5 Best Casino Stocks to Buy for 2023

4. Boyd Gaming Corporation (NYSE:BYD)

Number of Hedge Fund Holders: 36

Boyd Gaming Corporation (NYSE:BYD) operates a multi-jurisdictional gaming company.

Joseph Stauff at Susquehanna holds a Positive rating on Boyd Gaming Corporation (NYSE:BYD) shares alongside a $72 price target as of October 26.

Boyd Gaming Corporation (NYSE:BYD) had $250 million in cash as of this October, and resumed modest dividend payouts as well, showing that it was beginning to become financially comfortable. Its operating cash flow was $967 million trailing three months, with a leveraged free cash flow of $487 million.

Our hedge fund data shows 36 funds long Boyd Gaming Corporation (NYSE:BYD) in the third quarter and 35 funds long the stock in the second quarter. Their total stake values were $809 million and $898 million, respectively.

Baron Funds, an asset management company, mentioned Boyd Gaming Corporation (NYSE:BYD) in its second-quarter 2022 investor letter. Here’s what the firm said:

Boyd Gaming Corporation is one of the largest and most successful casino entertainment companies in the U.S. The company owns and operates 28 casino gaming properties in 10 states with a large presence in Las Vegas. Business conditions have been strong, yet the shares are valued at only 6 times 2022 estimated cash flow versus a long-term average of more than 9 times cash flow. The company maintains a strong and liquid balance sheet. Insiders own approximately 27% of the company. We believe Boyd is a compelling acquisition target.”

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