Boyd Gaming (NYSE:BYD) CFO Josh Hirsberg Sells 40,035 Shares

Key Points

• Boyd Gaming CFO Josh Hirsberg sold 40,035 shares at an average price of $85.41, decreasing his holdings by 8.70% to a total of 420,185 shares valued at approximately $35.89 million.
• The company reported $1.87 EPS for the latest quarter, surpassing expectations and achieving a 6.9% year-over-year revenue increase to $1.03 billion.
• Boyd Gaming announced a quarterly dividend of $0.18 per share, with an annualized yield of 0.8%, payable on October 15th to shareholders recorded by September 15th.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) CFO Josh Hirsberg sold 40,035 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the completion of the transaction, the chief financial officer directly owned 420,185 shares in the company, valued at $35,888,000.85. The trade was a 8.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Boyd Gaming Stock Performance

Shares of BYD traded down $0.95 during trading hours on Friday, hitting $85.91. The company had a trading volume of 1,046,573 shares, compared to its average volume of 1,015,463. The firm has a market cap of $6.89 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 2.46 and a beta of 1.24. The business has a fifty day moving average of $82.82 and a 200-day moving average of $75.13. Boyd Gaming Corporation has a 12 month low of $57.67 and a 12 month high of $87.83. 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 (NYSE:BYD - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate 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 net margin of 14.02% and a return on equity of 40.65%. The company's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.58 earnings per share. Equities analysts anticipate that Boyd Gaming Corporation will post 6.52 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be given 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 is presently 11.08%.

Wall Street Analysts Forecast Growth

BYD has been the topic of several research analyst reports. Susquehanna lowered shares of Boyd Gaming from a "positive" rating to a "neutral" rating and increased their price objective for the company from $76.00 to $86.00 in a research report on Friday, July 11th. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. JPMorgan Chase & Co. started coverage on shares of Boyd Gaming in a research note on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price target on the stock. Barclays raised their price target on shares of Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Finally, Truist Financial raised their price target on shares of Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned 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.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds have recently added to or reduced their stakes in the business. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Boyd Gaming by 219.8% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 371 shares of the company's stock worth $29,000 after purchasing an additional 255 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after purchasing an additional 196 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Boyd Gaming in the 2nd quarter worth approximately $39,000. CoreCap Advisors LLC lifted 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 worth $42,000 after purchasing an additional 273 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in shares of Boyd Gaming by 139.9% in the 2nd quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock worth $48,000 after purchasing an additional 361 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

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.