In a recent transaction, Marianne Boyd Johnson, Executive Chairman of Boyd Gaming Corp (NYSE:BYD (SZ:002594)), sold a significant amount of company stock, totaling over $4.4 million. The sale was executed in multiple trades with prices ranging from $60.47 to $60.00 per share, culminating in a weighted average sale price of $60.23.
Marianne Boyd Johnson's position within the company is notable as she holds multiple roles, including being a director, officer, and a ten percent owner. The transaction, which took place on August 29, 2024, involved the disposal of 73,130 shares of common stock. Following this sale, Johnson still maintains a substantial holding in the company through various trusts and limited liability entities.
The exact breakdown of Johnson's remaining ownership includes 1,423,498 shares held indirectly by trust, 4,800,000 shares held by a limited liability company, and additional holdings across various trusts and partnerships amounting to millions of shares. These holdings reflect Johnson's continued vested interest in the future of Boyd Gaming Corp.
Investors monitoring executive transactions may view such sales as indicators of an insider's belief in the company's prospects. While the reasons for such sales can vary, they are often watched closely by the market for potential insights into a company's performance or the executive's view of its valuation.
Boyd Gaming Corp, headquartered in Las Vegas, Nevada, operates in the hotels and motels industry, specifically within the real estate and construction sector. The company's fiscal year ends on December 31, and it remains a significant player in the gaming and hospitality industry.
This transaction was disclosed in accordance with SEC regulations, and the reporting person has undertaken to provide full details regarding the number of shares sold and the prices at which the transactions were effected upon request by the SEC staff, the issuer, or a security holder of the issuer.
In other recent news, Boyd Gaming Corporation has announced a quarterly cash dividend of $0.17 per share, demonstrating a continuation of the company's policy to return value to its shareholders. The dividend reflects Boyd Gaming's financial stability and its commitment to consistent returns for its investors. In addition, financial services firm Stifel has increased its price target for Boyd Gaming shares to $67, maintaining a Hold rating on the stock. These developments come as Boyd Gaming reported a steady performance in the second quarter of 2024, with revenues matching the previous year's figures. The company's Las Vegas Locals and Downtown segments showed positive trends, while the Midwest & South segment reported modest growth. Boyd Gaming, through a partnership with FanDuel, showed promising results in the Online segment and returned over $300 million to shareholders this year. The company also plans to continue investing in expansion projects and share repurchases. Analysts from Stifel and others anticipate stable market conditions and positive trends to continue in various operating segments. These are some of the recent developments surrounding Boyd Gaming Corporation.
InvestingPro Insights
As investors digest the news of Marianne Boyd Johnson's stock sale in Boyd Gaming Corp, it's worth considering the current financial standing and market performance of the company. According to recent data, Boyd Gaming Corp has a market capitalization of $5.5 billion, showcasing its considerable size in the gaming and hospitality sector.
Investors may also find the company's price-to-earnings (P/E) ratio of interest. The adjusted P/E ratio for the last twelve months as of Q2 2024 stands at 9.26, indicating the company's earnings relative to its share price. This metric can be useful for investors assessing whether the stock is valued appropriately in the market.
Another key metric is the gross profit margin, which, for the same period, was reported at an impressive 62.34%. This indicates the company's efficiency in controlling the costs associated with their goods sold and could be a reflection of strong management practices.
Among the InvestingPro Tips, two particularly stand out in light of this executive transaction. Firstly, management has been actively engaging in share buybacks, which can often be a sign of confidence in the company's value. Secondly, despite recent volatility in stock price movements, analysts predict that Boyd Gaming Corp will be profitable this year, which could reassure investors about the company's potential for stable growth.
For those interested in a deeper analysis, there are additional InvestingPro Tips available for Boyd Gaming Corp, providing further insights into the company's financial health and market performance. These tips include detailed metrics on earnings revisions, short-term obligations, and long-term profitability trends.
Investors looking to stay informed on Boyd Gaming Corp's performance and insider transactions can explore more tips and real-time metrics by visiting https://www.investing.com/pro/BYD, where a total of 10 InvestingPro Tips are listed to help make more informed investment decisions.
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