BI Asset Management Fondsmaeglerselskab A S Has $7.01 Million Position in Boyd Gaming Corporation $BYD

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its Boyd Gaming stake by 26.3% in the fourth quarter, leaving it with 82,247 shares valued at about $7.01 million.
• Analyst sentiment remains mixed but cautious: Boyd Gaming currently has a consensus “Hold” rating and an average price target of $92.08, even after several firms adjusted targets and ratings.
• Insiders have been selling shares, including CEO Keith Smith and Chairman Marianne Boyd Johnson, while the company also announced a $500 million stock buyback and a quarterly dividend of $0.20 per share.

BI Asset Management Fondsmaeglerselskab A S lessened its holdings in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 26.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,247 shares of the company's stock after selling 29,349 shares during the period. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.11% of Boyd Gaming worth $7,011,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of BYD. Advisors Asset Management Inc. lifted its holdings in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after purchasing an additional 196 shares in the last quarter. First Horizon Corp acquired a new stake in Boyd Gaming in the 4th quarter valued at approximately $41,000. Geneos Wealth Management Inc. raised its position in Boyd Gaming by 139.9% in the 2nd quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock valued at $48,000 after buying an additional 361 shares during the last quarter. Employees Retirement System of Texas acquired a new stake in Boyd Gaming in the 3rd quarter valued at approximately $53,000. Finally, TD Private Client Wealth LLC raised its position in Boyd Gaming by 24.5% in the 4th quarter. TD Private Client Wealth LLC now owns 854 shares of the company's stock valued at $73,000 after buying an additional 168 shares during the last quarter. Institutional investors own 76.81% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BYD. Wells Fargo & Company dropped their target price on Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 16th. Weiss Ratings raised Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday. Mizuho dropped their target price on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Friday, April 24th. Susquehanna lowered their price target on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. boosted their price target on Boyd Gaming from $89.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Boyd Gaming presently has a consensus rating of "Hold" and an average target price of $92.08.

Insider Buying and Selling

In related news, CEO Keith Smith sold 100,000 shares of the business's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares in the company, valued at $85,640,667.90. The trade was a 9.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the completion of the sale, the chairman owned 1,609,808 shares of the company's stock, valued at $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 200,000 shares of company stock worth $17,038,987 over the last three months. 22.82% of the stock is owned by insiders.

Boyd Gaming Stock Down 0.7%

BYD stock opened at $87.78 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $6.52 billion, a PE ratio of 3.85, a PEG ratio of 2.05 and a beta of 1.08. Boyd Gaming Corporation has a 1-year low of $73.00 and a 1-year high of $89.96. The business's 50 day simple moving average is $84.03 and its 200 day simple moving average is $83.89.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing analysts' consensus estimates of $1.76 by ($0.16). The business had revenue of $997.36 million for the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The firm's revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.62 earnings per share. As a group, research analysts anticipate that Boyd Gaming Corporation will post 7.32 EPS for the current year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Boyd Gaming's payout ratio is presently 3.51%.

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

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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