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

Boyd Gaming (NYSE:BYD) had its price objective decreased by Truist Financial from $92.00 to $85.00 in a report published on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

BYD has been the subject of a number of other research reports. Mizuho lifted their price target on Boyd Gaming from $79.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Wells Fargo & Company raised their price objective on Boyd Gaming from $82.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $74.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. Morgan Stanley downgraded 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. Finally, Susquehanna upgraded shares of Boyd Gaming from a “neutral” rating to a “positive” rating and decreased their price objective for the company from $79.00 to $77.00 in a research note on Wednesday, March 12th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.00.

Boyd Gaming Stock Performance

BYD opened at $65.73 on Tuesday. The company has a market cap of $5.42 billion, a P/E ratio of 10.57, a price-to-earnings-growth ratio of 4.46 and a beta of 1.55. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. The firm’s 50-day moving average price is $73.34 and its 200-day moving average price is $71.13. Boyd Gaming has a 52-week low of $49.34 and a 52-week high of $80.50.

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

Boyd Gaming declared that its Board of Directors has initiated a share repurchase program on Thursday, December 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Boyd Gaming Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.10%. The ex-dividend date is Monday, March 17th. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.17. Boyd Gaming’s payout ratio is currently 11.58%.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,125 shares of the 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 transaction, the director now directly owns 4,852 shares of the company’s stock, valued at $365,258.56. This trade represents a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total transaction of $3,884,000.00. Following the sale, the chairman now directly owns 1,346,628 shares of the company’s stock, valued at $104,606,063.04. This represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,125 shares of company stock valued at $5,158,490. Company insiders own 21.97% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cohen & Steers Inc. grew its holdings in shares of Boyd Gaming by 0.4% during the fourth quarter. Cohen & Steers Inc. now owns 5,265,454 shares of the company’s stock worth $381,929,000 after buying an additional 21,616 shares in the last quarter. Boston Partners increased its holdings in shares of Boyd Gaming by 36.9% in the fourth quarter. Boston Partners now owns 3,955,544 shares of the company’s stock valued at $287,185,000 after purchasing an additional 1,065,887 shares during the last quarter. State Street Corp lifted its position in Boyd Gaming by 0.8% during the third quarter. State Street Corp now owns 2,108,672 shares of the company’s stock worth $136,680,000 after buying an additional 17,591 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Boyd Gaming by 51.7% during the fourth 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 during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Boyd Gaming by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company’s stock valued at $74,611,000 after buying an additional 33,379 shares in the last quarter. Hedge funds and other institutional investors 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.