JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Boyd Gaming (NYSE:BYD) Stock

Boyd Gaming (NYSE:BYD) had its target price boosted by equities research analysts at JPMorgan Chase & Co. from $90.00 to $93.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 7.82% from the stock’s previous close.

A number of other brokerages also recently issued reports on BYD. Weiss Ratings raised Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 4th. Morgan Stanley reiterated a “mixed” rating on shares of Boyd Gaming in a report on Wednesday, April 8th. Wells Fargo & Company boosted their target price on Boyd Gaming from $81.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Stifel Nicolaus dropped their price target on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a report on Friday, April 24th. Finally, Mizuho reduced their price target on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $93.77.

Boyd Gaming Price Performance

Shares of BYD opened at $86.26 on Wednesday. Boyd Gaming has a twelve month low of $76.33 and a twelve month high of $91.00. The company has a market capitalization of $6.41 billion, a P/E ratio of 3.78, a price-to-earnings-growth ratio of 2.00 and a beta of 1.07. The firm has a 50 day moving average of $85.00 and a 200 day moving average of $84.75. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The business had revenue of $997.36 million during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the company posted $1.62 earnings per share. The business’s revenue was up .6% compared to the same quarter last year. As a group, equities research analysts anticipate that Boyd Gaming will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming declared that its Board of Directors has authorized a stock buyback program on Thursday, April 23rd that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the completion of the sale, the chairman directly owned 1,609,808 shares in the company, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the sale, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. This represents a 9.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 200,000 shares of company stock worth $17,038,987. 22.82% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. increased its stake in shares of Boyd Gaming by 118.2% in the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock worth $121,708,000 after purchasing an additional 773,394 shares in the last quarter. Norges Bank purchased a new position in shares of Boyd Gaming during the 4th quarter valued at $58,763,000. UBS Group AG boosted its holdings in Boyd Gaming by 196.9% in the 4th quarter. UBS Group AG now owns 611,207 shares of the company’s stock worth $52,099,000 after buying an additional 405,340 shares during the period. Arbejdsmarkedets Tillaegspension bought a new position in Boyd Gaming in the 4th quarter worth $24,675,000. Finally, Geode Capital Management LLC increased its stake in Boyd Gaming by 26.7% in the 4th quarter. Geode Capital Management LLC now owns 1,355,209 shares of the company’s stock worth $115,537,000 after buying an additional 285,719 shares in the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

About Boyd Gaming

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.