Invst LLC Makes New Investment in Boyd Gaming Corporation $BYD

Key Points

• Invst LLC recently bought a new stake in Boyd Gaming Corporation valued at approximately $580,000, acquiring 8,817 shares during the first quarter.
• Insider selling activity included COO Ted Bogich and CEO Keith Smith, who sold a combined total of 41,497 shares for over $3.5 million in August.
• Boyd Gaming announced a quarterly dividend of $0.18 per share, which will be distributed on October 15, 2023, representing an annualized yield of 0.8%.

Invst LLC purchased a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,817 shares of the company's stock, valued at approximately $580,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BYD. Jacobs Levy Equity Management Inc. bought a new position in shares of Boyd Gaming in the 1st quarter valued at about $8,976,000. Seven Six Capital Management LLC bought a new position in Boyd Gaming during the fourth quarter worth $9,162,000. Victory Capital Management Inc. grew its position in shares of Boyd Gaming by 13.3% in the first quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock valued at $69,036,000 after purchasing an additional 122,822 shares during the last quarter. Gotham Asset Management LLC grew its holdings in Boyd Gaming by 39.2% in the 1st quarter. Gotham Asset Management LLC now owns 346,787 shares of the company's stock valued at $22,829,000 after buying an additional 97,703 shares in the last quarter. Finally, Northern Trust Corp increased its position in Boyd Gaming by 14.2% during the first quarter. Northern Trust Corp now owns 682,518 shares of the company's stock worth $44,930,000 after acquiring an additional 85,087 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, CFO Josh Hirsberg sold 40,035 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the transaction, the chief financial officer directly owned 420,185 shares in the company, valued at approximately $35,888,000.85. This represents a 8.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $86.62, for a total transaction of $8,662,000.00. Following the transaction, the chairman owned 1,704,379 shares in the company, valued at $147,633,308.98. The trade was a 5.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 385,438 shares of company stock valued at $32,638,085 over the last 90 days. 27.94% of the stock is owned by company insiders.

Boyd Gaming Price Performance

BYD traded up $0.86 on Thursday, reaching $83.70. The stock had a trading volume of 521,097 shares, compared to its average volume of 1,030,526. The firm has a 50-day moving average of $84.14 and a 200-day moving average of $75.81. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 2.32 and a beta of 1.23. Boyd Gaming Corporation has a fifty-two week low of $58.94 and a fifty-two week high of $87.83. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53.

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

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be issued a $0.18 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a yield of 0.9%. Boyd Gaming's dividend payout ratio is presently 11.08%.

Analysts Set New Price Targets

BYD has been the topic of a number of analyst reports. Macquarie increased their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Stifel Nicolaus raised their price objective on Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. Barclays upped their target price on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and increased their target price for the stock from $76.00 to $86.00 in a report on Friday, July 11th. Finally, Truist Financial upped their price objective on shares of Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $87.83.

Boyd Gaming Profile

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.