BYD BOYD GAMING CORP Insider Trading

Boyd Gaming CEO Keith Smith sold 100,000 shares at $85.90; stock now $88.38, up 5.1% in 30 days

Keith Smith, as President and CEO, sold 100,000 shares (100.0K shares) for $8,590,000.00 ($8.6M) on 2026-06-03 at $85.90, reducing his holdings to 996,981 shares (997.0K shares) from 1,096,981 shares (1.10M shares)—a -9.1% reduction. The current price of $88.38 reflects 30-day and 90-day gains of +5.1% and +10.3%, respectively, suggesting this particular sale was not ahead of a decline. His prior trades at Boyd Gaming show mixed timing outcomes: 3 of 5 prior sells resulted in negative 90-day returns, indicating occasional well-timed exits, though his most recent two August 2025 sales captured -2.2% and -0.7% 30-day declines. The company's fundamentals show strong profitability with Revenue $997,355,000.00 ($997.4M) and Net income $105,542,000.00 ($105.5M), paired with a low P/E of 3.58, which may support insider confidence in the underlying business despite the sale.

Chairman Marianne Boyd Johnson sells 100,000 BYD shares in two tranches near 52-week highs, continuing a pattern of open-market dispositions.

Marianne Boyd Johnson, Chairman of Boyd Gaming, sold approximately 100,000 shares across two transactions in early May, reducing her stake by roughly six percent. The timing is notable: the sales occurred near the company's 52-week high, before the stock pulled back over the following week. Johnson's prior Form 4 history over the past three years shows 15 open-market sales with no open-market purchases—this filing represents her 16th and 17th sales in the period, making it part of a consistent pattern of disposition rather than a tactical move. Looking at how her prior sales at Boyd Gaming specifically played out, the results are mixed: three of her five prior exits saw the stock rise afterward (poorly timed), while two saw the stock decline (well-timed exits). The company itself remains profitable with solid revenue growth, and the stock continues to trade well below its 52-week high, suggesting fundamental weakness despite the near-term sale timing. As a director and major shareholder, Johnson's continued selling without any offsetting purchases over three years may warrant monitoring for signal of reduced conviction, though the absolute share count remains substantial.

CFO Josh Hirsberg sold 23,924 shares of BYD at $85.86 on 2026-02-26 for $2,054,114.64

CFO Josh Hirsberg executed a sale of 23,924 shares at $85.86, reducing his holdings by 5.2% to 435,746 shares post-transaction. The sale occurred near the 52-week high (within 7.9%), and at a price premium of $3.37 relative to the current market price of $82.49. Hirsberg's prior three sales at BYD show mixed timing outcomes: two of the three prior sales (66.67%) were well-timed at the 90-day mark, suggesting a partial pattern of selling ahead of declines, though his cross-ticker track record shows an average 90d return of -7.7% after sells (well-timed rate 66.67%). The company carries a notably low P/E of 1.98 with positive fundamentals (quarterly net income of $1,439,993,000.00 and annual revenue growth of +4.1%), which does not obviously signal distress. The transaction warrants monitoring for whether this sale signals confidence in current valuations versus material insight about near-term prospects.

CAO Thompson sold 19,530 BYD shares (-47.0% of holdings) at $83.59; all 3 prior BYD sales were well-timed (90d declines).

Thompson Stephen S., Chief Administrative Officer, sold 19,530 shares (19.5K shares) of Boyd Gaming Corp at $83.59 on 2026-02-27, reducing holdings from 41,539 shares to 22,009 shares. His prior trade history at Boyd Gaming shows a strong timing pattern: all 3 previous sells were well-timed at the 90-day mark, with average 90-day returns of -7.0% (2025-08-01), -16.2% (2024-03-04), and -18.5% (2023-08-01). The current stock price of $82.49 is -7.9% from the 52-week high of $89.56 and the company carries a notably low P/E of 1.98 despite reporting $1.4B in net income on $1.0B revenue last quarter. The pattern of consistent well-timed exits at this ticker—coupled with a -47.0% reduction in his stake—merits observation, though the disposal size and established insider pattern suggest this transaction warrants attention for monitoring the timing outcome relative to Boyd's near-term price action.

Boyd (Director) sold 30,000 shares at $84.84 for $2.5M; retains 1.93M shares post-sale.

Director William R. Boyd sold 30,000 shares of BYD at $84.84 on 2026-02-18, reducing holdings by 1.5% to 1,930,447 shares. The sale occurred near the 52-week high of $89.56 (current price $85.06 is -5.0% from that peak). Across his same-ticker history at BYD, only 1 of 5 prior sells were well-timed at the 90-day mark, and the most recent sale on 2025-11-07 saw the stock gain 0.6% in 30 days and 4.1% in 90 days—poorly timed outcomes. This pattern of mixed execution on timing—combined with the director retaining substantial holdings (1.93M shares) even post-sale—suggests routine portfolio activity rather than a high-conviction directional signal.

Director William R. Boyd sold 20,000 BYD shares at $80.36; cross-ticker timing track record shows 50.00% well-timed rate on 10 prior sells.

William R. Boyd, a director of Boyd Gaming, sold 20,000 shares on 2025-11-07 at $80.36, reducing his holdings from 1,980,447 to 1,960,447 shares. The sale occurred when BYD was trading 7.4% below its 52-week high of $87.38 and down 1.5% over 30 days. Across his cross-ticker insider trading history, Boyd's 10 prior open-market sells show a 50.00% well-timed rate (measured by negative 90-day returns), with an average 90-day return of +0.6%—meaning his sales historically have not consistently preceded declines. At this specific ticker, BYD, his prior 5 trades were 2 of 5 well-timed at the 90-day mark (40% rate), with mixed outcomes; notably, three of five recent sales at BYD were followed by strong 90-day gains (+22.0%, +24.7%, and +7.7%), suggesting his recent sells at this ticker have been poorly timed. Fundamentally, Boyd Gaming shows a low P/E of 3.37, $1.0B quarterly revenue, and +5.1% annual growth, which may complicate any narrative around deteriorating conviction.

Boyd Gaming Executive Chairman Marianne Boyd sold 100,000 shares at $86.62 for $8.7M on 2025-09-04.

Marianne Boyd, Executive Chairman, sold 100,000 shares for $8,662,000.00 at $86.62 on 2025-09-04, reducing holdings from 1,804,379 shares to 1,704,379 shares. The transaction occurred near the 52-week high of $87.28, with the stock at -0.9% from that peak. Boyd's cross-ticker track record shows 9 prior open-market sells with a 90-day well-timed rate of 75.00%, indicating a pattern of selling ahead of subsequent declines. At Boyd Gaming specifically, her same-ticker history is mixed: 2 of 4 measurable prior sales showed negative 90-day returns (well-timed), while the other 2 showed substantial gains afterward (poorly timed). The stock has climbed +3.8% over the past 30 days and +16.7% over 90 days, supported by fundamentals including $1.0B quarterly revenue, $151.5M net income, and a low P/E of 12.28. The timing of this sale near a 52-week high, combined with her established pattern of well-timed sells in her cross-ticker history, warrants monitoring for what may signal anticipated near-term weakness at the company level.

CFO Josh Hirsberg sold 40,035 shares of Boyd Gaming at $85.41; stock near 52-week high of $86.73.

Josh Hirsberg, CFO & Treasurer, sold 40,035 shares of Boyd Gaming on 2025-08-22 at $85.41, reducing his holdings from 460,220 to 420,185 shares (an 8.7% reduction). The sale occurred when the stock was -0.6% from its 52-week high of $86.73, suggesting the CFO executed the transaction near the upper end of its recent valuation range. Hirsberg's cross-ticker track record shows a 50.00% well-timed sell rate (2 prior sells with average 90d return of -7.3%), but at Boyd Gaming specifically, his timing has been mixed: a 2024-11-06 sale was followed by +7.3% gains, while a 2024-02-29 sale preceded a -21.9% decline. The company's fundamentals remain solid with $1.0B quarterly revenue, $151.5M net income, 5.1% annual revenue growth, and a P/E of 12.25, providing no obvious distress signal.

CEO Keith Smith sold 25,000 BYD shares at $85.21; holdings reduced to 1,046,689 shares (-2.3%)

CEO Keith Smith sold 25,000 shares at $85.21 on 2025-08-22, reducing his holdings to 1,046,689 shares. The sale occurred near the 52-week high of $86.73 (-1.2% from peak) and follows two additional BYD sales on 2025-08-19 and 2025-08-18, suggesting a recent pattern of concentrated selling activity. At Boyd Gaming's fundamentals (Revenue $1,033,998,000.00, P/E 12.17, Market cap $6,868,578,828.98), this modest -2.3% reduction in CEO holdings is not material to overall position size. However, his same-ticker history shows 0 of 3 prior measurable sells were well-timed at the 90-day mark (prior 90d outcomes: +10.1%, +9.4%, +5.7%), indicating the stock subsequently rose after each prior sale, opposite to the insider's timing advantage.

Boyd Gaming CEO Keith Smith sold 75,000 shares for $6,252,250 on 2025-08-18/19 at blended average $83.36.

Keith Smith, President and CEO of Boyd Gaming, executed 2 separate sales totaling 75,000 shares for $6,252,250 at prices near the 52-week high (currently $83.57, -3.6% from $86.73 high). His post-transaction holdings remain substantial at 1,071,689 shares (-6.5% reduction). Historically at Boyd Gaming specifically, Smith's 5 prior sales yielded mixed timing: 2 of 5 were well-timed at the 90-day mark, but recent November 2024 sales saw the stock rise 9.4%–10.1% over 90 days after sale. The absence of a 10b5-1 plan FLAG and scheduled date FLAGS suggests discretionary timing, yet the execution near recent highs and the stock's subsequent modest decline (30-day +1.2%) does not yet establish a clear forward signal; the company's fundamentals remain solid with 5.1% annual revenue growth and a P/E of 11.87.