reinvest dividends or not?

[stockguru]

I wanted to get everyone's take on this subject. Right now when a company pays out a dividend I take the cash. I just feel it's better to reinvest those dividends I get paid out at a cheaper price. All companies normally go down the following day of payout. So i just feel I get a better and a higher dividend when I get paid out and then reinvesting them back at a better price.

My question is what do you guys prefer and why? Taking the dividend cash or reinvesting the dividends?

Thanks all