Churchill Downs, Incorporated (NASDAQ:CHDN) to Issue Annual Dividend of $0.44

Key Points

• Churchill Downs, Incorporated declared an annual dividend of $0.44, set for payment on January 6th, reflecting a 7.1% increase from the previous dividend of $0.41.
• The company reported earnings of $1.09 per share for the latest quarter, exceeding analysts' expectations of $0.97, and achieved a net margin of 15.22%.
• Hedge funds and institutional investors hold 82.59% of Churchill Downs' stock, indicating strong institutional confidence in the company.

Churchill Downs, Incorporated (NASDAQ:CHDN - Get Free Report) declared an annual dividend on Wednesday, October 22nd. Investors of record on Friday, December 5th will be given a dividend of 0.438 per share on Tuesday, January 6th. This represents a dividend 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 payout ratio of 6.1% meaning its dividend is sufficiently covered by earnings. Research 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 Stock Down 0.4%

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 company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The company has a 50-day moving average price of $97.56 and a 200 day moving average price of $99.31. The company has a market cap of $6.75 billion, a PE ratio of 16.53, a price-to-earnings-growth ratio of 1.78 and a beta of 0.83.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings results on Wednesday, October 22nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.12. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The firm had revenue of $683.00 million during the quarter, compared to the consensus estimate of $671.43 million. During the same quarter in the prior year, the firm earned $0.97 EPS. The company's revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts expect that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Churchill Downs

A number of hedge funds have recently made changes to their positions in the stock. Community Trust & Investment Co. boosted its position in shares of Churchill Downs by 0.6% during the 3rd quarter. Community Trust & Investment Co. now owns 204,784 shares of the company's stock worth $19,866,000 after purchasing an additional 1,237 shares during the period. Global Retirement Partners LLC boosted its position in Churchill Downs by 3.6% in the 3rd quarter. Global Retirement Partners LLC now owns 4,520 shares of the company's stock valued at $438,000 after buying an additional 156 shares during the period. Silver Oak Securities Incorporated purchased a new position in Churchill Downs in the 3rd quarter valued at approximately $230,000. Sivia Capital Partners LLC boosted its position in Churchill Downs by 10.1% in the 3rd quarter. Sivia Capital Partners LLC now owns 2,492 shares of the company's stock valued at $242,000 after buying an additional 228 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in 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 during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

About Churchill Downs

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.

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