Analysts Set Boyd Gaming Co. (NYSE:BYD) Price Target at $91.64

Boyd Gaming Co. (NYSE:BYD) has been assigned an average recommendation of “Moderate Buy” from the fifteen research firms that are currently covering the stock, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $91.67.

Several equities research analysts have recently commented on BYD shares. Barclays lifted their target price on Boyd Gaming from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Wells Fargo & Company boosted their price objective on Boyd Gaming from $75.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Truist Financial raised their target price on shares of Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Stifel Nicolaus boosted their price target on shares of Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Finally, Morgan Stanley raised their price objective on shares of Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd.

Boyd Gaming Price Performance

Shares of BYD stock opened at $72.92 on Wednesday. Boyd Gaming has a 52 week low of $49.34 and a 52 week high of $76.73. The stock has a market capitalization of $6.45 billion, a PE ratio of 13.92, a PEG ratio of 9.93 and a beta of 1.54. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. The stock’s fifty day moving average is $72.58 and its 200-day moving average is $64.26.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.68 annualized dividend and a dividend yield of 0.93%. Boyd Gaming’s dividend payout ratio is 12.98%.

Boyd Gaming announced that its Board of Directors has approved a share buyback plan on Thursday, December 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Boyd Gaming

In other news, Director Christine J. Spadafor sold 660 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $75.68, for a total value of $49,948.80. Following the transaction, the director now owns 5,977 shares in the company, valued at $452,339.36. The trade was a 9.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William R. Boyd sold 25,155 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $69.35, for a total value 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 approximately $103,190,719.50. This represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,364 shares of company stock valued at $10,590,893 over the last three months. Corporate insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its stake in Boyd Gaming by 6,158.8% in the 3rd quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock worth $58,761,000 after purchasing an additional 894,383 shares during the period. Long Pond Capital LP purchased a new position in Boyd Gaming during the second quarter valued at approximately $20,440,000. Ariel Investments LLC lifted its stake in Boyd Gaming by 12.5% in the 2nd quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock worth $167,046,000 after purchasing an additional 335,984 shares in the last quarter. American Century Companies Inc. boosted its holdings in Boyd Gaming by 19.7% in the 2nd quarter. American Century Companies Inc. now owns 1,149,701 shares of the company’s stock valued at $63,349,000 after purchasing an additional 189,226 shares during the period. Finally, International Assets Investment Management LLC grew its position in shares of Boyd Gaming by 4,816.4% during the 3rd quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock valued at $119,320,000 after purchasing an additional 180,806 shares in the last quarter. 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.