Geode Capital Management LLC Increases Holdings in Boyd Gaming Co. (NYSE:BYD)

Geode Capital Management LLC increased its stake in Boyd Gaming Co. (NYSE:BYD) by 3.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,153,768 shares of the company’s stock after acquiring an additional 33,379 shares during the period. Geode Capital Management LLC owned approximately 1.31% of Boyd Gaming worth $74,611,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd bought a new stake in shares of Boyd Gaming in the 2nd quarter valued at approximately $29,000. Covestor Ltd lifted its position in Boyd Gaming by 54.9% in the third quarter. Covestor Ltd now owns 587 shares of the company’s stock worth $38,000 after buying an additional 208 shares during the last quarter. Blue Trust Inc. boosted its stake 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 buying an additional 288 shares during the period. Quarry LP increased its position in Boyd Gaming by 150.1% during the third quarter. Quarry LP now owns 873 shares of the company’s stock valued at $56,000 after acquiring an additional 524 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its stake 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 acquiring an additional 802 shares during the period. 76.81% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Boyd Gaming news, CEO Keith Smith sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the transaction, the chief executive officer now owns 1,161,202 shares in the company, valued at approximately $85,336,734.98. This represents a 3.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William R. Boyd sold 25,155 shares of the firm’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $69.35, for a total transaction of $1,744,499.25. Following the completion of the transaction, the director now directly owns 1,487,970 shares of the company’s stock, valued at approximately $103,190,719.50. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,364 shares of company stock worth $10,590,893 in the last ninety days. 27.94% of the stock is owned by insiders.

Boyd Gaming Stock Performance

Shares of Boyd Gaming stock opened at $71.20 on Friday. Boyd Gaming Co. has a one year low of $49.34 and a one year high of $76.73. The company has a market capitalization of $6.29 billion, a PE ratio of 13.59, a P/E/G ratio of 9.93 and a beta of 1.54. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. The company has a 50-day simple moving average of $71.02 and a two-hundred day simple moving average of $62.71.

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

Boyd Gaming Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be given a $0.17 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.96%. Boyd Gaming’s payout ratio is 12.98%.

Wall Street Analysts Forecast Growth

BYD has been the topic of a number of recent analyst reports. Bank of America increased their price objective on shares of Boyd Gaming from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Argus raised Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research report on Tuesday. Wells Fargo & Company boosted their price objective on shares of Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Barclays raised their target price on shares of Boyd Gaming from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Finally, Stifel Nicolaus lifted their price target on shares of Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a research note on Friday, October 25th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.64.

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.