Boyd Gaming Corporation (NYSE:BYD) Receives $92.75 Average PT from Brokerages

Shares of Boyd Gaming Corporation (NYSE:BYD) have received a consensus rating of “Hold” from the fourteen analysts that are covering the stock, Marketbeat Ratings reports. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $92.0833.

A number of research firms have recently weighed in on BYD. Stifel Nicolaus cut their price target on Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a report on Friday. JPMorgan Chase & Co. lifted their price target on Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a report on Friday. Mizuho cut their price target on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Boyd Gaming in a report on Monday, December 29th. Finally, Citigroup lifted their price target on Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, April 16th.

Boyd Gaming Stock Performance

Shares of BYD traded down $1.03 during mid-day trading on Tuesday, reaching $86.51. 161,480 shares of the company’s stock traded hands, compared to its average volume of 925,963. The business’s 50-day moving average price is $83.94 and its 200-day moving average price is $83.50. The stock has a market capitalization of $6.51 billion, a P/E ratio of 3.79, a price-to-earnings-growth ratio of 1.77 and a beta of 1.19. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54. Boyd Gaming has a 12 month low of $67.67 and a 12 month high of $89.96.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). The business had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 26.53%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the firm posted $1.62 EPS. Equities analysts predict that Boyd Gaming will post 7.47 earnings per share for the current year.

Boyd Gaming declared that its board has approved a share buyback plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 16th were paid a dividend of $0.20 per share. This is a boost from Boyd Gaming’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, March 16th. Boyd Gaming’s dividend payout ratio (DPR) is 3.51%.

Insider Activity at Boyd Gaming

In related news, CFO Josh Hirsberg sold 23,924 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $85.86, for a total transaction of $2,054,114.64. Following the transaction, the chief financial officer owned 435,746 shares in the company, valued at $37,413,151.56. This trade represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William R. Boyd sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $84.84, for a total transaction of $2,545,200.00. Following the transaction, the director owned 1,930,447 shares in the company, valued at $163,779,123.48. This represents a 1.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 73,454 shares of company stock worth $6,231,827 over the last quarter. 22.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BYD. Advisors Asset Management Inc. grew its position in Boyd Gaming by 56.8% in the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after buying an additional 196 shares during the last quarter. AQR Capital Management LLC grew its position in Boyd Gaming by 13.9% in the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock worth $628,000 after buying an additional 1,172 shares during the last quarter. Caxton Associates LLP acquired a new position in Boyd Gaming in the first quarter worth approximately $207,000. M&T Bank Corp acquired a new position in Boyd Gaming in the second quarter worth approximately $229,000. Finally, Amundi grew its position in Boyd Gaming by 14,719.0% in the second quarter. Amundi now owns 3,112 shares of the company’s stock worth $253,000 after buying an additional 3,091 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 (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.