Churchill Downs, Incorporated (NASDAQ:CHDN) Announces Annual Dividend of $0.47

Key Points

• Churchill Downs declared a $0.4690 annual dividend per share, payable January 5 to shareholders of record on December 4. The dividend is a 7.1% increase from the prior $0.4380 payment.
• The dividend appears well covered, with a 6.4% payout ratio, and marks the company’s 14th consecutive year of dividend increases.
• Churchill Downs reported quarterly adjusted earnings of $1.23 per share, beating estimates by $0.10, while revenue rose 1.9% year over year to $696 million.

Churchill Downs, Incorporated (NASDAQ:CHDN - Get Free Report) announced an annual dividend on Wednesday, October 28th. Stockholders of record on Friday, December 4th will be given a dividend of $0.4690 per share on Tuesday, January 5th. This represents a dividend yield of 57.0%. The ex-dividend date is Friday, December 4th. This is a 7.1% increase from Churchill Downs's previous annual dividend of $0.4380.

Churchill Downs has raised its dividend by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 14 years. Churchill Downs has a payout ratio of 6.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Churchill Downs to earn $7.49 per share next year, which means the company should continue to be able to cover its $0.43 annual dividend with an expected future payout ratio of 5.7%.

Churchill Downs Price Performance

Churchill Downs stock opened at $81.95 on Thursday. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market capitalization of $5.71 billion, a PE ratio of 14.06, a price-to-earnings-growth ratio of 0.88 and a beta of 0.77. Churchill Downs has a one year low of $73.08 and a one year high of $118.35. The business has a 50 day simple moving average of $82.89 and a 200 day simple moving average of $88.42.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.10. The firm had revenue of $696.00 million for the quarter, compared to analysts' expectations of $695.16 million. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%. The business's revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.09 earnings per share. On average, sell-side analysts forecast that Churchill Downs will post 6.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Churchill Downs

A number of hedge funds have recently modified their holdings of the business. Kimelman & Baird LLC acquired a new position in shares of Churchill Downs during the 2nd quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Churchill Downs in the second quarter worth approximately $29,000. Root Financial Partners LLC boosted its holdings in Churchill Downs by 1,173.1% in the first quarter. Root Financial Partners LLC now owns 331 shares of the company's stock worth $30,000 after acquiring an additional 305 shares in the last quarter. Twin Tree Management LP bought a new position in Churchill Downs in the second quarter worth approximately $36,000. Finally, NewEdge Advisors LLC acquired a new stake in Churchill Downs in the first quarter valued at approximately $50,000. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Company Profile

Churchill Downs Incorporated NASDAQ: CHDN is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.

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