Corient Private Wealth LP Takes $9.20 Million Position in Boyd Gaming Corporation $BYD

Key Points

• Corient Private Wealth LP acquired 104,185 Boyd Gaming shares worth approximately $9.2 million, giving it about a 0.14% stake. Institutional investors collectively own 76.81% of the company.
• Boyd Gaming exceeded quarterly earnings expectations, reporting $1.93 EPS versus the $1.89 consensus, while revenue reached $1.03 billion. Analysts maintain a consensus “Hold” rating with an average price target of $94.69.
• Company insiders sold 112,789 shares worth nearly $9.74 million over the past 90 days, including substantial sales by the CEO and CFO. Boyd also declared a quarterly dividend of $0.20 per share, implying a 1.0% yield.

Corient Private Wealth LP bought a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 104,185 shares of the company's stock, valued at approximately $9,203,000. Corient Private Wealth LP owned approximately 0.14% of Boyd Gaming at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Blue Trust Inc. grew its holdings in Boyd Gaming by 23.0% in the first 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 holdings in shares of Boyd Gaming by 9.1% during 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 holdings in shares of Boyd Gaming by 4.1% during 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 lifted its holdings in shares of Boyd Gaming by 54.3% during the 1st quarter. Altshuler Shaham Ltd now owns 452 shares of the company's stock valued at $37,000 after purchasing an additional 159 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its position in shares of Boyd Gaming by 24.5% in the 4th 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. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Boyd Gaming

In related news, CFO Josh Hirsberg sold 12,777 shares of the business's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the sale, the chief financial officer directly owned 422,969 shares in the company, valued at approximately $37,965,697.44. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith Smith sold 100,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were 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 represents a 9.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 112,789 shares of company stock worth $9,737,848. Company insiders own 22.82% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Barclays boosted their target price on shares of Boyd Gaming from $86.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Friday, July 24th. Benchmark started coverage on shares of Boyd Gaming in a report on Monday, June 22nd. They issued a "buy" rating and a $100.00 price target for the company. Susquehanna lifted their price objective on shares of Boyd Gaming from $84.00 to $87.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. JPMorgan Chase & Co. boosted their price objective on shares of Boyd Gaming from $90.00 to $93.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Finally, Mizuho set a $104.00 target price on Boyd Gaming in a research 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 issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $94.69.

Boyd Gaming Stock Performance

BYD opened at $79.67 on Monday. The firm has a fifty day moving average price of $85.65 and a 200 day moving average price of $84.50. Boyd Gaming Corporation has a 1 year low of $76.33 and a 1 year high of $91.41. The stock has a market cap of $5.79 billion, a P/E ratio of 3.51, a P/E/G ratio of 1.96 and a beta of 1.08. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.77 and a quick ratio of 0.74.

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

Boyd Gaming Announces Dividend

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

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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