Copeland Capital Management LLC Sells 21,358 Shares of Churchill Downs, Incorporated $CHDN

Copeland Capital Management LLC cut its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 7.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 249,514 shares of the company’s stock after selling 21,358 shares during the quarter. Copeland Capital Management LLC owned 0.36% of Churchill Downs worth $24,205,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Geneos Wealth Management Inc. grew its holdings in Churchill Downs by 1,364.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock valued at $28,000 after purchasing an additional 232 shares during the period. Farther Finance Advisors LLC increased its position in shares of Churchill Downs by 1,670.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 301 shares of the company’s stock valued at $29,000 after buying an additional 284 shares in the last quarter. MAI Capital Management raised its stake in Churchill Downs by 306.9% during the 2nd quarter. MAI Capital Management now owns 293 shares of the company’s stock worth $30,000 after buying an additional 221 shares during the period. Signaturefd LLC raised its stake in Churchill Downs by 161.1% during the 2nd quarter. Signaturefd LLC now owns 329 shares of the company’s stock worth $33,000 after buying an additional 203 shares during the period. Finally, Huntington National Bank lifted its holdings in Churchill Downs by 534.3% during the second quarter. Huntington National Bank now owns 425 shares of the company’s stock worth $43,000 after acquiring an additional 358 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $114.51 on Tuesday. The company has a market cap of $7.98 billion, a P/E ratio of 20.82, a price-to-earnings-growth ratio of 1.87 and a beta of 0.70. Churchill Downs, Incorporated has a twelve month low of $85.58 and a twelve month high of $136.34. The business has a 50 day moving average price of $106.99 and a two-hundred day moving average price of $102.92. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.87.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. Churchill Downs had a net margin of 13.99% and a return on equity of 42.54%. The company had revenue of $683.00 million for the quarter, compared to the consensus estimate of $671.43 million. During the same period last year, the company earned $0.97 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. As a group, analysts expect that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 5th will be issued a $0.438 dividend. This represents a dividend yield of 39.0%. The ex-dividend date is Friday, December 5th. This is a positive change from Churchill Downs’s previous annual dividend of $0.41. Churchill Downs’s dividend payout ratio is 8.00%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CHDN. Barclays raised their price target on Churchill Downs from $131.00 to $132.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Macquarie reissued an “outperform” rating and set a $155.00 target price on shares of Churchill Downs in a research note on Friday, October 24th. Wells Fargo & Company assumed coverage on shares of Churchill Downs in a report on Tuesday, November 18th. They set an “overweight” rating and a $115.00 target price on the stock. JPMorgan Chase & Co. reduced their price target on shares of Churchill Downs from $130.00 to $128.00 and set an “overweight” rating for the company in a report on Thursday, October 16th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Churchill Downs in a research report on Wednesday, December 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $133.30.

Churchill Downs Company Profile

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.