Truist Financial Cuts Boyd Gaming (NYSE:BYD) Price Target to $85.00

Boyd Gaming (NYSE:BYD) had its target price reduced by equities researchers at Truist Financial from $92.00 to $85.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 29.27% from the company’s current price.

BYD has been the topic of several other reports. Morgan Stanley cut shares of Boyd Gaming from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $82.00 to $81.00 in a report on Monday, February 24th. Mizuho upped their target price on Boyd Gaming from $79.00 to $86.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Susquehanna upgraded Boyd Gaming from a “neutral” rating to a “positive” rating and dropped their price target for the stock from $79.00 to $77.00 in a report on Wednesday, March 12th. Jefferies Financial Group raised Boyd Gaming from a “hold” rating to a “buy” rating and raised their target price for the company from $73.00 to $92.00 in a research report on Friday, January 3rd. Finally, Argus upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Tuesday, December 17th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.00.

Boyd Gaming Trading Down 0.7 %

NYSE:BYD opened at $65.76 on Tuesday. The firm has a fifty day simple moving average of $73.55 and a two-hundred day simple moving average of $71.10. Boyd Gaming has a 12 month low of $49.34 and a 12 month high of $80.50. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 4.46 and a beta of 1.55. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Thursday, February 6th. The company reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. Analysts expect that Boyd Gaming will post 6.52 EPS for the current fiscal year.

Boyd Gaming announced that its board has authorized a share buyback program on Thursday, December 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Boyd Gaming news, Director William R. Boyd sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $79.32, for a total transaction of $1,189,800.00. Following the completion of the transaction, the director now directly owns 1,472,970 shares of the company’s stock, valued at approximately $116,835,980.40. This trade represents a 1.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christine J. Spadafor sold 1,125 shares of Boyd Gaming stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $75.28, for a total transaction of $84,690.00. Following the completion of the transaction, the director now directly owns 4,852 shares of the company’s stock, valued at $365,258.56. The trade was a 18.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,125 shares of company stock worth $5,158,490 over the last 90 days. Company insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Boston Partners boosted its position in shares of Boyd Gaming by 36.9% during the 4th quarter. Boston Partners now owns 3,955,544 shares of the company’s stock worth $287,185,000 after purchasing an additional 1,065,887 shares during the period. Norges Bank acquired a new position in shares of Boyd Gaming in the fourth quarter valued at approximately $55,553,000. Raymond James Financial Inc. purchased a new stake in Boyd Gaming during the 4th quarter worth approximately $43,273,000. Arrowstreet Capital Limited Partnership lifted its holdings in Boyd Gaming by 51.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,296,863 shares of the company’s stock worth $94,074,000 after buying an additional 441,963 shares in the last quarter. Finally, Franklin Resources Inc. lifted its holdings in Boyd Gaming by 37.2% during the 4th quarter. Franklin Resources Inc. now owns 964,051 shares of the company’s stock worth $69,932,000 after buying an additional 261,443 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

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.