Bank of America Increases Boyd Gaming (NYSE:BYD) Price Target to $72.00

Boyd Gaming (NYSE:BYD) had its price objective hoisted by equities research analysts at Bank of America from $68.00 to $72.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective indicates a potential upside of 14.34% from the stock’s previous close.

A number of other research analysts have also issued reports on BYD. Raymond James began coverage on Boyd Gaming in a research report on Tuesday, May 21st. They set an “outperform” rating and a $67.00 price target for the company. Macquarie reduced their price target on Boyd Gaming from $72.00 to $68.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Stifel Nicolaus boosted their price objective on Boyd Gaming from $65.00 to $67.00 and gave the stock a “hold” rating in a research note on Friday, July 26th. Morgan Stanley raised Boyd Gaming from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $66.00 to $74.00 in a research note on Wednesday, September 4th. Finally, StockNews.com raised Boyd Gaming from a “hold” rating to a “buy” rating in a research note on Monday, July 22nd. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $89.31.

Boyd Gaming Price Performance

Shares of BYD opened at $62.97 on Tuesday. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 8.56 and a beta of 1.57. The stock has a 50 day moving average of $58.70 and a 200-day moving average of $58.38. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 1.70. Boyd Gaming has a 52 week low of $49.34 and a 52 week high of $68.46.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, July 25th. The company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.09. Boyd Gaming had a return on equity of 34.29% and a net margin of 13.32%. The business had revenue of $967.50 million during the quarter, compared to analyst estimates of $909.49 million. During the same quarter in the previous year, the firm posted $1.58 EPS. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, analysts forecast that Boyd Gaming will post 6.25 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman Marianne Boyd Johnson sold 73,130 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $60.23, for a total value of $4,404,619.90. Following the transaction, the chairman now directly owns 1,423,498 shares of the company’s stock, valued at $85,737,284.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Christine J. Spadafor sold 1,242 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $60.36, for a total value of $74,967.12. Following the transaction, the director now directly owns 1,096 shares of the company’s stock, valued at $66,154.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Marianne Boyd Johnson sold 73,130 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $60.23, for a total transaction of $4,404,619.90. Following the completion of the transaction, the chairman now directly owns 1,423,498 shares in the company, valued at $85,737,284.54. The disclosure for this sale can be found here. Insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Several hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC increased its position in Boyd Gaming by 57.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after buying an additional 189 shares during the last quarter. AlphaMark Advisors LLC increased its position in Boyd Gaming by 2.6% during the second quarter. AlphaMark Advisors LLC now owns 8,063 shares of the company’s stock worth $444,000 after buying an additional 205 shares during the last quarter. Lazard Asset Management LLC increased its position in Boyd Gaming by 4.9% during the first quarter. Lazard Asset Management LLC now owns 5,361 shares of the company’s stock worth $360,000 after buying an additional 249 shares during the last quarter. Blue Trust Inc. increased its position in Boyd Gaming by 58.2% during the second quarter. Blue Trust Inc. now owns 783 shares of the company’s stock worth $43,000 after buying an additional 288 shares during the last quarter. Finally, Signaturefd LLC increased its position in Boyd Gaming by 13.4% during the second quarter. Signaturefd LLC now owns 2,728 shares of the company’s stock worth $150,000 after buying an additional 323 shares during the last quarter. 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.