Wells Fargo & Company Issues Positive Forecast for Boyd Gaming (NYSE:BYD) Stock Price

Boyd Gaming (NYSE:BYD) had its price target increased by Wells Fargo & Company from $82.00 to $88.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently issued reports on the stock. Argus raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research note on Tuesday, December 17th. Barclays increased their price objective on Boyd Gaming from $71.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday, January 24th. Susquehanna increased their price objective on Boyd Gaming from $69.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Finally, Truist Financial increased their price objective on Boyd Gaming from $85.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Boyd Gaming currently has an average rating of “Moderate Buy” and a consensus target price of $95.00.

Boyd Gaming Price Performance

Shares of NYSE:BYD opened at $77.09 on Friday. The company’s fifty day moving average is $74.10 and its two-hundred day moving average is $67.61. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. Boyd Gaming has a 12-month low of $49.34 and a 12-month high of $80.50. The company has a market cap of $6.81 billion, a P/E ratio of 12.39, a price-to-earnings-growth ratio of 4.38 and a beta of 1.54.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, February 6th. The company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.21. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. Equities analysts expect that Boyd Gaming will post 6.57 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 0.88%. The ex-dividend date of this dividend was Monday, December 16th. Boyd Gaming’s dividend payout ratio is currently 10.93%.

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

Insider Activity

In related news, CEO Keith Smith sold 30,000 shares of Boyd Gaming stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $71.77, for a total transaction of $2,153,100.00. Following the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $75.68, for a total value of $49,948.80. Following the sale, the director now directly owns 5,977 shares in the company, valued at approximately $452,339.36. This trade represents a 9.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 100,660 shares of company stock valued at $7,307,149. 27.94% of the stock is owned by insiders.

Institutional Investors Weigh In On Boyd Gaming

Institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC grew its position in Boyd Gaming by 25.3% during the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company’s stock worth $3,062,000 after buying an additional 9,565 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Boyd Gaming by 11,891.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company’s stock worth $4,016,000 after purchasing an additional 61,599 shares during the period. Weiss Asset Management LP bought a new position in Boyd Gaming during the third quarter worth about $7,101,000. Quadrature Capital Ltd lifted its stake in Boyd Gaming by 201.3% during the third quarter. Quadrature Capital Ltd now owns 49,951 shares of the company’s stock worth $3,229,000 after purchasing an additional 33,374 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Boyd Gaming by 47.4% during the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 148 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

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.