Truist Financial Forecasts Strong Price Appreciation for Boyd Gaming (NYSE:BYD) Stock

Boyd Gaming (NYSE:BYD) had its target price lifted by equities researchers at Truist Financial from $85.00 to $88.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 15.09% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. StockNews.com upgraded shares of Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Stifel Nicolaus increased their target price on Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. Morgan Stanley boosted their price target on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Jefferies Financial Group upgraded Boyd Gaming from a “hold” rating to a “buy” rating and raised their price objective for the stock from $73.00 to $92.00 in a report on Friday, January 3rd. Finally, JMP Securities reiterated a “market perform” rating on shares of Boyd Gaming in a report on Thursday, January 16th. Seven investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $93.13.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $76.46 on Tuesday. The stock has a fifty day moving average price of $73.93 and a 200 day moving average price of $67.29. Boyd Gaming has a 52 week low of $49.34 and a 52 week high of $78.58. The firm has a market capitalization of $6.76 billion, a P/E ratio of 14.59, a PEG ratio of 4.28 and a beta of 1.54. 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 declared that its board has approved a share buyback program on Thursday, December 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at Boyd Gaming

In related news, Director Christine J. Spadafor sold 660 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $75.68, for a total transaction of $49,948.80. Following the sale, the director now owns 5,977 shares in the company, valued at $452,339.36. This represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keith Smith sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $71.77, for a total value of $2,153,100.00. Following the transaction, the chief executive officer now directly owns 1,131,202 shares of the company’s stock, valued at $81,186,367.54. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 100,660 shares of company stock valued at $7,307,149 over the last three months. 28.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Boyd Gaming

Large investors have recently made changes to their positions in the company. State Street Corp lifted its holdings in Boyd Gaming by 0.8% in the third quarter. State Street Corp now owns 2,108,672 shares of the company’s stock worth $136,680,000 after purchasing an additional 17,591 shares during the period. Geode Capital Management LLC grew its stake in shares of Boyd Gaming by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company’s stock worth $74,611,000 after purchasing an additional 33,379 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Boyd Gaming by 5.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 971,921 shares of the company’s stock worth $62,835,000 after purchasing an additional 54,128 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Boyd Gaming by 6,158.8% during the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock valued at $58,761,000 after purchasing an additional 894,383 shares during the last quarter. Finally, Pinnacle Associates Ltd. boosted its holdings in Boyd Gaming by 2.4% during the third quarter. Pinnacle Associates Ltd. now owns 679,178 shares of the company’s stock worth $42,523,000 after buying an additional 16,159 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.