PNC Financial Services Group Inc. lowered its position in shares of Boyd Gaming Co. (NYSE:BYD) by 14.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,920 shares of the company’s stock after selling 316 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Boyd Gaming were worth $119,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. NewEdge Wealth LLC acquired a new position in Boyd Gaming during the 1st quarter worth approximately $1,284,000. Veriti Management LLC acquired a new position in Boyd Gaming during the 2nd quarter worth approximately $370,000. Geode Capital Management LLC boosted its position in Boyd Gaming by 8.4% during the 1st quarter. Geode Capital Management LLC now owns 1,346,153 shares of the company’s stock worth $79,369,000 after acquiring an additional 104,314 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Boyd Gaming by 10.2% during the 1st quarter. Nuveen Asset Management LLC now owns 599,367 shares of the company’s stock worth $35,339,000 after acquiring an additional 55,499 shares during the last quarter. Finally, Eaton Vance Management acquired a new position in Boyd Gaming during the 1st quarter worth approximately $202,000. 64.57% of the stock is owned by hedge funds and other institutional investors.
BYD has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $78.00 price objective on shares of Boyd Gaming in a report on Wednesday, July 28th. Truist Securities increased their price objective on Boyd Gaming from $73.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. TheStreet raised Boyd Gaming from a “c+” rating to a “b” rating in a report on Friday, May 28th. Morgan Stanley increased their price objective on Boyd Gaming from $78.00 to $82.00 and gave the company an “overweight” rating in a report on Wednesday, July 28th. Finally, Truist increased their price objective on Boyd Gaming from $73.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $66.77.
Boyd Gaming (NYSE:BYD) last posted its quarterly earnings data on Monday, July 26th. The company reported $1.54 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.71. The firm had revenue of $893.20 million for the quarter, compared to analysts’ expectations of $806.82 million. Boyd Gaming had a return on equity of 31.63% and a net margin of 11.49%. The company’s quarterly revenue was up 344.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.98) EPS. Research analysts expect that Boyd Gaming Co. will post 4.68 EPS for the current year.
In related news, CEO Keith Smith sold 30,000 shares of the firm’s stock in a transaction on Monday, August 23rd. The stock was sold at an average price of $57.54, for a total value of $1,726,200.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stephen S. Thompson sold 11,962 shares of the firm’s stock in a transaction on Friday, August 13th. The stock was sold at an average price of $60.12, for a total value of $719,155.44. Following the completion of the transaction, the executive vice president now owns 73,515 shares in the company, valued at approximately $4,419,721.80. The disclosure for this sale can be found here. Insiders have sold a total of 112,380 shares of company stock worth $6,523,966 in the last quarter. Company insiders own 27.94% of the company’s stock.
Boyd Gaming Company Profile
Boyd Gaming Corp. engages in the management and operation of gaming and entertainment properties. It operates through the following segments: Las Vegas Locals, Downtown Las Vegas and Midwest & South. The Las Vegas Locals segment consists of casinos that serve the resident population of the Las Vegas metropolitan area.
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