Boyd Gaming Co. (NYSE:BYD) Receives $91.38 Average Price Target from Analysts

Boyd Gaming Co. (NYSE:BYD) has earned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $91.77.

Several analysts recently issued reports on BYD shares. Truist Financial increased their price objective on Boyd Gaming from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their price target on Boyd Gaming from $69.00 to $74.00 and gave the company a “neutral” rating in a report on Friday. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Bank of America lifted their target price on shares of Boyd Gaming from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Finally, Barclays boosted their target price on shares of Boyd Gaming from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th.

Insider Transactions at Boyd Gaming

In related news, Director William R. Boyd sold 25,155 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $69.35, for a total transaction of $1,744,499.25. Following the completion of the transaction, the director now directly owns 1,487,970 shares in the company, valued at $103,190,719.50. This represents a 1.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keith Smith sold 30,000 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $72.15, for a total transaction of $2,164,500.00. Following the completion of the sale, the chief executive officer now owns 1,101,202 shares in the company, valued at $79,451,724.30. This represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 146,704 shares of company stock worth $10,540,944 over the last three months. 27.94% of the stock is currently owned by insiders.

Institutional Trading of Boyd Gaming

A number of hedge funds have recently modified their holdings of the company. Altshuler Shaham Ltd bought a new stake in shares of Boyd Gaming during the second quarter valued at approximately $29,000. Covestor Ltd raised its stake in shares of Boyd Gaming by 54.9% in the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock valued at $38,000 after buying an additional 208 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Boyd Gaming by 58.2% during the 2nd quarter. Blue Trust Inc. now owns 783 shares of the company’s stock worth $43,000 after acquiring an additional 288 shares during the period. Quarry LP boosted its position in shares of Boyd Gaming by 150.1% during the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock valued at $56,000 after acquiring an additional 524 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Boyd Gaming by 921.8% in the third quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock valued at $57,000 after acquiring an additional 802 shares during the period. Institutional investors own 76.81% of the company’s stock.

Boyd Gaming Trading Up 0.7 %

Shares of NYSE:BYD opened at $74.95 on Friday. The firm has a fifty day moving average of $70.30 and a two-hundred day moving average of $62.12. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. Boyd Gaming has a 12-month low of $49.34 and a 12-month high of $76.73. The firm has a market capitalization of $6.62 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54.

Boyd Gaming Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be paid a $0.17 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.91%. Boyd Gaming’s payout ratio is presently 12.98%.

Boyd Gaming announced that its board has initiated a share buyback plan on Thursday, December 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

About Boyd Gaming

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.