Verition Fund Management LLC Grows Stake in Boyd Gaming Co. (NYSE:BYD)

Verition Fund Management LLC raised its stake in Boyd Gaming Co. (NYSE:BYDGet Rating) by 38.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,223 shares of the company’s stock after acquiring an additional 5,839 shares during the period. Verition Fund Management LLC’s holdings in Boyd Gaming were worth $1,396,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of BYD. Vanguard Group Inc. lifted its holdings in shares of Boyd Gaming by 4.1% during the first quarter. Vanguard Group Inc. now owns 9,030,684 shares of the company’s stock valued at $594,039,000 after purchasing an additional 359,698 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Boyd Gaming by 2.1% during the first quarter. BlackRock Inc. now owns 7,025,507 shares of the company’s stock valued at $462,137,000 after purchasing an additional 143,418 shares in the last quarter. Ariel Investments LLC lifted its holdings in shares of Boyd Gaming by 63.4% during the first 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 holdings in shares of Boyd Gaming by 45.2% during the first 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 in the last quarter. Finally, State Street Corp lifted its holdings in shares of Boyd Gaming by 3.2% during the first quarter. State Street Corp now owns 2,189,884 shares of the company’s stock valued at $144,373,000 after purchasing an additional 66,876 shares in the last quarter. 92.40% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Stock Performance

Shares of BYD opened at $52.22 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 0.78 and a debt-to-equity ratio of 1.87. The business has a 50-day simple moving average of $54.89 and a two-hundred day simple moving average of $57.61. The stock has a market cap of $5.72 billion, a price-to-earnings ratio of 10.55, a PEG ratio of 0.95 and a beta of 1.85. Boyd Gaming Co. has a 52 week low of $47.66 and a 52 week high of $72.72.

Boyd Gaming (NYSE:BYDGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.48 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.10. Boyd Gaming had a return on equity of 40.76% and a net margin of 16.03%. During the same period in the previous year, the business earned $1.54 earnings per share. On average, analysts expect that Boyd Gaming Co. will post 5.5 EPS for the current year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Investors of record on Friday, September 30th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.15%. The ex-dividend date is Thursday, September 29th. Boyd Gaming’s dividend payout ratio is currently 12.12%.

Wall Street Analyst Weigh In

BYD has been the topic of a number of research analyst reports. StockNews.com raised Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Tuesday, July 26th. Barclays started coverage on Boyd Gaming in a report on Tuesday, June 28th. They issued an “overweight” rating and a $63.00 target price on the stock. Stifel Nicolaus lowered their target price on Boyd Gaming from $84.00 to $73.00 in a report on Wednesday, July 27th. KeyCorp set a $70.00 target price on Boyd Gaming in a report on Tuesday, July 19th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Boyd Gaming from $77.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, July 13th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $75.36.

Boyd Gaming Company Profile

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Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

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Institutional Ownership by Quarter for Boyd Gaming (NYSE:BYD)

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