Corebridge Financial Inc. Sells 6,391 Shares of Boyd Gaming Co. (NYSE:BYD)

Corebridge Financial Inc. lessened its holdings in Boyd Gaming Co. (NYSE:BYD) by 7.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 74,992 shares of the company’s stock after selling 6,391 shares during the period. Corebridge Financial Inc. owned about 0.08% of Boyd Gaming worth $5,440,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in BYD. Rhumbline Advisers raised its position in Boyd Gaming by 1.0% in the fourth quarter. Rhumbline Advisers now owns 185,714 shares of the company’s stock worth $13,472,000 after acquiring an additional 1,797 shares during the period. Sanctuary Advisors LLC raised its holdings in Boyd Gaming by 25.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company’s stock worth $3,062,000 after purchasing an additional 9,565 shares during the period. Allspring Global Investments Holdings LLC lifted 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 valued at $14,569,000 after purchasing an additional 140,707 shares in the last quarter. GC Wealth Management RIA LLC purchased a new position in Boyd Gaming during the fourth quarter valued at $307,000. Finally, Truist Financial Corp grew its holdings in Boyd Gaming by 20.7% during the fourth quarter. Truist Financial Corp now owns 4,458 shares of the company’s stock valued at $323,000 after purchasing an additional 765 shares during the period. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Insiders Place Their Bets

In related news, Director Christine J. Spadafor sold 1,125 shares of the stock in a transaction 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 owns 4,852 shares in the company, valued at approximately $365,258.56. This represents a 18.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of Boyd Gaming stock in a transaction 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 transaction, the chairman now directly owns 1,346,628 shares of the company’s stock, valued at $104,606,063.04. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,125 shares of company stock valued at $5,158,490 in the last three months. Corporate insiders own 27.94% of the company’s stock.

Boyd Gaming Price Performance

NYSE:BYD opened at $66.25 on Friday. The company has a market capitalization of $5.47 billion, a P/E 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 $70.98. 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 12 month low of $49.34 and a 12 month high of $80.50.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, February 6th. The company reported $1.96 earnings per share (EPS) for the quarter, topping 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%. On average, equities research analysts forecast that Boyd Gaming Co. will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming announced that its board has initiated a stock buyback program on Thursday, December 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management 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. Shareholders of record on Monday, March 17th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.72 annualized dividend and a yield of 1.09%. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.17. Boyd Gaming’s dividend payout ratio (DPR) is 11.58%.

Analysts Set New Price Targets

BYD has been the topic of a number of analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Boyd Gaming in a research report on Friday, February 7th. Mizuho lifted their price target on shares of Boyd Gaming from $79.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Stifel Nicolaus upped their price target on shares of Boyd Gaming from $74.00 to $82.00 and gave the stock a “hold” rating in a research report on Friday, February 7th. Truist Financial raised their price objective on shares of Boyd Gaming from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. upped their target price on shares of Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, January 24th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.20.

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.