State of Michigan Retirement System Sells 500 Shares of Boyd Gaming Co. (NYSE:BYD)

State of Michigan Retirement System lowered its stake in shares of Boyd Gaming Co. (NYSE:BYDGet Rating) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,324 shares of the company’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in Boyd Gaming were worth $1,011,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BYD. Whittier Trust Co. bought a new position in Boyd Gaming during the first quarter worth $27,000. Geneos Wealth Management Inc. boosted its stake in Boyd Gaming by 50.0% during the second quarter. Geneos Wealth Management Inc. now owns 600 shares of the company’s stock worth $30,000 after buying an additional 200 shares in the last quarter. Spire Wealth Management acquired a new stake in Boyd Gaming during the second quarter worth $30,000. Prospera Financial Services Inc acquired a new stake in Boyd Gaming during the first quarter worth $33,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in Boyd Gaming by 55.8% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 944 shares of the company’s stock worth $63,000 after buying an additional 338 shares in the last quarter. Institutional investors own 92.40% of the company’s stock.

Insider Activity at Boyd Gaming

In related news, insider Marianne Boyd Johnson sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $57.94, for a total value of $5,794,000.00. Following the completion of the transaction, the insider now directly owns 1,680,774 shares in the company, valued at approximately $97,384,045.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Boyd Gaming news, VP William R. Boyd sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $57.47, for a total transaction of $2,873,500.00. Following the completion of the transaction, the vice president now owns 1,694,522 shares of the company’s stock, valued at approximately $97,384,179.34. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Marianne Boyd Johnson sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $57.94, for a total value of $5,794,000.00. Following the transaction, the insider now directly owns 1,680,774 shares of the company’s stock, valued at approximately $97,384,045.56. The disclosure for this sale can be found here. In the last three months, insiders sold 200,000 shares of company stock worth $11,446,500. 27.94% of the stock is owned by company insiders.

Boyd Gaming Stock Performance

Shares of BYD stock opened at $59.27 on Monday. The company has a debt-to-equity ratio of 1.83, a current ratio of 0.76 and a quick ratio of 0.72. The stock has a market cap of $6.19 billion, a PE ratio of 11.40, a price-to-earnings-growth ratio of 0.81 and a beta of 1.84. The stock has a 50-day moving average of $53.24 and a 200-day moving average of $54.36. Boyd Gaming Co. has a one year low of $46.10 and a one year high of $72.72.

Boyd Gaming (NYSE:BYDGet Rating) last announced its quarterly earnings results on Tuesday, October 25th. The company reported $1.48 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.16. Boyd Gaming had a return on equity of 41.21% and a net margin of 16.41%. The company had revenue of $877.26 million during the quarter, compared to analysts’ expectations of $859.03 million. During the same period in the prior year, the business posted $1.30 EPS. Boyd Gaming’s revenue was up 4.1% on a year-over-year basis. As a group, sell-side analysts expect that Boyd Gaming Co. will post 5.73 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, October 15th. Investors of record on Friday, September 30th were given a $0.15 dividend. The ex-dividend date was Thursday, September 29th. This represents a $0.60 annualized dividend and a dividend yield of 1.01%. Boyd Gaming’s dividend payout ratio is presently 11.54%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on BYD shares. KeyCorp set a $70.00 price target on shares of Boyd Gaming in a research note on Tuesday, July 19th. Susquehanna Bancshares lifted their price target on shares of Boyd Gaming from $68.00 to $72.00 in a research note on Wednesday, October 26th. Wells Fargo & Company decreased their price target on shares of Boyd Gaming from $77.00 to $70.00 and set an “overweight” rating on the stock in a research note on Friday, October 21st. CBRE Group reiterated a “hold” rating and set a $60.00 price target on shares of Boyd Gaming in a research note on Thursday, October 20th. Finally, StockNews.com upgraded shares of Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 27th. Two analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Boyd Gaming presently has an average rating of “Buy” and a consensus price target of $72.46.

Boyd Gaming 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.

Further Reading

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

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