Proficio Capital Partners LLC Invests $3.85 Million in Boyd Gaming Co. (NYSE:BYD)

Proficio Capital Partners LLC purchased a new position in Boyd Gaming Co. (NYSE:BYD) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 53,027 shares of the company’s stock, valued at approximately $3,847,000. Proficio Capital Partners LLC owned approximately 0.06% of Boyd Gaming at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. State Street Corp lifted its stake in shares of Boyd Gaming by 0.8% in the third quarter. State Street Corp now owns 2,108,672 shares of the company’s stock worth $136,680,000 after buying an additional 17,591 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Boyd Gaming by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company’s stock worth $74,611,000 after buying an additional 33,379 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Boyd Gaming by 5.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 971,921 shares of the company’s stock worth $62,835,000 after purchasing an additional 54,128 shares during the last quarter. Victory Capital Management Inc. increased its position in Boyd Gaming by 6,158.8% during the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock worth $58,761,000 after purchasing an additional 894,383 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in Boyd Gaming by 226.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 202,824 shares of the company’s stock worth $14,569,000 after purchasing an additional 140,707 shares during the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Boyd Gaming

In related news, Director William R. Boyd sold 15,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $79.32, for a total value of $1,189,800.00. Following the completion of the transaction, the director now owns 1,472,970 shares in the company, valued at $116,835,980.40. The trade was a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of Boyd Gaming stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total transaction of $3,884,000.00. Following the completion of the transaction, the chairman now owns 1,346,628 shares of the company’s stock, valued at $104,606,063.04. This represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,660 shares of company stock worth $5,123,749. Corporate insiders own 27.94% of the company’s stock.

Boyd Gaming Trading Down 2.5 %

Shares of BYD stock opened at $72.45 on Wednesday. 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 stock has a market capitalization of $6.07 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 4.46 and a beta of 1.54. The company has a 50 day moving average price of $75.23 and a 200 day moving average price of $69.96. 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 data on Thursday, February 6th. The company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. Equities research analysts predict that Boyd Gaming Co. will post 6.52 EPS for the current fiscal year.

Boyd Gaming declared that its Board of Directors has initiated a share repurchase 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 usually a sign that the company’s leadership believes its shares are undervalued.

Boyd Gaming Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.99%. This is a boost from Boyd Gaming’s previous quarterly dividend of $0.17. Boyd Gaming’s payout ratio is 11.58%.

Analyst Ratings Changes

BYD has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of Boyd Gaming from $85.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Argus upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Tuesday, December 17th. Wells Fargo & Company raised their price objective on shares of Boyd Gaming from $82.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Mizuho raised their price objective on shares of Boyd Gaming from $79.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Finally, StockNews.com cut shares of Boyd Gaming from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 27th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.20.

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.