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

Boyd Gaming (NYSE:BYD) had its price objective boosted by analysts at Truist Financial from $85.00 to $88.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 14.52% from the company’s previous close.

BYD has been the subject of a number of other reports. Argus raised Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Tuesday, December 17th. Mizuho reaffirmed an “outperform” rating and set a $79.00 price target (up from $78.00) on shares of Boyd Gaming in a report on Friday, October 25th. Susquehanna increased their price objective on Boyd Gaming from $69.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday. Jefferies Financial Group upgraded Boyd Gaming from a “hold” rating to a “buy” rating and raised their price target for the stock from $73.00 to $92.00 in a research report on Friday, January 3rd. Finally, Barclays lifted their target price on Boyd Gaming from $71.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday, January 24th. 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $93.13.

Boyd Gaming Stock Performance

Boyd Gaming stock traded up $0.03 during trading hours on Tuesday, hitting $76.85. The stock had a trading volume of 229,250 shares, compared to its average volume of 861,256. The company has a 50-day moving average of $73.79 and a two-hundred day moving average of $67.10. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. The company has a market cap of $6.79 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 4.28 and a beta of 1.54. Boyd Gaming has a fifty-two week low of $49.34 and a fifty-two week high of $78.58.

Boyd Gaming declared that its Board of Directors has approved a stock buyback plan on Thursday, December 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Boyd Gaming

In related news, CFO Josh Hirsberg sold 21,549 shares of the business’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 sale, the chief financial officer now owns 438,615 shares of the company’s stock, valued at $31,330,269.45. The trade was a 4.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keith Smith sold 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the completion of the transaction, the chief executive officer now owns 1,161,202 shares in the company, valued at approximately $85,336,734.98. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 122,209 shares of company stock valued at $8,846,394. Insiders own 28.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. UMB Bank n.a. raised its position in Boyd Gaming by 80.3% during the fourth quarter. UMB Bank n.a. now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 175 shares during the period. GAMMA Investing LLC boosted its stake in shares of Boyd Gaming by 47.4% during the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock valued at $33,000 after buying an additional 148 shares during the last quarter. Covestor Ltd raised its position in shares of Boyd Gaming by 54.9% during the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Quarry LP raised its position in shares of Boyd Gaming by 150.1% during the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock valued at $56,000 after acquiring an additional 524 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Boyd Gaming by 921.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock valued at $57,000 after acquiring an additional 802 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.