State Board of Administration of Florida Retirement System Boosts Stake in Boyd Gaming Corporation (BYD)
State Board of Administration of Florida Retirement System increased its holdings in Boyd Gaming Corporation (NYSE:BYD) by 18.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 76,496 shares of the company’s stock after buying an additional 11,666 shares during the period. State Board of Administration of Florida Retirement System owned about 0.07% of Boyd Gaming Corporation worth $1,898,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of BYD. Ameritas Investment Partners Inc. acquired a new position in shares of Boyd Gaming Corporation in the 1st quarter valued at about $157,000. Oppenheimer Asset Management Inc. bought a new stake in Boyd Gaming Corporation in the 1st quarter valued at about $161,000. Victory Capital Management Inc. bought a new stake in Boyd Gaming Corporation in the 1st quarter valued at about $175,000. Teza Capital Management LLC bought a new stake in Boyd Gaming Corporation in the 1st quarter valued at about $226,000. Finally, Russell Investments Group Ltd. bought a new stake in Boyd Gaming Corporation in the 2nd quarter valued at about $340,000. 74.66% of the stock is owned by institutional investors and hedge funds.
BYD has been the topic of several recent research reports. Wells Fargo & Company reiterated a “market perform” rating and issued a $25.00 price objective (up from $22.00) on shares of Boyd Gaming Corporation in a research report on Monday, June 19th. Telsey Advisory Group lifted their price objective on shares of Boyd Gaming Corporation from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. BidaskClub downgraded shares of Boyd Gaming Corporation from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 23rd. Morgan Stanley downgraded shares of Boyd Gaming Corporation from an “overweight” rating to an “equal weight” rating and set a $26.00 price objective on the stock. in a research report on Tuesday, June 20th. They noted that the move was a valuation call. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $29.00 price objective (down from $30.00) on shares of Boyd Gaming Corporation in a research report on Sunday, July 30th. Six research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $26.87.
Shares of Boyd Gaming Corporation (BYD) opened at 26.70 on Wednesday. The company has a market capitalization of $3.01 billion, a P/E ratio of 7.05 and a beta of 1.92. The firm’s 50 day moving average is $26.14 and its 200-day moving average is $24.03. Boyd Gaming Corporation has a 52-week low of $16.77 and a 52-week high of $27.00.
Boyd Gaming Corporation (NYSE:BYD) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.04). Boyd Gaming Corporation had a return on equity of 13.31% and a net margin of 19.15%. The company had revenue of $599.87 million for the quarter, compared to the consensus estimate of $602.39 million. During the same period in the prior year, the company earned $0.16 EPS. The firm’s revenue was up 10.1% compared to the same quarter last year. Equities research analysts anticipate that Boyd Gaming Corporation will post $1.12 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 15th. Shareholders of record on Monday, September 18th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend is Friday, September 15th. Boyd Gaming Corporation’s dividend payout ratio is currently 5.25%.
In other Boyd Gaming Corporation news, insider William S. Boyd sold 76,531 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total transaction of $1,927,050.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John Robert Bailey acquired 10,000 shares of the firm’s stock in a transaction on Monday, July 31st. The shares were bought at an average cost of $25.33 per share, for a total transaction of $253,300.00. The disclosure for this purchase can be found here. 29.16% of the stock is owned by corporate insiders.
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Boyd Gaming Corporation Company Profile
Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South.
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