Churchill Downs, Incorporated (NASDAQ:CHDN) Raises Dividend to $0.47 Per Share

Churchill Downs, Incorporated (NASDAQ:CHDN) declared an annual dividend on Wednesday, October 28th. Shareholders of record on Friday, December 4th will be paid a dividend of $0.4690 per share on Tuesday, January 5th. This represents a yield of 57.0%. The ex-dividend date of this dividend 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 payment by an average of 0.1% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Churchill Downs has a payout ratio of 6.4% indicating that 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 stock has a market cap of $5.71 billion, a P/E ratio of 14.06, a P/E/G ratio of 0.88 and a beta of 0.77. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06. The company’s 50 day moving average price is $82.89 and its two-hundred day moving average price is $88.42. Churchill Downs has a 52 week low of $73.08 and a 52 week high of $118.35.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.13 by $0.10. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The business had revenue of $696.00 million for the quarter, compared to analyst estimates of $695.16 million. During the same quarter in the previous year, the firm posted $1.09 earnings per share. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts predict that Churchill Downs will post 6.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

CHDN has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. Susquehanna decreased their target price on shares of Churchill Downs from $124.00 to $115.00 and set a “positive” rating on the stock in a report on Wednesday, October 21st. Truist Financial decreased their target price on shares of Churchill Downs from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. JPMorgan Chase & Co. lowered their target price on shares of Churchill Downs from $123.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 20th. Finally, Royal Bank Of Canada set a $131.00 price target on shares of Churchill Downs in a report on Tuesday, October 13th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $129.22.

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.