Vanguard Group Inc. Has $480.69 Million Stake in Boyd Gaming Corporation $BYD

Key Points

• Vanguard trimmed its stake in Boyd Gaming by 1.9% to 5,639,209 shares, leaving it with roughly a 7.22% ownership stake valued at about $480.69 million.
• Heavy insider selling occurred recently — insiders sold 173,454 shares worth $14.68 million last quarter, including sales by Stephen S. Thompson and CFO Josh Hirsberg, bringing insider ownership to 22.82%.
• Capital returns and mixed results: Boyd’s board authorized a $500 million buyback (up to ~7.7% of shares) and raised the quarterly dividend to $0.20, while the latest quarter showed an EPS of $1.60 (missed vs. $1.76 estimate) and revenue of $997.36 million (+0.6% YoY).

Vanguard Group Inc. lowered its holdings in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 1.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,639,209 shares of the company's stock after selling 108,322 shares during the quarter. Vanguard Group Inc. owned about 7.22% of Boyd Gaming worth $480,686,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BYD. Alps Advisors Inc. lifted its position in Boyd Gaming by 2.7% during the 3rd quarter. Alps Advisors Inc. now owns 5,384 shares of the company's stock worth $465,000 after buying an additional 141 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Boyd Gaming by 4.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 4,434 shares of the company's stock worth $371,000 after acquiring an additional 170 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after purchasing an additional 196 shares in the last quarter. Advisory Research Inc. lifted its position in shares of Boyd Gaming by 3.8% during the third quarter. Advisory Research Inc. now owns 8,519 shares of the company's stock worth $736,000 after purchasing an additional 313 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its stake in shares of Boyd Gaming by 84.4% during the third quarter. TD Private Client Wealth LLC now owns 686 shares of the company's stock valued at $59,000 after purchasing an additional 314 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Boyd Gaming news, insider Stephen S. Thompson sold 19,530 shares of the stock in a transaction on Friday, February 27th. The shares were sold at an average price of $83.59, for a total value of $1,632,512.70. Following the sale, the insider directly owned 22,009 shares in the company, valued at approximately $1,839,732.31. This trade represents a 47.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Josh Hirsberg sold 23,924 shares of Boyd Gaming 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 transaction, the chief financial officer directly owned 435,746 shares in the company, valued at approximately $37,413,151.56. This represents a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 173,454 shares of company stock worth $14,680,814 over the last quarter. 22.82% of the stock is owned by insiders.

Boyd Gaming Stock Performance

BYD stock opened at $84.06 on Wednesday. Boyd Gaming Corporation has a twelve month low of $68.98 and a twelve month high of $89.96. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The company has a market cap of $6.25 billion, a P/E ratio of 3.69, a price-to-earnings-growth ratio of 1.89 and a beta of 1.11. The business's fifty day moving average is $84.03 and its 200-day moving average is $83.60.

Boyd Gaming (NYSE:BYD - Get Free Report) last released 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 net margin of 44.84% and a return on equity of 25.63%. The company had revenue of $997.36 million during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company posted $1.62 EPS. The company's revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts forecast that Boyd Gaming Corporation will post 7.41 EPS for the current year.

Boyd Gaming declared that its board has authorized a stock buyback plan on Thursday, April 23rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Boyd Gaming Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 16th were given a $0.20 dividend. The ex-dividend date was Monday, March 16th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.18. Boyd Gaming's dividend payout ratio is 3.51%.

Analyst Upgrades and Downgrades

BYD has been the subject of several research analyst reports. Stifel Nicolaus dropped their price objective on shares of Boyd Gaming from $95.00 to $91.00 and set a "hold" rating for the company in a research report on Friday, April 24th. Citigroup increased their price objective on Boyd Gaming from $86.00 to $90.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Susquehanna lowered their target price on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Truist Financial set a $110.00 target price on Boyd Gaming in a research report on Tuesday, January 13th. Finally, Morgan Stanley reaffirmed a "mixed" rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Boyd Gaming presently has an average rating of "Hold" and a consensus target price of $92.08.

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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