Boyd Gaming (NYSE:BYD) Chairman Marianne Boyd Johnson Sells 37,086 Shares

Key Points

• Marianne Boyd Johnson sold 37,086 shares on May 1 at an average $85.27 (~$3.16M) and 62,914 shares on May 5 at $84.03 (~$5.29M), trimming her stake by 2.17%; she still directly owns 1,672,722 shares valued at about $142.6M.
• Boyd Gaming missed April-quarter expectations with $1.60 EPS (vs. $1.76 est.) and $997.4M revenue (vs. $1.04B est.), but the board approved a $500 million buyback (up to 7.7% of shares) and raised the quarterly dividend to $0.20 (annualized $0.80, ~1.0% yield).

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) Chairman Marianne Boyd Johnson sold 37,086 shares of Boyd Gaming stock in a transaction on Friday, May 1st. The shares were sold at an average price of $85.27, for a total transaction of $3,162,323.22. Following the completion of the transaction, the chairman directly owned 1,672,722 shares in the company, valued at $142,633,004.94. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Marianne Boyd Johnson also recently made the following trade(s):

• On Tuesday, May 5th, Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42.

Boyd Gaming Stock Performance

Boyd Gaming stock traded up $1.17 during midday trading on Tuesday, hitting $84.06. 1,250,497 shares of the company's stock were exchanged, compared to its average volume of 941,481. Boyd Gaming Corporation has a 12-month low of $68.98 and a 12-month high of $89.96. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of 3.69, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11. The firm's 50 day simple moving average is $84.08 and its 200 day simple moving average is $83.60.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing analysts' consensus estimates of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The business had revenue of $997.36 million during the quarter, compared to analysts' expectations of $1.04 billion. During the same period in the previous year, the company posted $1.62 earnings per share. Boyd Gaming's quarterly revenue was up .6% on a year-over-year basis. Equities research analysts predict that Boyd Gaming Corporation will post 7.41 EPS for the current year.

Boyd Gaming announced that its board has approved a stock buyback plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 16th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 16th. This represents a $0.80 annualized dividend and a yield of 1.0%. This is a boost from Boyd Gaming's previous quarterly dividend of $0.18. Boyd Gaming's dividend payout ratio (DPR) is currently 3.51%.

Analyst Ratings Changes

BYD has been the topic of a number of recent research reports. Barclays dropped their target price on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, April 24th. Mizuho decreased their price target on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating for the company in a report on Friday, April 24th. Truist Financial set a $110.00 price objective on shares of Boyd Gaming in a research report on Tuesday, January 13th. Wells Fargo & Company dropped their price objective on shares of Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Boyd Gaming from $89.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Boyd Gaming currently has an average rating of "Hold" and a consensus price target of $92.08.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in BYD. Invesco Ltd. grew its holdings in Boyd Gaming by 118.2% during the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company's stock worth $121,708,000 after acquiring an additional 773,394 shares during the period. Norges Bank purchased a new stake in shares of Boyd Gaming during the 4th quarter worth $58,763,000. Clark Capital Management Group Inc. purchased a new stake in shares of Boyd Gaming during the 3rd quarter worth $50,295,000. UBS Group AG grew its stake in shares of Boyd Gaming by 196.9% during the 4th quarter. UBS Group AG now owns 611,207 shares of the company's stock worth $52,099,000 after purchasing an additional 405,340 shares during the period. Finally, Arbejdsmarkedets Tillaegspension acquired a new position in shares of Boyd Gaming during the 4th quarter worth $24,675,000. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Company Profile

Boyd Gaming Corporation NYSE: BYD is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming's offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.

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