A director and 10% shareholder of Boyd Gaming Corp. (NASDAQ: BYD) sold 12 ordinary shares for a total of $984 on August 24, 2026, at a price of $82 per share.
The transaction took place as Boyd Gaming’s stock traded at $80.63, near its 52-week low of $76.33 and well below its 52-week high of $91.41. The company’s price-to-earnings ratio stood at 3.46, a figure cited by InvestingPro as indicative of potential undervaluation.
Marianne Boyd Johnson, who serves as a director and holds a 10% stake in Boyd Gaming, retained substantial indirect and direct holdings following the sale. She directly owns 39,088 ordinary shares, while her indirect holdings include 1,611,671 shares through the Marianne Boyd Johnson Gaming Properties Trust, where she acts as trustee, settlor, and beneficiary. Additional indirect holdings include 1,487,858 shares via the BG-00 Limited Partnership, 4,800,000 shares through WSB-BYD, LLC, and 1,100,000 shares via BG-SUB, LLC. Johnson also holds 4,004,000 shares indirectly through BYD-SST LLC and smaller stakes in the Johnson Children’s Trust and Justin Boyd Education Trust.
Boyd Gaming reported adjusted earnings per share of $1.93 in the second quarter, exceeding expectations of $1.90, though revenue of $1.03 billion fell short of the projected $1.04 billion. The company’s EBITDA reached $373.4 million, surpassing Mizuho’s estimate of $362.1 million and market projections of $364.5 million. The Locals segment EBITDA was $106.4 million, also exceeding both Mizuho’s and market forecasts.
Analysts have adjusted their price targets following the results. Mizuho raised its target to $104, citing strong EBITDA performance and stable local market demand. Stifel, meanwhile, increased its target from $91 to $92 while maintaining a Hold rating, emphasizing steady performance in the Las Vegas Locals market.
