Boyd Gaming (NYSE:BYD) Price Target Increased to $69.00 by Analysts at KeyCorp

Boyd Gaming (NYSE:BYD) had its price objective boosted by investment analysts at KeyCorp from $61.00 to $69.00 in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target points to a potential upside of 10.31% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Morgan Stanley lifted their price target on Boyd Gaming from $60.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft lifted their price target on Boyd Gaming from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, March 23rd. They noted that the move was a valuation call. Zacks Investment Research downgraded Boyd Gaming from a “hold” rating to a “sell” rating and set a $49.50 price target for the company. in a research note on Friday, January 8th. Truist lifted their target price on shares of Boyd Gaming from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 17th. Finally, Stifel Nicolaus lifted their target price on shares of Boyd Gaming from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, January 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. Boyd Gaming currently has an average rating of “Buy” and a consensus price target of $45.34.

Shares of BYD opened at $62.55 on Thursday. The company has a debt-to-equity ratio of 3.79, a current ratio of 1.23 and a quick ratio of 1.19. The stock has a 50-day moving average of $59.80 and a 200-day moving average of $44.98. The company has a market cap of $7.01 billion, a PE ratio of -107.84, a P/E/G ratio of 2.18 and a beta of 2.24. Boyd Gaming has a one year low of $12.96 and a one year high of $66.62.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Monday, February 15th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $635.87 million during the quarter, compared to the consensus estimate of $614.67 million. Boyd Gaming had a negative return on equity of 1.09% and a negative net margin of 2.71%. Analysts expect that Boyd Gaming will post -0.2 EPS for the current fiscal year.

In related news, EVP Stephen S. Thompson sold 13,187 shares of Boyd Gaming stock in a transaction that occurred on Thursday, March 4th. The shares were sold at an average price of $60.47, for a total value of $797,417.89. Also, Director Robert L. Boughner sold 14,811 shares of Boyd Gaming stock in a transaction that occurred on Monday, March 8th. The stock was sold at an average price of $61.62, for a total transaction of $912,653.82. The disclosure for this sale can be found here. Insiders own 29.08% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in BYD. Norges Bank purchased a new position in Boyd Gaming in the 4th quarter valued at approximately $45,080,000. Morgan Stanley grew its stake in Boyd Gaming by 130.1% in the 4th quarter. Morgan Stanley now owns 845,112 shares of the company’s stock valued at $36,273,000 after buying an additional 477,839 shares in the last quarter. Scopus Asset Management L.P. purchased a new position in Boyd Gaming in the 3rd quarter valued at approximately $13,043,000. Redwood Investments LLC purchased a new position in Boyd Gaming in the 4th quarter valued at approximately $17,833,000. Finally, BlackRock Inc. grew its stake in Boyd Gaming by 3.3% in the 4th quarter. BlackRock Inc. now owns 9,238,240 shares of the company’s stock valued at $396,505,000 after buying an additional 292,074 shares in the last quarter. Institutional investors and hedge funds own 69.14% of the company’s stock.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of March 8, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

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