Corebridge Financial Inc. trimmed its stake in shares of Boyd Gaming Co. (NYSE:BYD - Free Report) by 7.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,992 shares of the company's stock after selling 6,391 shares during the period. Corebridge Financial Inc. owned approximately 0.08% of Boyd Gaming worth $5,440,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BYD. Rhumbline Advisers raised its stake in Boyd Gaming by 1.0% during the 4th quarter. Rhumbline Advisers now owns 185,714 shares of the company's stock valued at $13,472,000 after buying an additional 1,797 shares during the last quarter. Sanctuary Advisors LLC increased its position in Boyd Gaming by 25.3% during the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company's stock valued at $3,062,000 after acquiring an additional 9,565 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Boyd Gaming by 226.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 202,824 shares of the company's stock valued at $14,569,000 after acquiring an additional 140,707 shares during the period. Truist Financial Corp boosted its position in Boyd Gaming by 20.7% in the fourth quarter. Truist Financial Corp now owns 4,458 shares of the company's stock worth $323,000 after purchasing an additional 765 shares during the last quarter. Finally, GC Wealth Management RIA LLC purchased a new stake in shares of Boyd Gaming during the 4th quarter valued at about $307,000. Institutional investors own 76.81% of the company's stock.
Insider Transactions at Boyd Gaming
In other news, Chairman Marianne Boyd Johnson sold 50,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total value of $3,884,000.00. Following the completion of the sale, the chairman now directly owns 1,346,628 shares of the company's stock, valued at $104,606,063.04. This trade represents a 3.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christine J. Spadafor sold 1,125 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $75.28, for a total value of $84,690.00. Following the transaction, the director now directly owns 4,852 shares in the company, valued at approximately $365,258.56. This represents a 18.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,125 shares of company stock worth $5,158,490 in the last three months. Insiders own 21.97% of the company's stock.
Boyd Gaming Price Performance
Boyd Gaming stock traded down $4.17 during midday trading on Thursday, reaching $63.41. 982,523 shares of the stock traded hands, compared to its average volume of 955,856. The stock has a market cap of $5.23 billion, a P/E ratio of 10.19, a PEG ratio of 4.46 and a beta of 1.55. The stock's fifty day moving average is $72.94 and its 200-day moving average is $71.05. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. Boyd Gaming Co. has a 12 month low of $49.34 and a 12 month high of $80.50.
Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported $1.96 EPS for the quarter, beating analysts' consensus estimates of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. As a group, equities research analysts anticipate that Boyd Gaming Co. will post 6.52 EPS for the current year.
Boyd Gaming announced that its board has initiated a stock buyback program on Thursday, December 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.
Boyd Gaming Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 17th will be paid a $0.18 dividend. This is a boost from Boyd Gaming's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend is Monday, March 17th. Boyd Gaming's dividend payout ratio (DPR) is presently 11.58%.
Analyst Ratings Changes
A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Boyd Gaming from $74.00 to $80.00 and gave the stock a "neutral" rating in a report on Friday, January 24th. Argus raised shares of Boyd Gaming from a "hold" rating to a "buy" rating and set a $90.00 price objective for the company in a research report on Tuesday, December 17th. Jefferies Financial Group raised Boyd Gaming from a "hold" rating to a "buy" rating and raised their target price for the stock from $73.00 to $92.00 in a report on Friday, January 3rd. Mizuho raised their price objective on Boyd Gaming from $79.00 to $86.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Finally, Barclays boosted their price objective on Boyd Gaming from $74.00 to $78.00 and gave the company an "equal weight" rating in a research note on Friday, February 7th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $95.00.
Check Out Our Latest Research Report on Boyd Gaming
Boyd Gaming Company Profile
(
Free Report)
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.
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