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

Boyd Gaming (NYSE:BYD) had its price objective boosted by Truist Financial from $77.00 to $85.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other brokerages have also recently commented on BYD. JPMorgan Chase & Co. raised their price target on shares of Boyd Gaming from $69.00 to $74.00 and gave the stock a “neutral” rating in a research note on Friday, December 13th. StockNews.com raised shares of Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. Stifel Nicolaus lifted their target price on shares of Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a research note on Friday, October 25th. Morgan Stanley increased their target price on Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Finally, Barclays raised 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. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.20.

Boyd Gaming Stock Performance

BYD opened at $73.99 on Tuesday. Boyd Gaming has a 1 year low of $49.34 and a 1 year high of $76.73. The stock has a market cap of $6.54 billion, a PE ratio of 14.12, a P/E/G ratio of 3.95 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. The stock’s 50 day simple moving average is $72.94 and its 200-day simple moving average is $65.20.

Boyd Gaming declared that its Board of Directors has authorized a share repurchase program on Thursday, December 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a yield of 0.92%. Boyd Gaming’s dividend payout ratio (DPR) is presently 12.98%.

Insider Activity at Boyd Gaming

In related news, CFO Josh Hirsberg sold 21,549 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $71.43, for a total transaction of $1,539,245.07. Following the transaction, the chief financial officer now directly owns 438,615 shares of the company’s stock, valued at $31,330,269.45. This trade represents a 4.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William R. Boyd sold 25,155 shares of the company’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 completion of the sale, the director now directly owns 1,487,970 shares of the company’s stock, valued at $103,190,719.50. The trade was a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 147,364 shares of company stock valued at $10,590,893. 28.40% of the stock is owned by company insiders.

Institutional Trading of Boyd Gaming

A number of institutional investors and hedge funds have recently modified their holdings of the business. UMB Bank n.a. raised its stake in shares of Boyd Gaming by 80.3% during the 4th quarter. UMB Bank n.a. now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares during the period. Aaron Wealth Advisors LLC purchased a new position in Boyd Gaming in the fourth quarter valued at about $265,000. Kera Capital Partners Inc. purchased a new position in Boyd Gaming in the fourth quarter valued at approximately $220,000. Burney Co. grew its holdings in Boyd Gaming by 7.7% during the fourth quarter. Burney Co. now owns 29,598 shares of the company’s stock valued at $2,147,000 after purchasing an additional 2,125 shares during the period. Finally, Miracle Mile Advisors LLC bought a new stake in shares of Boyd Gaming in the fourth quarter valued at $306,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.