Fmr LLC Decreases Holdings in Boyd Gaming Co. (NYSE:BYD)

Fmr LLC reduced its position in Boyd Gaming Co. (NYSE:BYD) by 0.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,514,163 shares of the company’s stock after selling 13,696 shares during the period. Fmr LLC owned about 1.71% of Boyd Gaming worth $97,891,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BYD. Altshuler Shaham Ltd purchased a new position in shares of Boyd Gaming in the second quarter valued at $29,000. Covestor Ltd increased its holdings in Boyd Gaming by 54.9% during the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Blue Trust Inc. raised its position in Boyd Gaming by 58.2% during the second quarter. Blue Trust Inc. now owns 783 shares of the company’s stock worth $43,000 after acquiring an additional 288 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Boyd Gaming by 921.8% in the third quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock valued at $57,000 after purchasing an additional 802 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its position 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 valued at $61,000 after purchasing an additional 434 shares during the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BYD shares. StockNews.com raised Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. upped their price objective on Boyd Gaming from $68.00 to $69.00 and gave the company a “neutral” rating in a research report on Friday, October 25th. Bank of America lifted their price objective on Boyd Gaming from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Stifel Nicolaus upped their target price on shares of Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a report on Friday, October 25th. Finally, Barclays boosted their price objective on shares of Boyd Gaming from $70.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $91.38.

Boyd Gaming Stock Performance

NYSE:BYD opened at $74.83 on Friday. The firm’s fifty day simple moving average is $68.83 and its 200 day simple moving average is $61.12. 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 twelve month low of $49.34 and a twelve month high of $75.34. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 9.71 and a beta of 1.54.

Boyd Gaming Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.91%. Boyd Gaming’s dividend payout ratio (DPR) is currently 12.98%.

Boyd Gaming declared that its Board of Directors has initiated a stock buyback program on Thursday, December 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Boyd Gaming

In related news, Director William R. Boyd sold 25,155 shares of the business’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $69.35, for a total value of $1,744,499.25. Following the transaction, the director now owns 1,487,970 shares in the company, valued at approximately $103,190,719.50. The trade was a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Josh Hirsberg sold 21,549 shares of Boyd Gaming 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 sale, the chief financial officer now owns 438,615 shares in the company, valued at $31,330,269.45. This represents a 4.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,704 shares of company stock worth $10,540,944. 27.94% of the stock is currently owned by company insiders.

Boyd Gaming Company Profile

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.