Envestnet Portfolio Solutions Inc. Lowers Stake in Boyd Gaming Co. (NYSE:BYD)

Envestnet Portfolio Solutions Inc. cut its holdings in shares of Boyd Gaming Co. (NYSE:BYD) by 43.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,488 shares of the company’s stock after selling 2,705 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Boyd Gaming were worth $253,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. UMB Bank n.a. raised its holdings in shares of Boyd Gaming by 80.3% in the 4th quarter. UMB Bank n.a. now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares during the period. GAMMA Investing LLC increased its holdings in Boyd Gaming by 47.4% in the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock valued at $33,000 after purchasing an additional 148 shares in the last quarter. Quarry LP increased its holdings in Boyd Gaming by 150.1% in the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock valued at $56,000 after purchasing an additional 524 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Boyd Gaming during the 3rd quarter valued at about $64,000. Finally, Golden State Wealth Management LLC acquired a new position in shares of Boyd Gaming during the fourth quarter worth $67,000. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BYD shares. StockNews.com downgraded Boyd Gaming from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 27th. Truist Financial increased their price target on Boyd Gaming from $85.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Barclays lifted their price objective on shares of Boyd Gaming from $74.00 to $78.00 and gave the company an “equal weight” rating in a research report on Friday, February 7th. Susquehanna upgraded shares of Boyd Gaming from a “neutral” rating to a “positive” rating and cut their price objective for the company from $79.00 to $77.00 in a research note on Wednesday, March 12th. Finally, JMP Securities reiterated a “market perform” rating on shares of Boyd Gaming in a research report on Friday, February 7th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Boyd Gaming currently has a consensus rating of “Moderate Buy” and an average price target of $95.20.

Boyd Gaming Price Performance

Shares of BYD opened at $66.25 on Friday. 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 company has a market capitalization of $5.47 billion, a price-to-earnings ratio of 10.65, a P/E/G ratio of 4.46 and a beta of 1.55. The business’s 50-day moving average is $73.73 and its 200-day moving average is $70.90. Boyd Gaming Co. has a fifty-two week low of $49.34 and a fifty-two week high of $80.50.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. Equities research analysts expect that Boyd Gaming Co. will post 6.52 EPS for the current fiscal year.

Boyd Gaming Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th will be given a $0.18 dividend. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.17. The ex-dividend date is Monday, March 17th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.09%. Boyd Gaming’s dividend payout ratio (DPR) is currently 11.58%.

Boyd Gaming announced that its Board of Directors has authorized 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 shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,125 shares of Boyd Gaming stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $75.28, for a total transaction of $84,690.00. Following the sale, the director now directly owns 4,852 shares of the company’s stock, valued at approximately $365,258.56. The trade was a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William R. Boyd sold 15,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $79.32, for a total value of $1,189,800.00. Following the transaction, the director now owns 1,472,970 shares of the company’s stock, valued at $116,835,980.40. This represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,125 shares of company stock worth $5,158,490. Company insiders own 27.94% of the company’s stock.

Boyd Gaming 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.