Allianz Asset Management GmbH Has $678,000 Stock Holdings in Boyd Gaming Corporation (NYSE:BYD)

Key Points

• Allianz Asset Management GmbH reduced its stake in Boyd Gaming by 59.8%, holding 10,300 shares worth $678,000 after the sale.
• Boyd Gaming reported $1.87 earnings per share (EPS), exceeding expectations and showing a 6.9% year-over-year revenue increase.
• Analysts have raised their price targets for Boyd Gaming, with Barclays setting a new price target of $87.00, while the average consensus rating remains at "Hold".

Allianz Asset Management GmbH lessened its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 59.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,300 shares of the company's stock after selling 15,329 shares during the period. Allianz Asset Management GmbH's holdings in Boyd Gaming were worth $678,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cohen & Steers Inc. lifted its holdings in Boyd Gaming by 0.4% in the 4th quarter. Cohen & Steers Inc. now owns 5,265,454 shares of the company's stock valued at $381,929,000 after acquiring an additional 21,616 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Boyd Gaming by 13.3% in the 1st quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock valued at $69,036,000 after acquiring an additional 122,822 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Boyd Gaming by 37.2% in the 4th quarter. Franklin Resources Inc. now owns 964,051 shares of the company's stock valued at $69,932,000 after acquiring an additional 261,443 shares during the last quarter. Norges Bank acquired a new stake in Boyd Gaming in the 4th quarter valued at about $55,553,000. Finally, Bank of New York Mellon Corp lifted its holdings in Boyd Gaming by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock valued at $45,587,000 after acquiring an additional 7,400 shares during the last quarter. Institutional investors own 76.81% of the company's stock.

Boyd Gaming Stock Down 1.5%

NYSE:BYD traded down $1.30 during mid-day trading on Friday, reaching $83.60. The stock had a trading volume of 1,372,073 shares, compared to its average volume of 1,594,107. The business's 50 day moving average is $79.07 and its 200 day moving average is $74.05. Boyd Gaming Corporation has a fifty-two week low of $52.76 and a fifty-two week high of $87.76. The stock has a market cap of $6.70 billion, a P/E ratio of 12.86, a PEG ratio of 2.83 and a beta of 1.24. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.86 and a quick ratio of 0.82.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.67 by $0.20. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. During the same quarter last year, the company posted $1.58 earnings per share. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, sell-side analysts predict that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 16th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, June 16th. Boyd Gaming's dividend payout ratio (DPR) is 11.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BYD. Barclays upped their price target on shares of Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Susquehanna lowered shares of Boyd Gaming from a "positive" rating to a "neutral" rating and upped their price objective for the company from $76.00 to $86.00 in a research note on Friday, July 11th. Stifel Nicolaus upped their price objective on shares of Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research note on Friday, July 25th. Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Finally, Truist Financial upped their price objective on shares of Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $86.62.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.