Josh Hirsberg Sells 12,777 Shares of Boyd Gaming (NYSE:BYD) Stock

Key Points

• Boyd Gaming CFO Josh Hirsberg sold 12,777 shares at an average price of $89.76, generating approximately $1.15 million and reducing his direct ownership by 2.93%.
• Boyd Gaming reported quarterly EPS of $1.93, beating analyst estimates of $1.89, while revenue totaled $1.03 billion. The company also authorized a $500 million share-repurchase program.
• Shares traded near a 52-week high at $91.10, while analysts maintained a consensus “Hold” rating with an average price target of $94.69; institutional investors own 76.81% of the stock.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) CFO Josh Hirsberg sold 12,777 shares of the firm'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 transaction of $1,146,863.52. Following the completion of the transaction, the chief financial officer directly owned 422,969 shares in the company, valued at $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Boyd Gaming Price Performance

Shares of Boyd Gaming stock traded up $1.81 on Tuesday, hitting $91.10. 1,233,621 shares of the company were exchanged, compared to its average volume of 975,101. 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 50-day moving average price of $86.03 and a 200 day moving average price of $84.85. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 4.01, a price-to-earnings-growth ratio of 2.06 and a beta of 1.07. Boyd Gaming Corporation has a 1-year low of $76.33 and a 1-year high of $91.41.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.29% and a net margin of 44.34%.The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. During the same quarter last year, the firm earned $1.87 earnings per share. The business's revenue for the quarter was up .0% on a year-over-year basis. As a group, sell-side analysts predict that Boyd Gaming Corporation will post 7.21 earnings per share for the current fiscal year.

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

Boyd Gaming Dividend Announcement

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

Hedge Funds Weigh In On Boyd Gaming

Hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. raised its stake 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 valued at $36,000 after acquiring an additional 196 shares during the period. AQR Capital Management LLC raised its position in Boyd Gaming by 13.9% in the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock valued at $628,000 after purchasing an additional 1,172 shares during the period. Caxton Associates LLP purchased a new stake in Boyd Gaming in the first quarter valued at approximately $207,000. M&T Bank Corp acquired a new position in Boyd Gaming during the second quarter worth $229,000. Finally, Amundi lifted its stake in Boyd Gaming by 14,719.0% during the second quarter. Amundi now owns 3,112 shares of the company's stock worth $253,000 after purchasing an additional 3,091 shares in the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Texas Capital raised shares of Boyd Gaming to a "strong-buy" rating in a research report on Wednesday, June 3rd. The Goldman Sachs Group began coverage on shares of Boyd Gaming in a research report on Friday, June 26th. They set a "neutral" rating and a $91.00 price objective for the company. Barclays lifted their target price on shares of Boyd Gaming from $86.00 to $87.00 and gave the stock an "equal weight" rating in a research note on Friday. Benchmark started coverage on shares of Boyd Gaming in a research note on Monday, June 22nd. They issued a "buy" rating and a $100.00 price target for the company. Finally, Stifel Nicolaus raised their price target on shares of Boyd Gaming from $91.00 to $92.00 and gave the stock a "hold" rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Boyd Gaming currently has a consensus rating of "Hold" and an average target price of $94.69.

About Boyd Gaming

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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