Evolve Private Wealth LLC Invests $3.38 Million in Boyd Gaming Corporation $BYD

Key Points

• Evolve Private Wealth LLC bought a new stake in Boyd Gaming, purchasing 39,534 shares valued at about $3.38 million in the fourth quarter.
• Boyd Gaming saw notable insider selling recently, including Chairman Marianne Boyd Johnson and CEO Keith Smith, with insiders selling 200,000 shares worth about $17.0 million over the last three months.
• The company reported quarterly earnings of $1.60 per share, missing expectations, but its board also authorized a $500 million share buyback and announced a quarterly dividend of $0.20 per share.

Evolve Private Wealth LLC purchased a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 39,534 shares of the company's stock, valued at approximately $3,377,000. Evolve Private Wealth LLC owned 0.05% of Boyd Gaming at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. TD Private Client Wealth LLC lifted its stake 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 acquiring an additional 168 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after acquiring an additional 196 shares during the period. Interchange Capital Partners LLC raised its holdings in Boyd Gaming by 9.0% during the fourth quarter. Interchange Capital Partners LLC now owns 2,996 shares of the company's stock worth $255,000 after purchasing an additional 247 shares in the last quarter. Altshuler Shaham Ltd purchased a new position in Boyd Gaming during the fourth quarter worth about $25,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Boyd Gaming in the fourth quarter valued at about $25,000. 76.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the sale, the chairman owned 1,609,808 shares of the company's stock, valued at $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keith Smith sold 100,000 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction 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 $85,640,667.90. The trade was a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 200,000 shares of company stock valued at $17,038,987 in the last three months. 22.82% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Texas Capital upgraded Boyd Gaming to a "strong-buy" rating in a research report on Wednesday, June 3rd. Morgan Stanley reaffirmed a "mixed" rating on shares of Boyd Gaming in a report on Wednesday, April 8th. Weiss Ratings upgraded Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 4th. Stifel Nicolaus decreased their target price on shares of Boyd Gaming from $95.00 to $91.00 and set a "hold" rating on the stock in a research report on Friday, April 24th. Finally, Citigroup upped their price target on shares of Boyd Gaming from $86.00 to $90.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $92.08.

Boyd Gaming Stock Performance

BYD opened at $83.86 on Thursday. Boyd Gaming Corporation has a 1-year low of $75.13 and a 1-year high of $89.96. The stock has a market cap of $6.23 billion, a P/E ratio of 3.68, a P/E/G ratio of 2.02 and a beta of 1.08. The stock's 50 day simple moving average is $84.67 and its 200 day simple moving average is $84.26. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results 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 net margin of 44.84% and a return on equity of 25.63%. The firm had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the company posted $1.62 EPS. The firm's revenue for the quarter was up .6% on a year-over-year basis. As a group, equities analysts anticipate that Boyd Gaming Corporation will post 7.32 EPS for the current fiscal year.

Boyd Gaming declared that its Board of Directors has authorized a share buyback plan on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Boyd Gaming's dividend payout ratio is presently 3.51%.

About Boyd Gaming

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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