Danske Bank A S Invests $10.24 Million in Boyd Gaming Corporation $BYD

Key Points

• Danske Bank A/S initiated a new stake in Boyd Gaming, buying 120,149 shares valued at approximately $10.24 million, representing about 0.15% ownership.
• Boyd's board approved a $500 million share repurchase program (up to ~7.7% of shares) and raised the quarterly dividend to $0.20 per share (annualized $0.80, ~1.0% yield).
• Insiders have been net sellers — 73,454 shares sold in the past 90 days worth ~$6.23 million (insiders still own 22.82%) — and the company missed the quarter with $1.60 EPS vs. $1.76 expected and revenue of $997.4M vs. $1.04B est.

Danske Bank A S acquired a new stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 120,149 shares of the company's stock, valued at approximately $10,242,000. Danske Bank A S owned 0.15% of Boyd Gaming at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BYD. Advisors Asset Management Inc. lifted its stake in shares of Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after purchasing an additional 196 shares during the period. AQR Capital Management LLC lifted its stake in shares of Boyd Gaming by 13.9% in the 1st quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock valued at $628,000 after purchasing an additional 1,172 shares during the period. Caxton Associates LLP acquired a new position in shares of Boyd Gaming during the 1st quarter valued at $207,000. M&T Bank Corp acquired a new position in shares of Boyd Gaming during the 2nd quarter valued at $229,000. Finally, Amundi lifted its position in shares of Boyd Gaming by 14,719.0% during the 2nd quarter. Amundi now owns 3,112 shares of the company's stock valued at $253,000 after acquiring an additional 3,091 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Mizuho dropped their target price on shares of Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Friday, April 24th. Susquehanna dropped their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Citigroup boosted their target price on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Finally, Wells Fargo & Company dropped their price target on Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 16th. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $92.08.

Insiders Place Their Bets

In other Boyd Gaming news, CFO Josh Hirsberg sold 23,924 shares of the company's stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $85.86, for a total transaction of $2,054,114.64. Following the transaction, the chief financial officer owned 435,746 shares in the company, valued at approximately $37,413,151.56. This represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen S. Thompson sold 19,530 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $83.59, for a total value of $1,632,512.70. Following the completion of the sale, the insider directly owned 22,009 shares of the company's stock, valued at approximately $1,839,732.31. This trade represents a 47.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 73,454 shares of company stock worth $6,231,827. Insiders own 22.82% of the company's stock.

Boyd Gaming Stock Down 2.0%

BYD stock opened at $82.80 on Tuesday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60. The stock's 50 day simple moving average is $84.08 and its 200 day simple moving average is $83.60. Boyd Gaming Corporation has a fifty-two week low of $68.98 and a fifty-two week high of $89.96. The company has a market cap of $6.24 billion, a P/E ratio of 3.63, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share 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 quarter in the previous year, the company posted $1.62 EPS. The business's quarterly revenue was up .6% on a year-over-year basis. On average, research analysts expect that Boyd Gaming Corporation will post 7.41 earnings per share for the current fiscal year.

Boyd Gaming Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Monday, March 16th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, March 16th. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 1.0%. Boyd Gaming's dividend payout ratio is currently 3.51%.

Boyd Gaming announced that its Board of Directors has approved a stock repurchase program on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.