Bwcp LP Buys 29,862 Shares of Boyd Gaming Corporation $BYD

Key Points

• Bwcp LP increased its holdings in Boyd Gaming Corporation by 6.1%, owning 519,231 shares valued at approximately $34.2 million, making Boyd Gaming its second-largest position.
• Boyd Gaming reported $1.87 earnings per share for the last quarter, exceeding analysts' expectations of $1.67, with a year-over-year revenue increase of 6.9%.
• The company announced a quarterly dividend of $0.18 per share, representing an annualized yield of 0.8% and a payout ratio of 11.08%.

Bwcp LP increased its stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 519,231 shares of the company's stock after acquiring an additional 29,862 shares during the quarter. Boyd Gaming comprises approximately 6.9% of Bwcp LP's portfolio, making the stock its 2nd largest holding. Bwcp LP owned about 0.64% of Boyd Gaming worth $34,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Victory Capital Management Inc. raised its stake in Boyd Gaming by 13.3% during the 1st quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock worth $69,036,000 after acquiring an additional 122,822 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Boyd Gaming by 0.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 983,823 shares of the company's stock worth $64,765,000 after purchasing an additional 8,850 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Boyd Gaming by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock worth $45,587,000 after buying an additional 7,400 shares during the period. Northern Trust Corp boosted its stake in shares of Boyd Gaming by 14.2% during the first quarter. Northern Trust Corp now owns 682,518 shares of the company's stock worth $44,930,000 after buying an additional 85,087 shares during the period. Finally, Raymond James Financial Inc. boosted its stake in shares of Boyd Gaming by 7.5% during the first quarter. Raymond James Financial Inc. now owns 641,104 shares of the company's stock worth $42,204,000 after buying an additional 44,558 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, insider Stephen S. Thompson sold 15,906 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $83.25, for a total transaction of $1,324,174.50. Following the transaction, the insider owned 38,609 shares of the company's stock, valued at $3,214,199.25. This trade represents a 29.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Keith Smith sold 50,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $83.09, for a total transaction of $4,154,500.00. Following the transaction, the chief executive officer directly owned 1,096,689 shares in the company, valued at approximately $91,123,889.01. This represents a 4.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 385,438 shares of company stock valued at $32,638,085 over the last 90 days. 27.94% of the stock is currently owned by insiders.

Boyd Gaming Price Performance

Shares of NYSE BYD traded down $0.08 on Friday, hitting $86.40. The company's stock had a trading volume of 592,445 shares, compared to its average volume of 872,528. Boyd Gaming Corporation has a 12-month low of $57.67 and a 12-month high of $87.83. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 2.44 and a beta of 1.23. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a 50 day moving average of $83.61 and a 200-day moving average of $75.36.

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

Boyd Gaming Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a yield of 0.8%. Boyd Gaming's dividend payout ratio (DPR) is currently 11.08%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BYD. Raymond James Financial lifted their target price on shares of Boyd Gaming from $81.00 to $85.00 and gave the company an "outperform" rating in a report on Monday, June 30th. Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Susquehanna downgraded shares of Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their target price for the company from $76.00 to $86.00 in a report on Friday, July 11th. Macquarie lifted their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, Mizuho increased their target price on shares of Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $86.62.

About Boyd Gaming

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.