Key Points
- Insider selling: Chairman Marianne Boyd Johnson sold 37,086 shares on May 1 and 62,914 shares on May 5 — a total of 100,000 shares for roughly $8.45 million — reducing her stake in Boyd Gaming.
- Capital returns boosted: Boyd Gaming raised its quarterly dividend to $0.20 (from $0.18) and announced a $500 million share repurchase program (up to ~7.7% of shares outstanding).
- Mixed financials: The company missed quarterly EPS ($1.60 vs. $1.76 expected) and revenue ($997.4M vs. $1.04B expected), with the stock trading near $84, a market cap of $6.25B and a MarketBeat consensus rating of “Hold” (price target ~$92.08).
Boyd Gaming Corporation (NYSE:BYD - Get Free Report) Chairman Marianne Boyd Johnson sold 37,086 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $85.27, for a total value of $3,162,323.22. Following the sale, the chairman directly owned 1,672,722 shares of the company's stock, valued at $142,633,004.94. This represents a 2.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Marianne Boyd Johnson also recently made the following trade(s):
- On Tuesday, May 5th, Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42.
Boyd Gaming Trading Up 1.4%
NYSE BYD opened at $84.06 on Wednesday. The business has a 50 day simple moving average of $84.03 and a 200 day simple moving average of $83.60. Boyd Gaming Corporation has a one year low of $68.98 and a one year high of $89.96. The stock has a market capitalization of $6.25 billion, a P/E ratio of 3.69, a P/E/G ratio of 1.89 and a beta of 1.11. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58.
Boyd Gaming (NYSE:BYD - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business had revenue of $997.36 million for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business earned $1.62 EPS. The company's revenue for the quarter was up .6% on a year-over-year basis. Research analysts expect that Boyd Gaming Corporation will post 7.41 earnings per share for the current year.
Boyd Gaming Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 16th were paid a dividend of $0.20 per share. This is an increase from Boyd Gaming's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Monday, March 16th. Boyd Gaming's payout ratio is 3.51%.
Boyd Gaming declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 23rd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its shares are undervalued.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of BYD. Invesco Ltd. lifted its holdings in shares of Boyd Gaming by 118.2% in the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company's stock valued at $121,708,000 after purchasing an additional 773,394 shares in the last quarter. Norges Bank bought a new position in shares of Boyd Gaming in the fourth quarter valued at approximately $58,763,000. Clark Capital Management Group Inc. bought a new position in shares of Boyd Gaming in the third quarter valued at approximately $50,295,000. UBS Group AG lifted its holdings in shares of Boyd Gaming by 196.9% in the fourth quarter. UBS Group AG now owns 611,207 shares of the company's stock valued at $52,099,000 after purchasing an additional 405,340 shares in the last quarter. Finally, Arbejdsmarkedets Tillaegspension bought a new position in shares of Boyd Gaming in the fourth quarter valued at approximately $24,675,000. Institutional investors own 76.81% of the company's stock.
Analyst Ratings Changes
Several research analysts have issued reports on BYD shares. Stifel Nicolaus cut their price target on Boyd Gaming from $95.00 to $91.00 and set a "hold" rating on the stock in a report on Friday, April 24th. Mizuho cut their price target on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Morgan Stanley reiterated a "mixed" rating on shares of Boyd Gaming in a report on Wednesday, April 8th. Susquehanna cut their price target on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Finally, Citigroup increased their price target on Boyd Gaming from $86.00 to $90.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Five research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $92.08.
Get Our Latest Analysis on BYD
Boyd Gaming Company Profile
(
Get Free Report)
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
