Boyd Gaming Co. (NYSE:BYD) Given Average Recommendation of “Moderate Buy” by Analysts

Boyd Gaming Co. (NYSE:BYD) has been assigned an average recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the firm, Marketbeat reports. Seven research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $92.80.

A number of analysts have recently commented on the company. Truist Financial boosted their price target on Boyd Gaming from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Jefferies Financial Group raised Boyd Gaming from a “hold” rating to a “buy” rating and boosted their price target for the stock from $73.00 to $92.00 in a research report on Friday, January 3rd. Morgan Stanley upped their price objective on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Barclays upped their price objective on Boyd Gaming from $71.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday, January 24th. Finally, Wells Fargo & Company upped their price objective on Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, October 25th.

Insider Transactions at Boyd Gaming

In other news, CEO Keith Smith sold 40,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total value of $2,939,600.00. Following the completion of the sale, the chief executive officer now directly owns 1,161,202 shares in the company, valued at $85,336,734.98. This represents a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Josh Hirsberg sold 21,549 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was 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 of the company’s stock, valued at $31,330,269.45. This trade represents a 4.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 122,209 shares of company stock worth $8,846,394 in the last three months. Corporate insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

A number of institutional investors have recently bought and sold shares of the business. State Street Corp increased its stake in Boyd Gaming by 0.8% in the 3rd quarter. State Street Corp now owns 2,108,672 shares of the company’s stock worth $136,680,000 after buying an additional 17,591 shares in the last quarter. Geode Capital Management LLC increased its stake in Boyd Gaming by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company’s stock worth $74,611,000 after buying an additional 33,379 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Boyd Gaming by 5.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 971,921 shares of the company’s stock worth $62,835,000 after buying an additional 54,128 shares in the last quarter. Victory Capital Management Inc. increased its stake in Boyd Gaming by 6,158.8% in the 3rd quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock worth $58,761,000 after buying an additional 894,383 shares in the last quarter. Finally, Pinnacle Associates Ltd. increased its stake in Boyd Gaming by 2.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 679,178 shares of the company’s stock worth $42,523,000 after buying an additional 16,159 shares in the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Stock Performance

Shares of BYD opened at $77.75 on Friday. 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 business’s 50 day moving average price is $73.62 and its 200-day moving average price is $66.73. Boyd Gaming has a 52 week low of $49.34 and a 52 week high of $78.58. The stock has a market cap of $6.87 billion, a P/E ratio of 14.84, a P/E/G ratio of 4.21 and a beta of 1.54.

Boyd Gaming Dividend Announcement

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

Boyd Gaming announced that its Board of Directors has authorized a share repurchase plan on Thursday, December 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

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.