Boyd Gaming (NYSE:BYD) Price Target Raised to $74.00

Boyd Gaming (NYSE:BYD) had its price objective upped by JPMorgan Chase & Co. from $69.00 to $74.00 in a report released on Friday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts have also weighed in on the stock. Mizuho reiterated an “outperform” rating and set a $79.00 target price (up previously from $78.00) on shares of Boyd Gaming in a research report on Friday, October 25th. Barclays lifted their price objective on shares of Boyd Gaming from $70.00 to $71.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. 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. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Finally, Wells Fargo & Company increased 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. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.77.

Boyd Gaming Stock Performance

Shares of BYD opened at $74.95 on Friday. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The firm has a market cap of $6.62 billion, a PE ratio of 14.30, a PEG ratio of 9.93 and a beta of 1.54. Boyd Gaming has a 1 year low of $49.34 and a 1 year high of $76.73. The stock’s fifty day moving average price is $70.30 and its two-hundred day moving average price is $62.29.

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

Boyd Gaming Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Monday, December 16th. Boyd Gaming’s dividend payout ratio is currently 12.98%.

Insider Activity at Boyd Gaming

In related news, Director William R. Boyd sold 25,155 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 1,487,970 shares in the company, valued at $103,190,719.50. The trade was a 1.66 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keith Smith sold 40,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total value of $2,939,600.00. Following the completion of the sale, the chief executive officer now owns 1,161,202 shares of the company’s stock, valued at approximately $85,336,734.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 146,704 shares of company stock valued at $10,540,944. Insiders own 27.94% of the company’s stock.

Institutional Trading of Boyd Gaming

Large investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of Boyd Gaming during the 3rd quarter valued at about $64,000. Sanctuary Advisors LLC grew its stake in Boyd Gaming by 25.3% in the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company’s stock worth $3,062,000 after purchasing an additional 9,565 shares during the period. Geode Capital Management LLC raised its holdings in Boyd Gaming by 3.0% in the third 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 in the last quarter. Barclays PLC lifted its position in Boyd Gaming by 23.9% during the third quarter. Barclays PLC now owns 167,542 shares of the company’s stock valued at $10,831,000 after buying an additional 32,332 shares during the period. Finally, Public Employees Retirement System of Ohio boosted its holdings in shares of Boyd Gaming by 3.2% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 28,222 shares of the company’s stock valued at $1,825,000 after buying an additional 875 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.