Royal Bank of Canada increased its stake in Boyd Gaming Co. (NYSE:BYD) by 1,738.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 106,960 shares of the company’s stock after acquiring an additional 101,142 shares during the period. Royal Bank of Canada owned about 0.10% of Boyd Gaming worth $2,882,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in the stock. Dupont Capital Management Corp boosted its holdings in shares of Boyd Gaming by 23.5% during the second quarter. Dupont Capital Management Corp now owns 43,057 shares of the company’s stock worth $1,160,000 after purchasing an additional 8,203 shares during the period. Jefferies Group LLC bought a new position in Boyd Gaming in the second quarter worth about $314,000. Panagora Asset Management Inc. raised its stake in Boyd Gaming by 26.9% in the second quarter. Panagora Asset Management Inc. now owns 402,613 shares of the company’s stock worth $10,846,000 after buying an additional 85,359 shares in the last quarter. Algert Global LLC bought a new position in shares of Boyd Gaming during the second quarter valued at approximately $528,000. Finally, First Trust Advisors LP bought a new position in shares of Boyd Gaming during the second quarter valued at approximately $1,424,000. Institutional investors own 67.95% of the company’s stock.
A number of brokerages have weighed in on BYD. Desjardins raised shares of Boyd Gaming from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Susquehanna Bancshares began coverage on shares of Boyd Gaming in a research note on Wednesday, July 24th. They set a “neutral” rating and a $28.00 target price for the company. Stifel Nicolaus set a $36.00 target price on shares of Boyd Gaming and gave the company a “buy” rating in a research note on Wednesday, July 31st. Telsey Advisory Group raised shares of Boyd Gaming from a “market perform” rating to an “outperform” rating and raised their target price for the company from $31.00 to $36.00 in a research note on Wednesday, July 31st. Finally, Barclays began coverage on shares of Boyd Gaming in a research note on Tuesday, September 3rd. They set an “equal weight” rating and a $8.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Boyd Gaming presently has a consensus rating of “Buy” and a consensus price target of $30.89.
Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.01). The firm had revenue of $846.13 million for the quarter, compared to the consensus estimate of $839.64 million. Boyd Gaming had a net margin of 4.18% and a return on equity of 14.13%. Boyd Gaming’s revenue was up 37.2% on a year-over-year basis. During the same period last year, the business earned $0.38 EPS. On average, analysts forecast that Boyd Gaming Co. will post 1.72 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 27th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 1.07%. The ex-dividend date of this dividend was Thursday, September 26th. Boyd Gaming’s dividend payout ratio (DPR) is currently 21.05%.
About Boyd Gaming
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of March 13, 2019, the company operated 29 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
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