Wedge Capital Management L L P NC Purchases 62,087 Shares of Boyd Gaming Corporation $BYD

Key Points

• Wedge Capital increased its stake in Boyd Gaming by 16.6%, buying 62,087 shares to hold 435,755 shares (~0.56%) valued at $37.14M, while overall institutional ownership sits at about 76.8% with several other large funds also adding to positions.
• Boyd reported a quarterly earnings beat—$2.21 EPS vs. $1.88 expected and $1.06B revenue—and raised its quarterly dividend to $0.20 ($0.80 annual, 1.0% yield) with an ex-dividend date of March 16.
• Insiders have been net sellers (73,454 shares worth roughly $6.23M last quarter), the stock recently traded down to $80.15 (market cap ~$6.04B), and analysts have an average consensus rating of Hold with a $92.58 target.

Wedge Capital Management L L P NC increased its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 16.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 435,755 shares of the company's stock after acquiring an additional 62,087 shares during the period. Wedge Capital Management L L P NC owned approximately 0.56% of Boyd Gaming worth $37,144,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of BYD. Arrowstreet Capital Limited Partnership grew its position in shares of Boyd Gaming by 11.6% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,478,130 shares of the company's stock valued at $127,784,000 after purchasing an additional 153,462 shares in the last quarter. Franklin Resources Inc. boosted its stake in Boyd Gaming by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,221,283 shares of the company's stock valued at $105,580,000 after buying an additional 173,868 shares during the period. First Trust Advisors LP boosted its stake in Boyd Gaming by 679.7% during the second quarter. First Trust Advisors LP now owns 1,122,869 shares of the company's stock valued at $87,842,000 after buying an additional 978,853 shares during the period. Norges Bank purchased a new stake in Boyd Gaming in the second quarter valued at approximately $54,933,000. Finally, Invesco Ltd. lifted its position in Boyd Gaming by 109.8% during the third quarter. Invesco Ltd. now owns 654,434 shares of the company's stock valued at $56,576,000 after purchasing an additional 342,575 shares during the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Boyd Gaming Trading Down 3.4%

Shares of BYD opened at $80.15 on Friday. Boyd Gaming Corporation has a fifty-two week low of $58.94 and a fifty-two week high of $89.96. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of 3.52, a PEG ratio of 1.75 and a beta of 1.20. The firm has a 50 day moving average price of $83.28 and a 200-day moving average price of $83.41. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported $2.21 EPS for the quarter, topping analysts' consensus estimates of $1.88 by $0.33. The company had revenue of $1.06 billion for the quarter, compared to analysts' expectations of $1.02 billion. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. The firm's revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.96 EPS. As a group, equities research analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Monday, March 16th will be issued a $0.20 dividend. This is an increase from Boyd Gaming's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Monday, March 16th. Boyd Gaming's dividend payout ratio (DPR) is presently 3.52%.

Insider Activity

In other news, insider Stephen S. Thompson sold 19,530 shares of the business's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $83.59, for a total value of $1,632,512.70. Following the completion of the sale, the insider owned 22,009 shares of the company's stock, valued at approximately $1,839,732.31. The trade was a 47.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Josh Hirsberg sold 23,924 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $85.86, for a total value of $2,054,114.64. Following the sale, the chief financial officer owned 435,746 shares of the company's stock, valued at $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. In the last quarter, insiders sold 73,454 shares of company stock valued at $6,231,827. Insiders own 27.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BYD. Stifel Nicolaus increased their price target on shares of Boyd Gaming from $90.00 to $95.00 and gave the stock a "hold" rating in a report on Friday, February 6th. Jefferies Financial Group reiterated a "buy" rating on shares of Boyd Gaming in a research report on Wednesday, December 24th. Morgan Stanley set a $86.00 target price on Boyd Gaming in a research note on Wednesday, February 11th. Susquehanna lowered their price target on Boyd Gaming from $90.00 to $89.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Boyd Gaming in a research note on Monday, December 29th. 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, Boyd Gaming has an average rating of "Hold" and a consensus target price of $92.58.

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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