Boyd Gaming Corporation $BYD Position Increased by Corient Private Wealth LLC

Corient Private Wealth LLC grew its holdings in shares of Boyd Gaming Corporation (NYSE:BYD) by 72.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,530 shares of the company’s stock after purchasing an additional 10,270 shares during the period. Corient Private Wealth LLC’s holdings in Boyd Gaming were worth $2,091,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of BYD. Invesco Ltd. grew its position in shares of Boyd Gaming by 118.2% during the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock valued at $121,708,000 after buying an additional 773,394 shares during the last quarter. Norges Bank bought a new position in Boyd Gaming in the fourth quarter worth about $58,763,000. Clark Capital Management Group Inc. bought a new position in Boyd Gaming in the third quarter worth about $50,295,000. UBS Group AG boosted its stake in 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 acquiring an additional 405,340 shares during the period. Finally, Arbejdsmarkedets Tillaegspension acquired a new position in Boyd Gaming in the fourth quarter valued at approximately $24,675,000. 76.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BYD. The Goldman Sachs Group initiated coverage on Boyd Gaming in a research report on Friday. They set a “neutral” rating and a $91.00 price target on the stock. Benchmark initiated coverage on Boyd Gaming in a research report on Monday, June 22nd. They set a “buy” rating and a $100.00 price objective for the company. Barclays lowered their price objective on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a research note on Friday, April 24th. Weiss Ratings raised Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 4th. Finally, Stifel Nicolaus cut their target price on Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $93.15.

Boyd Gaming Price Performance

NYSE BYD opened at $89.39 on Tuesday. Boyd Gaming Corporation has a 12 month low of $76.33 and a 12 month high of $91.00. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. The firm has a market capitalization of $6.64 billion, a PE ratio of 3.92, a P/E/G ratio of 2.09 and a beta of 1.08. The company’s 50 day simple moving average is $84.85 and its 200 day simple moving average is $84.58.

Boyd Gaming (NYSE:BYD) last released its earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). The firm had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the company earned $1.62 earnings per share. As a group, equities research analysts forecast that Boyd Gaming Corporation will post 7.32 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, June 15th. Boyd Gaming’s payout ratio is currently 3.51%.

Boyd Gaming declared that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Boyd Gaming

In other news, Chairman Marianne Boyd Johnson sold 62,914 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the completion of the sale, the chairman owned 1,609,808 shares in the company, valued at $135,272,166.24. This represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This represents a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 200,000 shares of company stock valued at $17,038,987. Insiders own 22.82% of the company’s stock.

About Boyd Gaming

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.