Truist Financial Forecasts Strong Price Appreciation for Boyd Gaming (NYSE:BYD) Stock

Boyd Gaming (NYSE:BYD) had its price target increased by equities research analysts at Truist Financial from $77.00 to $85.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 15.71% from the company’s current price.

Other research analysts have also issued reports about the company. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Stifel Nicolaus boosted their price objective on Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. raised their target price on shares of Boyd Gaming from $69.00 to $74.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Barclays boosted their price target on shares of Boyd Gaming from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company raised their price objective on shares of Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.20.

Boyd Gaming Price Performance

Boyd Gaming stock opened at $73.46 on Tuesday. The company’s 50 day moving average is $72.91 and its two-hundred day moving average is $65.14. The firm has a market cap of $6.49 billion, a PE ratio of 14.02, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. 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 52-week low of $49.34 and a 52-week high of $76.73.

Boyd Gaming declared that its board has initiated 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 buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director William R. Boyd sold 25,155 shares of the stock in a transaction dated Thursday, October 31st. The shares were 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 owns 1,487,970 shares in the company, valued at approximately $103,190,719.50. This represents a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christine J. Spadafor sold 660 shares of the firm’s 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 transaction, the director now directly owns 5,977 shares in the company, valued at approximately $452,339.36. This represents a 9.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,364 shares of company stock valued at $10,590,893 over the last quarter. Company insiders own 27.94% of the company’s stock.

Institutional Trading of Boyd Gaming

A number of hedge funds have recently added to or reduced their stakes in BYD. Sanctuary Advisors LLC raised its stake in shares of 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 purchasing an additional 9,565 shares during the last quarter. Sei Investments Co. increased its stake in Boyd Gaming by 24.7% in the 2nd quarter. Sei Investments Co. now owns 497,331 shares of the company’s stock valued at $27,403,000 after buying an additional 98,508 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Boyd Gaming by 11,891.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company’s stock valued at $4,016,000 after buying an additional 61,599 shares during the period. Ariel Investments LLC raised its position in Boyd Gaming by 12.5% during the 2nd quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock worth $167,046,000 after buying an additional 335,984 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in shares of Boyd Gaming in the 3rd quarter worth $7,101,000. 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.