Churchill Downs, Incorporated (NASDAQ:CHDN) Raises Dividend to $0.44 Per Share

Churchill Downs, Incorporated (NASDAQ:CHDN) declared an annual dividend on Wednesday, October 22nd. Shareholders of record on Friday, December 5th will be paid a dividend of 0.438 per share on Tuesday, January 6th. This represents a yield of 46.0%. The ex-dividend date is Friday, December 5th. This is a 7.1% increase from Churchill Downs’s previous annual dividend of $0.41.

Churchill Downs has a dividend payout ratio of 6.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Churchill Downs to earn $7.88 per share next year, which means the company should continue to be able to cover its $0.41 annual dividend with an expected future payout ratio of 5.2%.

Churchill Downs Price Performance

Shares of CHDN opened at $96.22 on Thursday. Churchill Downs has a twelve month low of $85.58 and a twelve month high of $150.21. The firm’s fifty day simple moving average is $97.56 and its 200-day simple moving average is $99.31. The firm has a market capitalization of $6.75 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 1.78 and a beta of 0.83. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The business had revenue of $683.00 million for the quarter, compared to analyst estimates of $671.43 million. During the same period last year, the business earned $0.97 EPS. The company’s revenue was up 8.7% on a year-over-year basis. Equities analysts forecast that Churchill Downs will post 6.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. increased its stake in Churchill Downs by 1,364.7% in 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. Elequin Capital LP acquired a new position in Churchill Downs in the first quarter valued at $29,000. Farther Finance Advisors LLC increased its stake in Churchill Downs by 1,670.6% in the third quarter. Farther Finance Advisors LLC now owns 301 shares of the company’s stock valued at $29,000 after purchasing an additional 284 shares during the period. MAI Capital Management increased its stake in Churchill Downs by 306.9% in the second quarter. MAI Capital Management now owns 293 shares of the company’s stock valued at $30,000 after purchasing an additional 221 shares during the period. Finally, Signaturefd LLC increased its stake in Churchill Downs by 161.1% in the second quarter. Signaturefd LLC now owns 329 shares of the company’s stock valued at $33,000 after purchasing an additional 203 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Company 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.