Meeder Asset Management Inc. Invests $1.95 Million in Boyd Gaming Corporation $BYD

Meeder Asset Management Inc. bought a new stake in shares of Boyd Gaming Corporation (NYSE:BYD) in the second quarter, Holdings Channel reports. The institutional investor bought 22,074 shares of the company’s stock, valued at approximately $1,950,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Advisors Asset Management Inc. raised its stake in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Boyd Gaming by 13.9% in the 1st quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock worth $628,000 after buying an additional 1,172 shares in the last quarter. Caxton Associates LLP bought a new stake in shares of Boyd Gaming in the 1st quarter valued at approximately $207,000. M&T Bank Corp purchased a new stake in Boyd Gaming during the 2nd quarter valued at $229,000. Finally, Amundi lifted its position in Boyd Gaming by 14,719.0% in the second quarter. Amundi now owns 3,112 shares of the company’s stock worth $253,000 after buying an additional 3,091 shares during the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on BYD shares. JPMorgan Chase & Co. increased their price objective on shares of Boyd Gaming from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Benchmark initiated coverage on Boyd Gaming in a research note on Monday, June 22nd. They set a “buy” rating and a $100.00 target price on the stock. Susquehanna upped their price objective on Boyd Gaming from $84.00 to $87.00 and gave the company a “neutral” rating in a research report on Friday, July 24th. Barclays upped their price target on shares of Boyd Gaming from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. Finally, Mizuho set a $104.00 price objective on shares of Boyd Gaming in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $94.69.

Boyd Gaming Price Performance

Shares of BYD stock opened at $82.70 on Wednesday. Boyd Gaming Corporation has a twelve month low of $76.33 and a twelve month high of $91.41. The stock has a market capitalization of $6.01 billion, a price-to-earnings ratio of 3.64, a P/E/G ratio of 2.06 and a beta of 1.08. The stock has a fifty day simple moving average of $86.49 and a two-hundred day simple moving average of $84.67. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The business’s revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.87 EPS. On average, analysts predict that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 15th. Boyd Gaming’s dividend payout ratio is presently 3.52%.

Boyd Gaming declared that its board has initiated a stock repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Boyd Gaming

In other news, CFO Josh Hirsberg sold 12,777 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the sale, the chief financial officer owned 422,969 shares in the company, valued at approximately $37,965,697.44. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at $85,640,667.90. The trade was a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 22.82% of the company’s stock.

Boyd Gaming Profile

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.