Boyd Gaming (NYSE:BYD) CEO Sells $8,590,000.00 in Stock

Boyd Gaming Corporation (NYSE:BYD) CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the transaction, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Boyd Gaming Price Performance

Shares of BYD opened at $87.78 on Friday. The business’s 50-day moving average is $84.03 and its two-hundred day moving average is $83.89. The company has a market capitalization of $6.52 billion, a P/E ratio of 3.85, a P/E/G ratio of 2.05 and a beta of 1.08. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60. Boyd Gaming Corporation has a fifty-two week low of $73.00 and a fifty-two week high of $89.96.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.76 by ($0.16). The company had revenue of $997.36 million for the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.Boyd Gaming’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.62 earnings per share. Research analysts predict that Boyd Gaming Corporation will post 7.32 earnings per share for the current year.

Boyd Gaming Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Monday, June 15th. Boyd Gaming’s dividend payout ratio (DPR) is currently 3.51%.

Boyd Gaming announced that its Board of Directors has authorized a stock repurchase program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have weighed in on BYD. Wells Fargo & Company cut their price target on Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 16th. Morgan Stanley reaffirmed a “mixed” rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. Weiss Ratings raised Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Barclays cut their price target on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Friday, April 24th. Finally, Citigroup increased their price target on Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $92.08.

Institutional Investors Weigh In On Boyd Gaming

A number of institutional investors have recently modified their holdings of the business. Bank of America Corp DE grew its position in shares of Boyd Gaming by 8.8% during the 1st quarter. Bank of America Corp DE now owns 569,427 shares of the company’s stock valued at $46,796,000 after acquiring an additional 46,146 shares during the period. Seven Six Capital Management LLC grew its position in shares of Boyd Gaming by 5.6% during the 1st quarter. Seven Six Capital Management LLC now owns 125,875 shares of the company’s stock valued at $10,344,000 after acquiring an additional 6,700 shares during the period. Janus Henderson Group PLC lifted its stake in Boyd Gaming by 0.3% in the 1st quarter. Janus Henderson Group PLC now owns 122,988 shares of the company’s stock valued at $10,108,000 after buying an additional 370 shares in the last quarter. Altshuler Shaham Ltd lifted its stake in Boyd Gaming by 54.3% in the 1st quarter. Altshuler Shaham Ltd now owns 452 shares of the company’s stock valued at $37,000 after buying an additional 159 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in Boyd Gaming by 10.7% in the 1st quarter. California State Teachers Retirement System now owns 64,752 shares of the company’s stock valued at $5,321,000 after buying an additional 6,245 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

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.