Bank of America Corp DE Purchases 46,146 Shares of Boyd Gaming Corporation $BYD

Key Points

• Bank of America increased its Boyd Gaming stake by 8.8% in the first quarter, purchasing 46,146 shares and bringing its holdings to 569,427 shares valued at approximately $46.8 million. Institutional investors collectively own 76.81% of the company.
• Analysts maintain a generally cautious outlook, with Boyd Gaming receiving an average rating of “Hold” and an average price target of $94.69; individual targets range from $87 to $104.
• Boyd Gaming exceeded quarterly EPS expectations with $1.93 versus the $1.89 consensus estimate and authorized a $500 million share repurchase program, while its CFO and CEO recently sold company shares.

Bank of America Corp DE lifted its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 569,427 shares of the company's stock after buying an additional 46,146 shares during the quarter. Bank of America Corp DE owned about 0.77% of Boyd Gaming worth $46,796,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Boyd Gaming by 1,466.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company's stock valued at $2,810,000 after acquiring an additional 30,860 shares during the last quarter. Jefferies Financial Group Inc. acquired a new stake in Boyd Gaming in the 4th quarter worth approximately $15,551,000. III Capital Management acquired a new stake in Boyd Gaming in the 4th quarter worth approximately $4,177,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Boyd Gaming during the fourth quarter worth approximately $1,922,000. Finally, Convergence Investment Partners LLC bought a new stake in Boyd Gaming during the fourth quarter worth approximately $1,256,000. Institutional investors own 76.81% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on BYD. Susquehanna lifted their price target on shares of Boyd Gaming from $84.00 to $87.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Texas Capital raised shares of Boyd Gaming to a "strong-buy" rating in a report on Wednesday, June 3rd. Mizuho set a $104.00 target price on shares of Boyd Gaming in a research note on Friday, July 24th. Morgan Stanley dropped their target price on shares of Boyd Gaming from $90.00 to $89.00 and set an "equal weight" rating on the stock in a report on Monday, July 27th. Finally, Barclays boosted their target price on shares of Boyd Gaming from $86.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $94.69.

Boyd Gaming Stock Up 0.5%

BYD opened at $82.82 on Thursday. The business has a 50 day moving average of $86.84 and a 200-day moving average of $84.67. The stock has a market capitalization of $6.02 billion, a price-to-earnings ratio of 3.65, a P/E/G ratio of 2.01 and a beta of 1.08. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. Boyd Gaming Corporation has a 1-year low of $76.33 and a 1-year high of $91.41.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm posted $1.87 earnings per share. Boyd Gaming's revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Boyd Gaming Corporation will post 7.29 earnings per share for the current year.

Boyd Gaming announced that its board has initiated a share repurchase plan on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its stock is undervalued.

Insider Activity

In related news, CFO Josh Hirsberg sold 12,777 shares of Boyd Gaming stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the sale, the chief financial officer directly owned 422,969 shares of the company's stock, valued at $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares in the company, valued at $85,640,667.90. This represents a 9.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 22.82% of the company's stock.

Boyd Gaming 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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