Sanctuary Advisors LLC Lowers Position in Boyd Gaming Corporation $BYD

Key Points

• Sanctuary Advisors LLC cut its Boyd Gaming position by 86.5% in the first quarter, selling 17,082 shares and retaining 2,663 shares valued at approximately $219,000. Institutional investors collectively own 76.81% of the company.
• Boyd Gaming reported quarterly EPS of $1.93, exceeding estimates of $1.89, while revenue reached $1.03 billion, slightly below expectations. Analysts maintain a consensus “Hold” rating with an average price target of $94.69.
• The company pays a quarterly dividend of $0.20 per share and authorized a $500 million share buyback program, allowing repurchases of up to 7.7% of outstanding shares.

Sanctuary Advisors LLC trimmed its holdings in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 86.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,663 shares of the company's stock after selling 17,082 shares during the period. Sanctuary Advisors LLC's holdings in Boyd Gaming were worth $219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of Boyd Gaming by 42.3% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 7,633 shares of the company's stock valued at $627,000 after purchasing an additional 2,270 shares in the last quarter. State of Michigan Retirement System boosted its stake in shares of Boyd Gaming by 2.2% during the first quarter. State of Michigan Retirement System now owns 13,924 shares of the company's stock valued at $1,144,000 after purchasing an additional 300 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Boyd Gaming by 3.8% during the first quarter. Principal Financial Group Inc. now owns 128,968 shares of the company's stock valued at $10,599,000 after purchasing an additional 4,693 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in Boyd Gaming by 9.8% during the first quarter. Chicago Partners Investment Group LLC now owns 8,664 shares of the company's stock valued at $746,000 after buying an additional 776 shares during the period. Finally, Arbejdsmarkedets Tillaegspension increased its holdings in Boyd Gaming by 3.6% during the first quarter. Arbejdsmarkedets Tillaegspension now owns 299,948 shares of the company's stock valued at $24,650,000 after buying an additional 10,476 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Susquehanna boosted their price objective on shares of Boyd Gaming from $84.00 to $87.00 and gave the stock a "neutral" rating in a research note on Friday, July 24th. Weiss Ratings upgraded Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 4th. Stifel Nicolaus boosted their price target on Boyd Gaming from $91.00 to $92.00 and gave the stock a "hold" rating in a research report on Friday, July 24th. Texas Capital upgraded Boyd Gaming to a "strong-buy" rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley decreased their price objective on Boyd Gaming from $90.00 to $89.00 and set an "equal weight" rating for the company in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $94.69.

Boyd Gaming Price Performance

NYSE:BYD opened at $85.10 on Friday. The firm's fifty day moving average is $86.78 and its two-hundred day moving average is $84.90. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 3.75, a PEG ratio of 2.08 and a beta of 1.07. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60. Boyd Gaming Corporation has a one year low of $76.33 and a one year high of $91.41.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.29% and a net margin of 44.34%.The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the business posted $1.87 EPS. The company's revenue was up .0% on a year-over-year basis. Research analysts expect that Boyd Gaming Corporation will post 7.29 EPS for the current year.

Boyd Gaming Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, June 15th. Boyd Gaming's dividend payout ratio (DPR) is currently 3.52%.

Boyd Gaming announced that its Board of Directors has initiated a share buyback program on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value 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 approximately $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Josh Hirsberg sold 12,777 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the sale, the chief financial officer owned 422,969 shares in the company, valued at approximately $37,965,697.44. This represents a 2.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 175,691 shares of company stock valued at $15,023,527. 22.82% of the stock is owned by company insiders.

Boyd Gaming Company 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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