Churchill Downs Incorporated (NASDAQ:CHDN) Increases Dividend to $0.41 Per Share

Churchill Downs Incorporated (NASDAQ:CHDN) declared an annual dividend on Wednesday, October 23rd, Zacks reports. Shareholders of record on Friday, December 6th will be paid a dividend of 0.409 per share on Friday, January 3rd. This represents a yield of 0.29%. The ex-dividend date of this dividend is Friday, December 6th. This is a positive change from Churchill Downs’s previous annual dividend of $0.38.

Churchill Downs has raised its dividend by an average of 7.1% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Churchill Downs has a payout ratio of 5.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Churchill Downs to earn $7.29 per share next year, which means the company should continue to be able to cover its $0.38 annual dividend with an expected future payout ratio of 5.2%.

Churchill Downs Stock Up 4.5 %

Shares of NASDAQ CHDN opened at $140.14 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.65. The business has a 50-day moving average of $137.75 and a 200-day moving average of $135.71. The firm has a market capitalization of $10.30 billion, a price-to-earnings ratio of 31.21, a PEG ratio of 2.06 and a beta of 0.97. Churchill Downs has a 12 month low of $106.45 and a 12 month high of $146.64.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $628.50 million during the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.87 EPS. Sell-side analysts expect that Churchill Downs will post 6.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CHDN shares. Jefferies Financial Group raised their price target on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Wells Fargo & Company increased their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Truist Financial reissued a “buy” rating and set a $166.00 price target (up from $165.00) on shares of Churchill Downs in a research note on Friday, July 26th. Finally, Stifel Nicolaus upped their price objective on shares of Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $161.00.

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.