Boyd Gaming (NYSE:BYD) Sets New 52-Week High – Time to Buy?

Boyd Gaming Co. (NYSE:BYD)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $76.93 and last traded at $77.00, with a volume of 210951 shares traded. The stock had previously closed at $76.07.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Boyd Gaming from $74.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Truist Financial raised their target price on Boyd Gaming from $77.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Morgan Stanley lifted their price objective on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Finally, Stifel Nicolaus lifted their target price on Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Seven analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.80.

Boyd Gaming Trading Up 1.4 %

The company has a market cap of $6.87 billion, a PE ratio of 14.84, a PEG ratio of 4.21 and a beta of 1.54. The stock has a 50 day moving average price of $73.62 and a 200 day moving average price of $66.73. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85.

Boyd Gaming Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were given a dividend of $0.17 per share. The ex-dividend date was Monday, December 16th. This represents a $0.68 annualized dividend and a yield of 0.87%. Boyd Gaming’s dividend payout ratio (DPR) is presently 12.98%.

Boyd Gaming declared that its Board of Directors has approved 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CFO Josh Hirsberg sold 21,549 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $71.43, for a total value of $1,539,245.07. Following the completion of the sale, the chief financial officer now owns 438,615 shares in the company, valued at approximately $31,330,269.45. This trade represents a 4.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keith Smith sold 40,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $73.49, for a total transaction 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 $85,336,734.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 122,209 shares of company stock worth $8,846,394 over the last ninety days. Corporate insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors have recently modified their holdings of the business. State Street Corp grew its stake in shares of Boyd Gaming by 0.8% in the third quarter. State Street Corp now owns 2,108,672 shares of the company’s stock worth $136,680,000 after acquiring an additional 17,591 shares in the last quarter. Geode Capital Management LLC increased 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 valued at $74,611,000 after buying an additional 33,379 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Boyd Gaming by 5.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 971,921 shares of the company’s stock valued at $62,835,000 after buying an additional 54,128 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Boyd Gaming by 6,158.8% in the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock valued at $58,761,000 after buying an additional 894,383 shares during the last quarter. Finally, Pinnacle Associates Ltd. increased its holdings in Boyd Gaming by 2.4% in the third quarter. Pinnacle Associates Ltd. now owns 679,178 shares of the company’s stock valued at $42,523,000 after buying an additional 16,159 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

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.