Sequoia Financial Advisors LLC decreased its position in shares of Boyd Gaming Corporation (NYSE:BYD – Free Report) by 14.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 69,884 shares of the company’s stock after selling 11,839 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Boyd Gaming were worth $5,743,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership increased its position in shares of Boyd Gaming by 18.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,755,659 shares of the company’s stock valued at $149,652,000 after purchasing an additional 277,529 shares during the period. Invesco Ltd. boosted its stake in Boyd Gaming by 118.2% during the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock valued at $121,708,000 after buying an additional 773,394 shares in the last quarter. Franklin Resources Inc. grew its holdings in Boyd Gaming by 11.1% during the fourth quarter. Franklin Resources Inc. now owns 1,357,412 shares of the company’s stock worth $115,706,000 after acquiring an additional 136,129 shares during the period. Geode Capital Management LLC raised its position in Boyd Gaming by 26.7% in the fourth quarter. Geode Capital Management LLC now owns 1,355,209 shares of the company’s stock worth $115,537,000 after acquiring an additional 285,719 shares in the last quarter. Finally, Nuveen LLC lifted its holdings in Boyd Gaming by 10.6% in the 4th quarter. Nuveen LLC now owns 1,080,331 shares of the company’s stock valued at $92,087,000 after acquiring an additional 103,684 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.
Boyd Gaming Price Performance
BYD opened at $86.09 on Monday. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 3.77, a PEG ratio of 2.01 and a beta of 1.07. The stock has a fifty day moving average price of $84.98 and a 200 day moving average price of $84.75. Boyd Gaming Corporation has a 1 year low of $76.33 and a 1 year high of $91.00. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90.
Boyd Gaming Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is 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 is currently 3.51%.
Boyd Gaming announced that its board has approved a share buyback program on Thursday, April 23rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Analyst Ratings Changes
A number of analysts recently commented on BYD shares. The Goldman Sachs Group started coverage on shares of Boyd Gaming in a report on Friday, June 26th. They issued a “neutral” rating and a $91.00 target price on the stock. Morgan Stanley reissued a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Stifel Nicolaus decreased their target price on Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a report on Friday, April 24th. Susquehanna cut their target price on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Finally, Mizuho decreased their price target on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $93.15.
Read Our Latest Stock Report on Boyd Gaming
Insider Buying and Selling
In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the completion of the transaction, the chairman owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the transaction, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This represents a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 200,000 shares of company stock worth $17,038,987. Insiders own 22.82% of the company’s stock.
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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