BlackRock Inc. Purchases 510,134 Shares of Boyd Gaming Co. (NYSE:BYD)

Posted by Defense World Staff on Mar 10th, 2023

BlackRock Inc. boosted its holdings in shares of Boyd Gaming Co. (NYSE:BYD – Get Rating) by 7.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,566,954 shares of the company’s stock after purchasing an additional 510,134 shares during the period. BlackRock Inc. owned about 7.25% of Boyd Gaming worth $360,566,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Ariel Investments LLC boosted its stake in shares of Boyd Gaming by 63.4% in the 1st quarter. Ariel Investments LLC now owns 2,629,438 shares of the company’s stock valued at $172,965,000 after purchasing an additional 1,020,515 shares in the last quarter. Invesco Ltd. lifted its stake in Boyd Gaming by 45.2% in the 1st quarter. Invesco Ltd. now owns 2,382,418 shares of the company’s stock valued at $156,715,000 after purchasing an additional 741,156 shares during the last quarter. Vanguard Group Inc. boosted its position in Boyd Gaming by 4.1% in the first quarter. Vanguard Group Inc. now owns 9,030,684 shares of the company’s stock valued at $594,039,000 after buying an additional 359,698 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Boyd Gaming by 53.5% in the second quarter. Goldman Sachs Group Inc. now owns 941,288 shares of the company’s stock valued at $46,829,000 after buying an additional 328,170 shares in the last quarter. Finally, Long Pond Capital LP grew its stake in shares of Boyd Gaming by 483.9% during the second quarter. Long Pond Capital LP now owns 389,664 shares of the company’s stock worth $19,386,000 after buying an additional 322,927 shares during the last quarter. Institutional investors and hedge funds own 68.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. StockNews.com raised Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Susquehanna boosted their price target on Boyd Gaming from $72.00 to $80.00 and gave the stock a “positive” rating in a report on Thursday, February 9th. Truist Financial raised their price objective on shares of Boyd Gaming from $79.00 to $80.00 in a report on Wednesday, January 11th. Morgan Stanley boosted their target price on shares of Boyd Gaming from $60.00 to $62.00 and gave the stock an “underweight” rating in a report on Wednesday, March 1st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Boyd Gaming from $66.00 to $72.00 in a research note on Friday, February 3rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Boyd Gaming presently has an average rating of “Moderate Buy” and a consensus target price of $73.87.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, EVP Ted Bogich sold 30,433 shares of the firm’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $67.32, for a total value of $2,048,749.56. Following the completion of the sale, the executive vice president now directly owns 75,858 shares in the company, valued at $5,106,760.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider William S. Boyd sold 190,000 shares of the stock in a transaction on Wednesday, December 14th. The stock was sold at an average price of $58.90, for a total value of $11,191,000.00. Following the transaction, the insider now directly owns 14,543,927 shares in the company, valued at approximately $856,637,300.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ted Bogich sold 30,433 shares of the business’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $67.32, for a total transaction of $2,048,749.56. Following the sale, the executive vice president now owns 75,858 shares of the company’s stock, valued at approximately $5,106,760.56. The disclosure for this sale can be found here. Insiders have sold 780,198 shares of company stock worth $49,198,544 in the last quarter. Company insiders own 27.94% of the company’s stock.

Boyd Gaming Price Performance

BYD stock opened at $63.06 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.89. The company’s fifty day simple moving average is $61.98 and its 200 day simple moving average is $57.58. Boyd Gaming Co. has a 12-month low of $46.10 and a 12-month high of $70.46. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.16 and a beta of 1.80.

Boyd Gaming (NYSE:BYD – Get Rating) last announced its earnings results on Thursday, February 2nd. The company reported $1.72 EPS for the quarter, beating the consensus estimate of $1.45 by $0.27. The company had revenue of $922.90 million for the quarter, compared to analyst estimates of $880.30 million. Boyd Gaming had a return on equity of 42.63% and a net margin of 17.98%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.35 EPS. On average, analysts expect that Boyd Gaming Co. will post 5.87 earnings per share for the current year.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, April 15th. Stockholders of record on Wednesday, March 15th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $0.64 annualized dividend and a dividend yield of 1.01%. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.15. Boyd Gaming’s payout ratio is currently 10.22%.

Boyd Gaming Profile

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Boyd Gaming Corp. is a multi-jurisdictional gaming company, which engages in the management and operation of gaming and entertainment properties. It operates through the following segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South. The Las Vegas Locals segment consists of eight casinos that primarily serve the resident population in the Las Vegas metropolitan area.