Boyd Gaming Co. (NYSE:BYD) Shares Sold by Fmr LLC

Fmr LLC reduced its stake in Boyd Gaming Co. (NYSE:BYD) by 0.9% in the third quarter, HoldingsChannel.com reports. The fund owned 1,514,163 shares of the company’s stock after selling 13,696 shares during the quarter. Fmr LLC’s holdings in Boyd Gaming were worth $97,891,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Altshuler Shaham Ltd acquired a new stake in shares of Boyd Gaming in the second quarter valued at approximately $29,000. Covestor Ltd increased its position in Boyd Gaming by 54.9% in the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Blue Trust Inc. raised its stake in Boyd Gaming by 58.2% during the 2nd quarter. Blue Trust Inc. now owns 783 shares of the company’s stock valued at $43,000 after acquiring an additional 288 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Boyd Gaming by 921.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock worth $57,000 after acquiring an additional 802 shares during the period. Finally, Venturi Wealth Management LLC grew its stake in shares of Boyd Gaming by 85.3% in the third quarter. Venturi Wealth Management LLC now owns 943 shares of the company’s stock worth $61,000 after purchasing an additional 434 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BYD. Bank of America lifted their price objective on shares of Boyd Gaming from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. StockNews.com raised Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Truist Financial increased their price target on Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Morgan Stanley boosted their price objective on Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Mizuho reaffirmed an “outperform” rating and set a $79.00 target price (up previously from $78.00) on shares of Boyd Gaming in a research note on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Boyd Gaming presently has an average rating of “Moderate Buy” and a consensus price target of $91.38.

Boyd Gaming Stock Up 0.1 %

Shares of Boyd Gaming stock opened at $74.83 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $75.34. The stock has a 50-day moving average price of $68.83 and a 200 day moving average price of $61.12. The company has a market cap of $6.61 billion, a P/E ratio of 14.28, a P/E/G ratio of 9.71 and a beta of 1.54.

Boyd Gaming Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 0.91%. Boyd Gaming’s dividend payout ratio is currently 12.98%.

Boyd Gaming declared that its Board of Directors has approved a stock buyback program on Thursday, December 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Boyd Gaming

In related news, CFO Josh Hirsberg sold 21,549 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $71.43, for a total value of $1,539,245.07. Following the completion of the sale, the chief financial officer now owns 438,615 shares of the company’s stock, valued at approximately $31,330,269.45. The trade was a 4.68 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Keith Smith sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the transaction, the chief executive officer now directly owns 1,161,202 shares in the company, valued at approximately $85,336,734.98. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 146,704 shares of company stock valued at $10,540,944. Corporate insiders own 27.94% of the company’s stock.

About Boyd Gaming

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.