Boyd Gaming Corporation (BYD) Shares Rose in an Uncertain Macro Environment

Baron Funds, an investment management company, released its “Baron Discovery Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. The fund’s performance was flat compared to the Russell 2000 Growth Index in the fourth quarter. The fund (institutional shares) returned 0.22% compared to the benchmark return of 4.13%. The fund (institutional shares) fell by 35.12% for the full year compared to a 26.36% decline for the benchmark. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Discovery Fund highlighted stocks like Boyd Gaming Corporation (NYSE:BYD) in the Q4 2022 investor letter. Headquartered in Las Vegas, Nevada, Boyd Gaming Corporation (NYSE:BYD) is a gaming company. On February 24, 2023, Boyd Gaming Corporation (NYSE:BYD) stock closed at $63.57 per share. One-month return of Boyd Gaming Corporation (NYSE:BYD) was 5.30%, and its shares lost 10.39% of their value over the last 52 weeks. Boyd Gaming Corporation (NYSE:BYD) has a market capitalization of $6.635 billion.

Baron Discovery Fund made the following comment about Boyd Gaming Corporation (NYSE:BYD) in its Q4 2022 investor letter:

“Shares of U.S. regional casino operator Boyd Gaming Corporation (NYSE:BYD), increased in the fourth quarter due to stable consumer visitation and spending levels despite an uncertain macro environment. The company continued to generate strong free cash flow that it is using to invest into its casinos, pay out dividends, and buy back shares. The company has repurchased 8% of its shares over the past year while paying out a 1% dividend. We believe Boyd can withstand any bumps in the economy given its strong balance sheet and free cash flow. We also don’t think Boyd’s share price reflects its 5% ownership in online bookmaker FanDuel. We continue to be positive on the company’s long-term prospects.”

Photo by Kvnga on Unsplash

Boyd Gaming Corporation (NYSE:BYD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Boyd Gaming Corporation (NYSE:BYD) at the end of the fourth quarter which was 36 in the previous quarter.

We discussed Boyd Gaming Corporation (NYSE:BYD) in another article and shared the list of  stocks recently upgraded by analysts. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.