Allianz Asset Management GmbH Has $7.82 Million Stock Position in Boyd Gaming Corporation $BYD

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Boyd Gaming Corporation by 870.3%, owning 99,940 shares valued at approximately $7.82 million as of its latest SEC filing.
• Insider trading activity includes COO Ted Bogich selling 16,497 shares and CFO Josh Hirsberg selling 40,035 shares, indicating a decrease in ownership by both executives.
• Brokers have differing perspectives on Boyd Gaming, with a consensus rating of "Hold" and a target price of $88.67 based on recent analyst ratings and price objective adjustments.

Allianz Asset Management GmbH boosted its position in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 870.3% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 99,940 shares of the company's stock after purchasing an additional 89,640 shares during the period. Allianz Asset Management GmbH owned about 0.12% of Boyd Gaming worth $7,818,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of BYD. GAMMA Investing LLC lifted its stake in Boyd Gaming by 68.0% in the 1st quarter. GAMMA Investing LLC now owns 773 shares of the company's stock valued at $51,000 after purchasing an additional 313 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new stake in Boyd Gaming in the 1st quarter valued at about $598,000. Balboa Wealth Partners acquired a new stake in Boyd Gaming in the 1st quarter valued at about $201,000. Golden State Wealth Management LLC lifted its stake in Boyd Gaming by 76.9% in the 1st quarter. Golden State Wealth Management LLC now owns 1,636 shares of the company's stock valued at $108,000 after purchasing an additional 711 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its stake in Boyd Gaming by 23.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 49,425 shares of the company's stock valued at $3,254,000 after purchasing an additional 9,308 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, COO Ted Bogich sold 16,497 shares of Boyd Gaming stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $83.18, for a total value of $1,372,220.46. Following the completion of the sale, the chief operating officer directly owned 45,116 shares in the company, valued at approximately $3,752,748.88. The trade was a 26.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Josh Hirsberg sold 40,035 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the transaction, the chief financial officer owned 420,185 shares of the company's stock, valued at approximately $35,888,000.85. This represents a 8.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 385,438 shares of company stock valued at $32,638,085 in the last quarter. Corporate insiders own 21.97% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Macquarie boosted their price objective on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Truist Financial boosted their price objective on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. JPMorgan Chase & Co. boosted their price objective on Boyd Gaming from $87.00 to $89.00 and gave the stock a "neutral" rating in a report on Thursday, October 16th. Finally, Mizuho boosted their price objective on Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $88.67.

Boyd Gaming Stock Up 0.9%

NYSE BYD opened at $83.43 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. Boyd Gaming Corporation has a 1-year low of $58.94 and a 1-year high of $88.49. The company has a 50 day moving average of $84.60 and a 200-day moving average of $78.55. The company has a market cap of $6.69 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 2.32 and a beta of 1.30.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings results on Tuesday, April 11th. The company reported $1.35 earnings per share for the quarter. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The company had revenue of $707.32 million during the quarter. On average, equities research analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th were given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, September 15th. Boyd Gaming's payout ratio is presently 11.08%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.