Boyd Gaming Corporation (NYSE:BYD) Receives $93.15 Consensus PT from Analysts

Shares of Boyd Gaming Corporation (NYSE:BYD) have been given an average recommendation of “Hold” by the seventeen ratings firms that are currently covering the firm, MarketBeat reports. Ten analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $93.1538.

A number of research firms have recently weighed in on BYD. Mizuho lowered their price objective on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. Morgan Stanley restated a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. JPMorgan Chase & Co. lifted their price target on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Texas Capital raised shares of Boyd Gaming to a “strong-buy” rating in a research note on Wednesday, June 3rd. Finally, Weiss Ratings upgraded shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 4th.

Insider Transactions at Boyd Gaming

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

Institutional Investors Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently modified their holdings of the stock. Altshuler Shaham Ltd bought a new position in shares of Boyd Gaming during the fourth quarter worth $25,000. Los Angeles Capital Management LLC purchased a new position in shares of Boyd Gaming during the fourth quarter valued at about $25,000. Advisors Asset Management Inc. grew its position in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares in the last quarter. First Horizon Corp bought a new stake in shares of Boyd Gaming in the fourth quarter worth about $41,000. Finally, Bessemer Group Inc. lifted its position in shares of Boyd Gaming by 62.8% in the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after buying an additional 203 shares in the last quarter. Institutional investors own 76.81% of the company’s stock.

Boyd Gaming Trading Down 0.2%

NYSE:BYD opened at $88.62 on Friday. Boyd Gaming has a one year low of $76.33 and a one year high of $91.00. The business has a fifty day moving average price of $84.99 and a 200-day moving average price of $84.73. The firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 3.89, a price-to-earnings-growth ratio of 2.07 and a beta of 1.07. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58.

Boyd Gaming (NYSE:BYD) last released its earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.76 by ($0.16). The company had revenue of $997.36 million for the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. Boyd Gaming’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $1.62 earnings per share. Sell-side analysts forecast that Boyd Gaming will post 7.32 EPS for the current year.

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

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Boyd Gaming’s dividend payout ratio (DPR) is currently 3.51%.

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.