Vestcor Inc Makes New $368,000 Investment in Boyd Gaming Corporation (NYSE:BYD)

Key Points

• Vestcor Inc has acquired a new stake in Boyd Gaming Corporation, purchasing 5,593 shares valued at approximately $368,000 in the first quarter.
• Several hedge funds have significantly increased their positions in Boyd Gaming, with Raymond James Financial acquiring a stake worth $43.27 million in the fourth quarter.
• Boyd Gaming recently reported a net revenue of $1.03 billion for the quarter, exceeding analyst estimates and marking a 6.9% year-over-year increase.

Vestcor Inc purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 5,593 shares of the company's stock, valued at approximately $368,000.

A number of other large investors have also recently modified their holdings of the business. Louisiana State Employees Retirement System boosted its position in shares of Boyd Gaming by 1.1% during the 1st quarter. Louisiana State Employees Retirement System now owns 18,600 shares of the company's stock valued at $1,224,000 after acquiring an additional 200 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Boyd Gaming by 0.4% during the first quarter. State of Alaska Department of Revenue now owns 47,753 shares of the company's stock worth $3,143,000 after purchasing an additional 205 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its position in shares of Boyd Gaming by 7.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,000 shares of the company's stock worth $263,000 after purchasing an additional 265 shares during the last quarter. Choreo LLC increased its holdings in Boyd Gaming by 0.9% during the 1st quarter. Choreo LLC now owns 30,164 shares of the company's stock worth $1,991,000 after purchasing an additional 271 shares during the period. Finally, CoreCap Advisors LLC increased its holdings in Boyd Gaming by 91.0% during the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock worth $42,000 after purchasing an additional 273 shares during the period. Institutional investors own 76.81% of the company's stock.

Insider Activity

In other Boyd Gaming news, insider Stephen S. Thompson sold 15,906 shares of Boyd Gaming stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $83.25, for a total value of $1,324,174.50. Following the completion of the transaction, the insider directly owned 38,609 shares of the company's stock, valued at $3,214,199.25. The trade was a 29.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Ted Bogich sold 16,497 shares of Boyd Gaming stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $83.18, for a total value of $1,372,220.46. Following the completion of the transaction, the chief operating officer directly owned 45,116 shares of the company's stock, valued at approximately $3,752,748.88. This represents a 26.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.94% of the company's stock.

Boyd Gaming Stock Performance

Boyd Gaming stock traded down $1.38 during mid-day trading on Thursday, hitting $81.92. The company had a trading volume of 939,645 shares, compared to its average volume of 1,060,767. Boyd Gaming Corporation has a 12-month low of $54.83 and a 12-month high of $87.76. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 2.82 and a beta of 1.24. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The company's fifty day moving average is $79.61 and its 200-day moving average is $74.23.

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

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Barclays lifted their price objective on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Stifel Nicolaus lifted their target price on Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research note on Friday, July 25th. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their target price for the company from $76.00 to $86.00 in a research note on Friday, July 11th. Truist Financial lifted their target price on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Boyd Gaming has a consensus rating of "Hold" and an average target price of $86.62.

Boyd Gaming Company 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.