Boyd Gaming Corporation $BYD Stake Raised by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Boyd Gaming by 711.8% in the fourth quarter, ending with 67,813 shares worth about $5.8 million.
• Boyd Gaming reported mixed quarterly results, missing EPS and revenue estimates, even as revenue rose slightly year over year and analysts still expect $7.32 EPS for the current fiscal year.
• The company announced a $500 million share buyback and a quarterly dividend of $0.20 per share, while insiders recently sold shares and institutional ownership remains high at 76.81%.

Hsbc Holdings PLC boosted its holdings in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 711.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 67,813 shares of the company's stock after acquiring an additional 59,460 shares during the quarter. Hsbc Holdings PLC owned 0.09% of Boyd Gaming worth $5,792,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BYD. Capitolis Liquid Global Markets LLC purchased a new position in Boyd Gaming during the third quarter valued at approximately $13,313,000. Northwestern Mutual Wealth Management Co. increased its stake in Boyd Gaming by 1,466.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company's stock valued at $2,810,000 after buying an additional 30,860 shares during the period. Clark Capital Management Group Inc. purchased a new stake in Boyd Gaming in the 3rd quarter worth approximately $50,295,000. Jefferies Financial Group Inc. acquired a new stake in shares of Boyd Gaming during the 4th quarter valued at $15,551,000. Finally, WINTON GROUP Ltd purchased a new position in shares of Boyd Gaming during the 3rd quarter valued at $6,034,000. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Stock Up 1.1%

BYD stock opened at $89.82 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. Boyd Gaming Corporation has a 1 year low of $76.33 and a 1 year high of $90.13. The company has a fifty day simple moving average of $84.77 and a 200 day simple moving average of $84.48. The firm has a market cap of $6.68 billion, a PE ratio of 3.94, a PEG ratio of 2.09 and a beta of 1.08.

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

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders 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 dividend payout ratio is currently 3.51%.

Boyd Gaming announced that its Board of Directors has authorized a share buyback program on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on BYD shares. Susquehanna reduced their price objective on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Texas Capital raised Boyd Gaming to a "strong-buy" rating in a research report on Wednesday, June 3rd. Citigroup raised their price target on Boyd Gaming from $86.00 to $90.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Weiss Ratings upgraded Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 4th. Finally, Barclays lowered their price target on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating for the company in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $92.57.

Insider Buying and Selling

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the transaction, the chairman directly owned 1,609,808 shares of the company's stock, valued at approximately $135,272,166.24. This trade represents a 3.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keith Smith sold 100,000 shares of the business's stock in a transaction that occurred 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 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 disclosure for this sale is available in the SEC filing. Insiders 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 company insiders.

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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