Public Employees Retirement System of Ohio Grows Position in Boyd Gaming Co. (NYSE:BYD)

Public Employees Retirement System of Ohio increased its holdings in shares of Boyd Gaming Co. (NYSE:BYD) by 3.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,222 shares of the company’s stock after acquiring an additional 875 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Boyd Gaming were worth $1,825,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BYD. Altshuler Shaham Ltd acquired a new position in Boyd Gaming in the 2nd quarter valued at about $29,000. Covestor Ltd raised its position in shares of Boyd Gaming by 54.9% during the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock valued at $38,000 after buying an additional 208 shares during the period. Blue Trust Inc. lifted its holdings in Boyd Gaming by 58.2% in the second quarter. Blue Trust Inc. now owns 783 shares of the company’s stock valued at $43,000 after acquiring an additional 288 shares during the last quarter. Quarry LP grew its position in Boyd Gaming by 150.1% in the third quarter. Quarry LP now owns 873 shares of the company’s stock worth $56,000 after acquiring an additional 524 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in Boyd Gaming by 921.8% during the third quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock worth $57,000 after acquiring an additional 802 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Truist Financial boosted their price objective on shares of Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. upped their price objective on shares of Boyd Gaming from $69.00 to $74.00 and gave the stock a “neutral” rating in a report on Friday, December 13th. Wells Fargo & Company lifted their target price on shares of Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Mizuho restated an “outperform” rating and set a $79.00 price target (up from $78.00) on shares of Boyd Gaming in a research note on Friday, October 25th. Finally, Barclays lifted their price objective on Boyd Gaming from $70.00 to $71.00 and gave the company an “equal weight” 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 issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.64.

Insider Buying and Selling at Boyd Gaming

In related news, CFO Josh Hirsberg sold 21,549 shares of Boyd Gaming stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $71.43, for a total value of $1,539,245.07. Following the completion of the sale, the chief financial officer now owns 438,615 shares in the company, valued at approximately $31,330,269.45. The trade was a 4.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William R. Boyd sold 25,155 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 1,487,970 shares of the company’s stock, valued at $103,190,719.50. The trade was a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 147,364 shares of company stock valued at $10,590,893 over the last three months. 27.94% of the stock is owned by company insiders.

Boyd Gaming Stock Performance

Shares of BYD stock opened at $70.81 on Thursday. The firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. The company has a 50 day moving average price of $70.85 and a 200 day moving average price of $62.65. Boyd Gaming Co. has a one year low of $49.34 and a one year high of $76.73. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82.

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. This represents a $0.68 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Monday, December 16th. Boyd Gaming’s payout ratio is currently 12.98%.

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

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.