Empowered Funds LLC Purchases New Position in Boyd Gaming Corporation $BYD

Key Points

• Empowered Funds acquired 28,946 Boyd Gaming shares worth approximately $2.56 million in the second quarter. Institutional investors and hedge funds collectively own 76.81% of BYD.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and an average price target of $94.69; recent targets range from $87 to $104.
• Boyd Gaming reported quarterly EPS of $1.93, topping estimates of $1.89, while revenue reached $1.03 billion. The company also declared a quarterly dividend of $0.20 per share, equivalent to a 1.0% annualized yield.

Empowered Funds LLC acquired a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,946 shares of the company's stock, valued at approximately $2,557,000.

Other hedge funds have also recently bought and sold shares of the company. Advisors Asset Management Inc. raised its position in 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 last quarter. AQR Capital Management LLC grew its holdings in shares of Boyd Gaming by 13.9% during the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock worth $628,000 after purchasing an additional 1,172 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of Boyd Gaming in the first quarter valued at $207,000. M&T Bank Corp bought a new position in shares of Boyd Gaming in the second quarter valued at about $229,000. Finally, Amundi lifted its position in Boyd Gaming by 14,719.0% during the 2nd quarter. Amundi now owns 3,112 shares of the company's stock worth $253,000 after buying an additional 3,091 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BYD has been the subject of a number of research analyst reports. The Goldman Sachs Group started coverage on shares of Boyd Gaming in a research note on Friday, June 26th. They issued a "neutral" rating and a $91.00 target price for the company. Texas Capital raised shares of Boyd Gaming to a "strong-buy" rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. boosted their price objective on shares of Boyd Gaming from $90.00 to $93.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 15th. Mizuho set a $104.00 price objective on Boyd Gaming in a report on Friday, July 24th. Finally, Barclays upped their price objective on Boyd Gaming from $86.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $94.69.

Insider Activity

In related news, CFO Josh Hirsberg sold 12,777 shares of Boyd Gaming stock in a transaction 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 of the company's stock, valued at $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 is available at this link. 22.82% of the stock is owned by corporate insiders.

Boyd Gaming Trading Up 0.4%

BYD opened at $76.67 on Thursday. The firm has a 50 day simple moving average of $85.07 and a 200 day simple moving average of $84.36. Boyd Gaming Corporation has a fifty-two week low of $76.24 and a fifty-two week high of $91.41. The company has a market cap of $5.57 billion, a price-to-earnings ratio of 3.37, a price-to-earnings-growth ratio of 1.36 and a beta of 1.06. 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 announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.04 billion. During the same period last year, the firm earned $1.87 earnings per share. The business's revenue for the quarter was up .0% on a year-over-year basis. On average, sell-side analysts anticipate that Boyd Gaming Corporation will post 7.29 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The business also recently declared 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 currently 3.52%.

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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