Boyd Gaming Corporation $BYD Position Increased by Invesco Ltd.

Key Points

• Invesco Ltd. raised its stake in Boyd Gaming by 0.8%, acquiring an additional 3,686 shares, bringing its total ownership to 471,822 shares valued at approximately $31 million.
• Boyd Gaming's recent quarterly earnings exceeded expectations, reporting $1.87 EPS and $1.03 billion in revenue, which was a 6.9% increase year-over-year.
• Insiders have recently sold over 145,403 shares of Boyd Gaming stock, indicating potential changes in investor confidence, with 21.97% of shares still held by insiders.

Invesco Ltd. increased its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 0.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 471,822 shares of the company's stock after buying an additional 3,686 shares during the quarter. Invesco Ltd. owned about 0.58% of Boyd Gaming worth $31,060,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Atlas Capital Advisors Inc. grew its stake in shares of Boyd Gaming by 178.6% in the first quarter. Atlas Capital Advisors Inc. now owns 4,170 shares of the company's stock valued at $275,000 after buying an additional 2,673 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in shares of Boyd Gaming in the first quarter valued at about $240,000. Deutsche Bank AG grew its stake in shares of Boyd Gaming by 22.7% in the first quarter. Deutsche Bank AG now owns 252,559 shares of the company's stock valued at $16,626,000 after buying an additional 46,791 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Boyd Gaming by 0.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 983,823 shares of the company's stock valued at $64,765,000 after buying an additional 8,850 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of Boyd Gaming in the first quarter valued at about $5,329,000. Institutional investors and hedge funds own 76.81% of the company's stock.

Analysts Set New Price Targets

BYD has been the subject of a number of recent research reports. Barclays increased their target price on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Truist Financial raised their price objective on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and raised their price objective for the company from $76.00 to $86.00 in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. started coverage on Boyd Gaming in a research note on Monday, June 23rd. They set a "neutral" rating and a $79.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $86.62.

Insider Activity at Boyd Gaming

In related news, COO Ted Bogich sold 16,497 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $83.18, for a total value of $1,372,220.46. Following the sale, the chief operating officer owned 45,116 shares of the company's stock, valued at approximately $3,752,748.88. This trade represents a 26.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Keith Smith sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $83.09, for a total value of $4,154,500.00. Following the completion of the sale, the chief executive officer directly owned 1,096,689 shares in the company, valued at approximately $91,123,889.01. This trade represents a 4.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,403 shares of company stock worth $20,556,696 over the last quarter. 27.94% of the stock is owned by corporate insiders.

Boyd Gaming Stock Performance

NYSE:BYD traded up $2.2750 during trading hours on Friday, reaching $85.5750. 704,901 shares of the stock were exchanged, compared to its average volume of 1,181,805. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. The firm has a 50 day simple moving average of $81.73 and a 200-day simple moving average of $74.80. Boyd Gaming Corporation has a 52 week low of $57.67 and a 52 week high of $87.76. The stock has a market capitalization of $6.86 billion, a P/E ratio of 13.17, a P/E/G ratio of 2.42 and a beta of 1.24.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.20. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. During the same quarter last year, the business posted $1.58 EPS. Boyd Gaming's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, September 15th. Boyd Gaming's dividend payout ratio (DPR) is currently 11.08%.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.