Northwestern Mutual Wealth Management Co. Increases Stock Position in Boyd Gaming Corporation $BYD

Key Points

• Northwestern Mutual Wealth Management dramatically increased its Boyd Gaming stake by 1,466% in the fourth quarter, ending with 32,965 shares worth about $2.81 million.
• Boyd Gaming’s latest earnings missed expectations, with $1.60 EPS versus the $1.76 consensus and revenue of $997.36 million versus the $1.04 billion forecast.
• The company announced a quarterly dividend of $0.20 per share and authorized a $500 million share repurchase plan, while analysts currently rate the stock mostly “Hold” with an average price target of $92.08.

Northwestern Mutual Wealth Management Co. grew its stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 1,466.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 32,965 shares of the company's stock after buying an additional 30,860 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Boyd Gaming were worth $2,810,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. First Horizon Corp purchased a new stake in shares of Boyd Gaming during the 4th quarter valued at $41,000. Advisors Asset Management Inc. grew its stake in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after buying an additional 196 shares during the period. Employees Retirement System of Texas purchased a new stake in shares of Boyd Gaming during the 3rd quarter valued at $53,000. Geneos Wealth Management Inc. grew its stake in shares of Boyd Gaming by 139.9% during the 2nd quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock valued at $48,000 after buying an additional 361 shares during the period. Finally, Assetmark Inc. boosted its position in Boyd Gaming by 3,203.6% during the 3rd quarter. Assetmark Inc. now owns 925 shares of the company's stock worth $80,000 after purchasing an additional 897 shares during the period. 76.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Boyd Gaming from $89.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Mizuho decreased their price target on shares of Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating for the company in a research report on Friday, April 24th. Weiss Ratings cut shares of Boyd Gaming from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, May 18th. 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 report on Thursday, April 16th. Finally, Susquehanna decreased their price target on shares of Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Boyd Gaming presently has an average rating of "Hold" and an average price target of $92.08.

Boyd Gaming Stock Performance

Shares of BYD stock opened at $79.39 on Tuesday. Boyd Gaming Corporation has a 12 month low of $72.01 and a 12 month high of $89.96. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. The firm has a market capitalization of $5.90 billion, a P/E ratio of 3.48, a P/E/G ratio of 1.85 and a beta of 1.11. The company's fifty day moving average price is $83.58 and its two-hundred day moving average price is $83.66.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing analysts' consensus estimates of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The firm had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the firm earned $1.62 EPS. The business's quarterly revenue was up .6% compared to the same quarter last year. On average, research analysts anticipate that Boyd Gaming Corporation will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

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

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

Insiders Place Their Bets

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 62,914 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the transaction, the chairman owned 1,609,808 shares in the company, valued at $135,272,166.24. The trade was a 3.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Josh Hirsberg sold 23,924 shares of the business's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $85.86, for a total transaction of $2,054,114.64. Following the completion of the transaction, the chief financial officer owned 435,746 shares in the company, valued at $37,413,151.56. This represents a 5.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 143,454 shares of company stock worth $12,135,614 in the last quarter. 22.82% of the stock is owned by corporate insiders.

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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