5 Best Gambling Stocks To Buy Now

4. Boyd Gaming Corporation (NYSE:BYD)

Number of Hedge Fund Holders: 35     

Boyd Gaming Corporation (NYSE:BYD), together with its subsidiaries, operates as a multi-jurisdictional gaming company. The firm is among the best casino stocks to invest in. Boyd Gaming Corporation (NYSE:BYD) is slowly building a dividend profile. On September 15, the firm declared a quarterly dividend of $0.15 per share, in line with previous. The forward yield was 1.12%. The dividend is payable to shareholders by mid-October and early November. 

On September 23, JMP Securities analyst Jordan Bender initiated coverage of Boyd Gaming Corporation (NASDAQ:BYD) stock with an Outperform rating and a $65 price target, highlighting that no connection could be drawn between the valuation of the firm and gaming fundamentals.

At the end of the second quarter of 2022, 35 hedge funds in the database of Insider Monkey held stakes worth $898 million in Boyd Gaming Corporation (NYSE:BYD), compared to 40 in the previous quarter worth $1 billion.

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Boyd Gaming Corporation (NYSE:BYD) was one of them. Here is what the fund said:

“Boyd Gaming Corporation (NYSE:BYD) 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.”