Brokerages Set Boyd Gaming Co. (NYSE:BYD) Price Target at $93.64

Boyd Gaming Co. (NYSE:BYD) has been given a consensus rating of “Hold” by the twelve research firms that are presently covering the firm, MarketBeat.com reports. Seven investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $91.42.

A number of equities research analysts have recently weighed in on BYD shares. Wells Fargo & Company cut their target price on shares of Boyd Gaming from $82.00 to $71.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. Raymond James initiated coverage on Boyd Gaming in a report on Tuesday. They set an “outperform” rating and a $67.00 target price on the stock. Stifel Nicolaus lowered their target price on Boyd Gaming from $71.00 to $65.00 and set a “hold” rating for the company in a research note on Friday, April 26th. JPMorgan Chase & Co. lowered Boyd Gaming from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $80.00 to $67.00 in a research report on Friday, April 26th. Finally, Truist Financial decreased their price objective on Boyd Gaming from $80.00 to $75.00 and set a “buy” rating for the company in a report on Friday, April 26th.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, VP William R. Boyd sold 50,000 shares of Boyd Gaming stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $64.04, for a total value of $3,202,000.00. Following the completion of the sale, the vice president now owns 1,617,970 shares of the company’s stock, valued at approximately $103,614,798.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Keith Smith sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $63.92, for a total transaction of $4,794,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,119,625 shares in the company, valued at $71,566,430. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP William R. Boyd sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $64.04, for a total transaction of $3,202,000.00. Following the sale, the vice president now directly owns 1,617,970 shares of the company’s stock, valued at $103,614,798.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 463,618 shares of company stock valued at $29,564,319. 27.94% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust grew its holdings in Boyd Gaming by 105.5% during the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock valued at $25,000 after purchasing an additional 211 shares during the period. Rakuten Securities Inc. purchased a new position in shares of Boyd Gaming during the 4th quarter valued at about $30,000. Allspring Global Investments Holdings LLC grew its stake in shares of Boyd Gaming by 57.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock valued at $35,000 after acquiring an additional 189 shares during the period. Principal Securities Inc. bought a new position in shares of Boyd Gaming during the 4th quarter valued at approximately $50,000. Finally, Allworth Financial LP increased its holdings in Boyd Gaming by 3,333.3% in the 4th quarter. Allworth Financial LP now owns 1,030 shares of the company’s stock worth $64,000 after acquiring an additional 1,000 shares in the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Boyd Gaming Trading Down 3.5 %

Shares of BYD opened at $51.51 on Tuesday. The stock has a market capitalization of $4.89 billion, a P/E ratio of 9.25 and a beta of 1.64. Boyd Gaming has a twelve month low of $51.45 and a twelve month high of $73.00. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm has a fifty day simple moving average of $60.45 and a two-hundred day simple moving average of $61.50.

Boyd Gaming (NYSE:BYD) last posted its earnings results on Thursday, April 25th. The company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.06). Boyd Gaming had a net margin of 14.91% and a return on equity of 34.76%. The business had revenue of $960.52 million for the quarter, compared to analysts’ expectations of $947.26 million. On average, research analysts anticipate that Boyd Gaming will post 6.06 EPS for the current year.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Saturday, June 15th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Friday, June 14th. Boyd Gaming’s payout ratio is 12.21%.

Boyd Gaming declared that its Board of Directors has authorized a share repurchase program on Monday, May 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.