Boyd Gaming (NYSE:BYD) Price Target Raised to $85.00

Boyd Gaming (NYSE:BYD) had its target price boosted by Truist Financial from $77.00 to $85.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company raised their target price on shares of Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Argus raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Tuesday, December 17th. Stifel Nicolaus lifted their price objective on Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a report on Friday, October 25th. Bank of America lifted their price objective on Boyd Gaming from $68.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Finally, Morgan Stanley boosted their target price on shares of Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.20.

Boyd Gaming Stock Up 0.6 %

BYD opened at $73.99 on Tuesday. The company has a market cap of $6.54 billion, a P/E ratio of 14.12, a P/E/G ratio of 3.95 and a beta of 1.54. Boyd Gaming has a 12 month low of $49.34 and a 12 month high of $76.73. The business’s 50-day moving average price is $72.94 and its 200-day moving average price is $65.20. 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 announced that its board has initiated a stock repurchase program on Thursday, December 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Boyd Gaming Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.68 annualized dividend and a yield of 0.92%. Boyd Gaming’s dividend payout ratio (DPR) is presently 12.98%.

Insider Activity

In related news, CFO Josh Hirsberg sold 21,549 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $71.43, for a total value of $1,539,245.07. Following the sale, the chief financial officer now owns 438,615 shares in the company, valued at $31,330,269.45. This represents a 4.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William R. Boyd sold 25,155 shares of Boyd Gaming stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $69.35, for a total transaction of $1,744,499.25. Following the completion of the sale, the director now directly owns 1,487,970 shares of the company’s stock, valued at $103,190,719.50. The trade was a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 147,364 shares of company stock valued at $10,590,893 in the last quarter. Insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently bought and sold shares of BYD. Altshuler Shaham Ltd acquired a new stake in Boyd Gaming during the second quarter worth about $29,000. UMB Bank n.a. boosted its holdings in shares of Boyd Gaming by 80.3% in the fourth quarter. UMB Bank n.a. now owns 393 shares of the company’s stock worth $29,000 after buying an additional 175 shares during the period. GAMMA Investing LLC increased its position in shares of Boyd Gaming by 47.4% in the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after acquiring an additional 148 shares in the last quarter. Covestor Ltd boosted its stake in Boyd Gaming by 54.9% in the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock worth $38,000 after purchasing an additional 208 shares during the period. Finally, Quarry LP boosted its stake in Boyd Gaming by 150.1% in the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock worth $56,000 after purchasing an additional 524 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

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.