Insider Selling: Boyd Gaming Co. (NYSE:BYD) Director Sells 660 Shares of Stock

Boyd Gaming Co. (NYSE:BYD) Director Christine J. Spadafor sold 660 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $75.68, for a total transaction of $49,948.80. Following the transaction, the director now directly owns 5,977 shares of the company’s stock, valued at $452,339.36. This trade represents a 9.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $73.87 on Wednesday. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The firm has a market capitalization of $6.53 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. Boyd Gaming Co. has a 1-year low of $49.34 and a 1-year high of $76.73. The company’s 50-day moving average is $70.69 and its 200 day moving average is $62.59.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.68 annualized dividend and a dividend yield of 0.92%. Boyd Gaming’s payout ratio is 12.98%.

Boyd Gaming declared that its board has initiated a share buyback plan on Thursday, December 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

BYD has been the subject of a number of research reports. Wells Fargo & Company increased their price target on Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Mizuho reiterated an “outperform” rating and set a $79.00 target price (up from $78.00) on shares of Boyd Gaming in a research report on Friday, October 25th. JPMorgan Chase & Co. boosted their price target on shares of Boyd Gaming from $69.00 to $74.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Morgan Stanley upped their price target on shares of Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Finally, Bank of America lifted their price objective on shares of Boyd Gaming from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $91.64.

Hedge Funds Weigh In On Boyd Gaming

Several hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its position in shares of Boyd Gaming by 6,158.8% during the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock worth $58,761,000 after purchasing an additional 894,383 shares during the last quarter. Long Pond Capital LP purchased a new position in Boyd Gaming in the 2nd quarter worth about $20,440,000. Ariel Investments LLC lifted its holdings in Boyd Gaming by 12.5% during the 2nd quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock valued at $167,046,000 after buying an additional 335,984 shares in the last quarter. American Century Companies Inc. boosted its position in Boyd Gaming by 19.7% in the 2nd quarter. American Century Companies Inc. now owns 1,149,701 shares of the company’s stock valued at $63,349,000 after buying an additional 189,226 shares during the period. Finally, International Assets Investment Management LLC grew its stake in Boyd Gaming by 4,816.4% in the 3rd quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock worth $119,320,000 after acquiring an additional 180,806 shares in the last quarter. Institutional investors own 76.81% 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.