Boyd Gaming (NYSE:BYD) Cut to Buy at StockNews.com

StockNews.com downgraded shares of Boyd Gaming (NYSE:BYD) from a strong-buy rating to a buy rating in a research note released on Thursday morning.

A number of other equities analysts have also issued reports on BYD. JMP Securities reissued a “market perform” rating on shares of Boyd Gaming in a report on Friday, February 7th. Truist Financial increased their price target on Boyd Gaming from $85.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Barclays lifted their price objective on shares of Boyd Gaming from $74.00 to $78.00 and gave the company an “equal weight” rating in a research note on Friday, February 7th. Morgan Stanley lowered shares of Boyd Gaming from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $82.00 to $81.00 in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Boyd Gaming currently has a consensus rating of “Moderate Buy” and an average price target of $95.20.

Boyd Gaming Price Performance

Shares of NYSE BYD opened at $76.12 on Thursday. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The firm has a market capitalization of $6.37 billion, a PE ratio of 12.24, a P/E/G ratio of 4.46 and a beta of 1.54. Boyd Gaming has a 1-year low of $49.34 and a 1-year high of $80.50. The business’s fifty day moving average price is $75.15 and its two-hundred day moving average price is $69.64.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. On average, research analysts expect that Boyd Gaming will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, March 17th. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.95%. Boyd Gaming’s payout ratio is 11.58%.

Boyd Gaming declared that its board has authorized a share buyback plan on Thursday, December 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 7.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director William R. Boyd sold 15,000 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $79.32, for a total value of $1,189,800.00. Following the completion of the sale, the director now owns 1,472,970 shares of the company’s stock, valued at $116,835,980.40. This trade represents a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $75.68, for a total value of $49,948.80. Following the transaction, the director now owns 5,977 shares in the company, valued at $452,339.36. This represents a 9.94 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,660 shares of company stock valued at $5,123,749. 27.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently bought and sold shares of the business. PharVision Advisers LLC purchased a new stake in shares of Boyd Gaming in the fourth quarter worth approximately $522,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Boyd Gaming by 25.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 159,571 shares of the company’s stock worth $11,575,000 after buying an additional 32,020 shares in the last quarter. WBI Investments LLC lifted its position in Boyd Gaming by 440.7% in the 4th quarter. WBI Investments LLC now owns 38,257 shares of the company’s stock worth $2,775,000 after buying an additional 31,182 shares in the last quarter. State of Wyoming boosted its stake in shares of Boyd Gaming by 253.1% during the 4th quarter. State of Wyoming now owns 5,597 shares of the company’s stock valued at $406,000 after buying an additional 4,012 shares during the period. Finally, Seven Six Capital Management LLC purchased a new position in shares of Boyd Gaming during the 4th quarter valued at $9,162,000. Hedge funds and other institutional investors 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.