Raymond James Financial Inc. Has $42.20 Million Stock Holdings in Boyd Gaming Corporation $BYD

Key Points

• Raymond James Financial Inc. increased its holdings in Boyd Gaming Corporation by 7.5%, owning approximately 641,104 shares worth $42.2 million at the end of the last quarter.
• Insiders, including CEO Keith Smith and Chairman Marianne Boyd Johnson, sold a combined total of 245,403 shares in recent months, resulting in a decrease in their ownership.
• Boyd Gaming announced a quarterly dividend of $0.18, with a payout date set for October 15 and an annualized yield of 0.8%.

Raymond James Financial Inc. lifted its position in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 7.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 641,104 shares of the company's stock after acquiring an additional 44,558 shares during the period. Raymond James Financial Inc. owned approximately 0.79% of Boyd Gaming worth $42,204,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of BYD. CoreCap Advisors LLC raised its position in shares of Boyd Gaming by 91.0% in the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock valued at $42,000 after acquiring an additional 273 shares during the period. GAMMA Investing LLC raised its position in shares of Boyd Gaming by 68.0% in the 1st quarter. GAMMA Investing LLC now owns 773 shares of the company's stock valued at $51,000 after acquiring an additional 313 shares during the period. UMB Bank n.a. raised its position in shares of Boyd Gaming by 156.0% in the 1st quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock valued at $66,000 after acquiring an additional 613 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Boyd Gaming by 28.0% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock valued at $80,000 after acquiring an additional 265 shares during the period. Finally, Golden State Wealth Management LLC raised its position in shares of Boyd Gaming by 76.9% in the 1st quarter. Golden State Wealth Management LLC now owns 1,636 shares of the company's stock valued at $108,000 after acquiring an additional 711 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Keith Smith sold 50,000 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $83.09, for a total value of $4,154,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,096,689 shares of the company's stock, valued at approximately $91,123,889.01. This trade represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $84.17, for a total transaction of $8,417,000.00. Following the completion of the transaction, the chairman directly owned 1,504,379 shares of the company's stock, valued at $126,623,580.43. This represents a 6.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 245,403 shares of company stock valued at $20,556,696 in the last ninety days. 27.94% of the stock is currently owned by insiders.

Boyd Gaming Price Performance

NYSE BYD opened at $85.5750 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. Boyd Gaming Corporation has a 12-month low of $57.67 and a 12-month high of $87.76. The company has a market capitalization of $6.86 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 2.36 and a beta of 1.24. The firm's 50 day moving average is $81.73 and its 200-day moving average is $74.81.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.20. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. During the same period last year, the company earned $1.58 earnings per share. The firm's revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate 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. Investors of record on Monday, September 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.72 annualized dividend and a dividend yield of 0.8%. Boyd Gaming's dividend payout ratio (DPR) is currently 11.08%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. began coverage on shares of Boyd Gaming in a research report on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price target on the stock. Macquarie raised their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Barclays raised their target price on shares of Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Susquehanna downgraded shares of Boyd Gaming from a "positive" rating to a "neutral" rating and raised their target price for the stock from $76.00 to $86.00 in a report on Friday, July 11th. Finally, Stifel Nicolaus raised their target price on shares of Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Boyd Gaming presently has a consensus rating of "Hold" and an average target price of $86.62.

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.

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