Downs

In other Churchill Downs news, Director R Alex Rankin bought 2,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was acquired at an average cost of $92.65 per share, with a total value of $185,300.00. Following the completion of the purchase, the director now directly owns 99,012 shares in the company, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Douglas C. Grissom bought 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The shares were acquired at an average cost of $92.77 per share, with a total value of $927,700.00. Following the completion of the purchase, the director now owns 38,869 shares of the company's stock, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CHDN. Macquarie lowered their price objective on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Stifel Nicolaus lowered their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Barclays lowered their price objective on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. JPMorgan Chase & Co. began coverage on shares of Churchill Downs in a research report on Monday, June 23rd. They set an "overweight" rating and a $116.00 price objective for the company. Finally, Truist Financial lowered their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Churchill Downs currently has an average rating of "Moderate Buy" and a consensus price target of $139.91.

Churchill Downs Stock Performance

NASDAQ CHDN traded up $0.35 on Friday, hitting $100.95. The stock had a trading volume of 1,279,761 shares, compared to its average volume of 587,567. The company's 50-day moving average is $96.21 and its two-hundred day moving average is $111.17. The stock has a market cap of $7.29 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 2.61 and a beta of 0.94. Churchill Downs, Incorporated has a one year low of $85.58 and a one year high of $150.21. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.49.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued 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 company had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. The company's revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.13 earnings per share. On average, analysts expect that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs announced that its board has approved a stock repurchase plan on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are 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.