LAS VEGAS - Boyd Gaming Corporation (NYSE: NYSE:BYD (SZ:002594)), a prominent operator of gaming entertainment properties, announced today an additional $500 million authorization for its share repurchase program. This move brings the total available repurchase authority to approximately $721 million as of March 31, 2024.
In a related financial update, the company's Board of Directors declared a quarterly cash dividend of $0.17 per share. This dividend is scheduled for payment on July 15, 2024, to shareholders on record as of June 15, 2024.
Boyd Gaming, established in 1975, manages a diverse portfolio of 28 gaming entertainment properties across 10 states and a tribal casino in northern California. It also operates Boyd Interactive, an online casino gaming business, and holds a 5% equity stake in FanDuel Group, a leading sports-betting operator in the United States.
The company's leadership team emphasizes providing an exceptional entertainment experience and superior customer service. Boyd Gaming also focuses on Corporate Social Responsibility (CSR) initiatives that benefit stakeholders and the communities in which it operates.
This announcement is based on a press release statement.
InvestingPro Insights
Boyd Gaming Corporation's recent announcement of an expanded share repurchase program underscores their proactive approach to capital management. This strategy is echoed in the InvestingPro Tips, which highlight that management has been aggressively buying back shares, reflecting confidence in the company's value proposition. Additionally, the company's high shareholder yield is indicative of its commitment to returning value to its shareholders.
From a financial perspective, the company's metrics are equally telling. With a market capitalization of $5.11 billion and an adjusted price-to-earnings (P/E) ratio for the last twelve months as of Q1 2024 standing at 7.9, Boyd Gaming presents an interesting valuation case. The gross profit margin during this period was an impressive 63.11%, suggesting efficient operations and strong pricing power.
However, investors should be aware of the company's recent stock performance. The stock has declined by 16.3% over the past month, trading near its 52-week low, which could signal a potential buying opportunity, especially as the company is predicted to be profitable this year and has been profitable over the last twelve months.
For investors seeking a deeper dive into Boyd Gaming's financial health and future prospects, there are 9 additional InvestingPro Tips available at https://www.investing.com/pro/BYD. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of insights that could inform your investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.