California State Teachers Retirement System Cuts Position in Boyd Gaming Corporation $BYD

Key Points

• California State Teachers Retirement System cut its Boyd Gaming position by 2.9% in the second quarter, selling 1,875 shares and retaining 62,877 shares valued at approximately $5.55 million. Institutional investors collectively own 76.81% of the company.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $94.69. Ratings include one Strong Buy, four Buys and eleven Holds.
• Boyd Gaming reported quarterly EPS of $1.93, beating estimates of $1.89, while revenue of $1.03 billion fell slightly short of forecasts. The company also declared a quarterly dividend of $0.20 per share, representing a 1.0% yield.

California State Teachers Retirement System decreased its position in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 2.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,877 shares of the company's stock after selling 1,875 shares during the quarter. California State Teachers Retirement System owned 0.09% of Boyd Gaming worth $5,553,925 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BYD. Blue Trust Inc. boosted its holdings in Boyd Gaming by 23.0% during the first quarter. Blue Trust Inc. now owns 653 shares of the company's stock valued at $54,000 after purchasing an additional 122 shares in the last quarter. Assetmark Inc. increased its stake in 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 buying an additional 129 shares during the last quarter. Optas LLC boosted its stake in Boyd Gaming by 4.1% during the first quarter. Optas LLC now owns 3,486 shares of the company's stock valued at $286,000 after buying an additional 138 shares during the period. Altshuler Shaham Ltd grew its position in shares of Boyd Gaming by 54.3% in the 1st quarter. Altshuler Shaham Ltd now owns 452 shares of the company's stock worth $37,000 after buying an additional 159 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its stake in shares of 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 buying an additional 168 shares in the last quarter. Institutional investors own 76.81% of the company's stock.

Insider Activity

In other Boyd Gaming news, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the sale, the chief financial officer directly owned 422,969 shares of the company's stock, valued at $37,965,697.44. This represents a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 22.82% of the stock is owned by insiders.

Analyst Ratings Changes

BYD has been the subject of several recent analyst reports. Texas Capital upgraded shares of Boyd Gaming to a "strong-buy" rating in a research note on Wednesday, June 3rd. Susquehanna upped their target price on shares of Boyd Gaming from $84.00 to $87.00 and gave the company a "neutral" rating in a research note on Friday, July 24th. The Goldman Sachs Group initiated coverage on shares of Boyd Gaming in a research report on Friday, June 26th. They issued a "neutral" rating and a $91.00 price target for the company. Mizuho set a $104.00 target price on shares of Boyd Gaming in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. boosted their target price on Boyd Gaming from $90.00 to $93.00 and gave the company a "neutral" rating in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $94.69.

Boyd Gaming Price Performance

BYD traded down $0.74 on Tuesday, hitting $76.41. 352,071 shares of the company's stock traded hands, compared to its average volume of 946,982. Boyd Gaming Corporation has a one year low of $74.79 and a one year high of $91.41. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 3.37, a P/E/G ratio of 1.37 and a beta of 1.06. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. The company's 50 day simple moving average is $83.24 and its 200-day simple moving average is $83.97.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly 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. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. Boyd Gaming's revenue for the quarter was up .0% compared to the same quarter last year. During the same period last year, the firm posted $1.87 EPS. As a group, research analysts anticipate that Boyd Gaming Corporation will post 7.29 EPS for the current year.

Boyd Gaming Dividend Announcement

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

Boyd Gaming Profile

Boyd Gaming Corporation is a gaming and hospitality company that owns and operates casinos, hotels, restaurants, entertainment venues and related amenities. Its properties offer casino games such as slots, table games and poker, along with lodging, dining, convention and entertainment services.

Founded in 1975 by gaming executive Sam Boyd, the company is headquartered in Las Vegas, Nevada. Boyd Gaming operates regional gaming properties across several U.S. states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Ohio and Pennsylvania.

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