Gw&K Investment Management Reduces $1M in Churchill Downs Incorporated ($CHDN)

Gw&K Investment Management has trimmed its stake in Churchill Downs Incorporated (NasdaqGS: CHDN) by 13,798 shares, according to its latest filing with the SEC. As of the filing, which reflects holdings as of the reporting period, the firm holds 668,398 shares valued at approximately $58.1 million.

What Changed in Gw&K Investment Management's Churchill Downs Position

Gw&K Investment Management reduced its holdings in Churchill Downs from 682,196 shares to 668,398 shares, a decrease of 13,798 shares, or about 2.02%. The value of this position is now reported at $58.1 million.

Other Institutional Activity in Churchill Downs

Several other institutional investors have been active in Churchill Downs recently. BlackRock, Inc. boosted its holdings by 250,104 shares, ending with 6,453,086 shares worth roughly $579.7 million. Vanguard Portfolio Management LLC established a new position with 2,956,541 shares valued at $265.6 million. Vanguard Capital Management LLC also entered with 2,745,673 shares valued at $246.6 million. Meanwhile, London Co of Virginia trimmed its stake by 26,902 shares, holding 2,593,821 shares worth about $233.0 million. State Street Corp increased its holdings by 45,789 shares to 2,002,084 shares, valued at approximately $179.8 million.

Churchill Downs Stock Snapshot

Shares of Churchill Downs (NasdaqGS: CHDN) are trading near $86.94. The company has a market capitalization of $6.06 billion and a P/E ratio of 16.01. Its forward P/E is 11.96, and it has a beta of 0.676, indicating lower volatility compared to the market. The stock's 52-week range is between $80.24 and $118.46, with a 50-day moving average of $89.98 and a 200-day moving average of $96.95.

Recent Earnings

Churchill Downs reported revenue of $2.95 billion, with a growth rate of 3.1%. The company's earnings per share (EPS) stood at $5.43. It posted a net margin of 13.2% and a return on equity (ROE) of 35.0%. The next earnings report is scheduled for July 29, 2026.

Dividend

Churchill Downs offers an annual dividend rate of $0.44, yielding 0.5% with a payout ratio of 8.07%.

Insider Buying and Selling at Churchill Downs Incorporated

On April 21, 2026, several insiders, including Daniel Harrington, Douglas Grissom, Richard Alex Rankin, Paul Varga, Karole Lloyd, and Andrea Carter, each purchased 2,257 shares. These transactions were not part of a pre-scheduled trading plan.

Analysts Set New Price Targets

Analysts remain bullish on Churchill Downs. On May 19, 2026, Macquarie maintained a 'buy' rating with a price target of $145.0. Earlier, on April 24, Macquarie and Mizuho set targets of $150.0 and $155.0, respectively, while Citizens set a $149.0 target. Wells Fargo has maintained a 'buy' rating with targets ranging from $124.0 to $130.0 over recent months. The consensus recommendation is a 'strong buy', with a mean price target of $137.25 among 12 analysts.

About Churchill Downs

Churchill Downs Incorporated, headquartered in Louisville, Kentucky, operates in the gambling industry. The company is known for its live and historical racing entertainment venues, online wagering businesses, and regional casino gaming properties across the United States. It manages the famous Churchill Downs Racetrack and offers online horse racing wagering through TwinSpires. The company is led by CEO William C. Carstanjen and employs about 6,600 people.

Bottom Line

Gw&K Investment Management's recent reduction in Churchill Downs shares reflects the dynamic nature of institutional investing. While the firm's holdings decreased slightly, other major investors have shown varied interest, with some increasing their stakes. Investors often track these filings for insights into institutional sentiment, although it's important to remember that 13F filings are backward-looking and may not represent current positions.