BlackRock Inc. Purchases New Position in Boyd Gaming Corporation $BYD

Key Points

• BlackRock acquired 5.51 million shares of Boyd Gaming in the second quarter, worth approximately $486.7 million and representing a 7.58% stake. Institutional investors collectively own 76.81% of the company.
• Boyd Gaming reported quarterly EPS of $1.93, exceeding analyst expectations of $1.89, while revenue reached $1.03 billion. The company also declared a quarterly dividend of $0.20 per share, or a 1.0% annualized yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $94.69 versus the stock’s reported $80.97 price. Meanwhile, the CFO and CEO recently sold shares, though insiders still own 22.82% of the company.

BlackRock Inc. acquired a new position in Boyd Gaming Corporation (NYSE:BYD - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,510,437 shares of the company's stock, valued at approximately $486,737,000. BlackRock Inc. owned about 7.58% of Boyd Gaming as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BYD. Blue Trust Inc. increased its stake in shares of Boyd Gaming by 23.0% during the 1st quarter. Blue Trust Inc. now owns 653 shares of the company's stock worth $54,000 after purchasing an additional 122 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Boyd Gaming by 9.1% in the 1st quarter. Assetmark Inc. now owns 1,553 shares of the company's stock valued at $128,000 after purchasing an additional 129 shares during the last quarter. Optas LLC lifted its stake in shares of Boyd Gaming by 4.1% in the 1st quarter. Optas LLC now owns 3,486 shares of the company's stock valued at $286,000 after purchasing an additional 138 shares during the last quarter. Altshuler Shaham Ltd boosted its holdings in Boyd Gaming by 54.3% in the first quarter. Altshuler Shaham Ltd now owns 452 shares of the company's stock worth $37,000 after purchasing an additional 159 shares in the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in Boyd Gaming by 24.5% in the fourth quarter. TD Private Client Wealth LLC now owns 854 shares of the company's stock worth $73,000 after purchasing an additional 168 shares in the last quarter. Institutional investors own 76.81% of the company's stock.

Boyd Gaming Stock Up 0.2%

BYD stock opened at $80.97 on Tuesday. Boyd Gaming Corporation has a twelve month low of $76.33 and a twelve month high of $91.41. The company has a market cap of $5.88 billion, a PE ratio of 3.56, a price-to-earnings-growth ratio of 2.00 and a beta of 1.08. The business's 50-day simple moving average is $86.03 and its 200 day simple moving average is $84.60. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 1.05.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. During the same quarter in the prior year, the firm posted $1.87 EPS. The company's revenue for the quarter was up .0% on a year-over-year basis. On average, research analysts anticipate that Boyd Gaming Corporation will post 7.29 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Boyd Gaming's payout ratio is currently 3.52%.

Insiders Place Their Bets

In related news, CFO Josh Hirsberg sold 12,777 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the transaction, the chief financial officer directly owned 422,969 shares in the company, valued at approximately $37,965,697.44. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the firm'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 transaction, the chief executive officer directly owned 996,981 shares of the company's stock, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 22.82% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on BYD. The Goldman Sachs Group started coverage on Boyd Gaming in a report on Friday, June 26th. They set a "neutral" rating and a $91.00 target price on the stock. Benchmark began coverage on Boyd Gaming in a research note on Monday, June 22nd. They set a "buy" rating and a $100.00 price target for the company. Susquehanna increased their price objective on Boyd Gaming from $84.00 to $87.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Barclays raised their price objective on Boyd Gaming from $86.00 to $87.00 and gave the company an "equal weight" rating in a research note on Friday, July 24th. Finally, Mizuho set a $104.00 target price on Boyd Gaming in a report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $94.69.

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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