5 Best Entertainment Stocks to Buy

4. Boyd Gaming Corporation (NYSE:BYD)

Number of Hedge Fund Holders: 35

Boyd Gaming Corporation (NYSE:BYD) is Nevada-based gaming, hospitality, and entertainment company. Most of the company’s revenue is generated from the gaming segment.

Boyd Gaming Corporation (NYSE:BYD) is one of the companies in its respective segment that swiftly recovered from its COVID falls. Compared to its 2019 levels, the net income of the company grew from $93.9 million to $409.69 million in Q2 2022. The operating income in the specified period rose from $244.3 million to $496.12 million. Furthermore, the company resumed its dividend payout after a brief pause of two years. On top of that, the company has brought down its net debt by 13% on a YoY basis.

According to the Insider Monkey database, 35 hedge funds held positions in Boyd Gaming Corporation (NYSE:BYD) in Q2 2022. HG Vora Capital Management increased its stake in the company by 27% to $236.313 million and remained the largest stakeholder in the company.

Here is what Baron Funds had to say about Boyd Gaming Corporation (NYSE:BYD) in its Q2 2022 investor letter:

“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.”