Barclays Lowers Boyd Gaming (NYSE:BYD) Price Target to $68.00

Boyd Gaming (NYSE:BYD) had its price objective trimmed by Barclays from $70.00 to $68.00 in a research note published on Friday, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other brokerages have also recently issued reports on BYD. Morgan Stanley upped their price target on shares of Boyd Gaming from $71.00 to $72.00 and gave the company an equal weight rating in a research report on Tuesday, April 9th. Truist Financial upped their price target on shares of Boyd Gaming from $76.00 to $80.00 and gave the company a buy rating in a research report on Friday, February 9th. Mizuho decreased their price target on shares of Boyd Gaming from $80.00 to $78.00 and set a buy rating for the company in a research report on Friday. Susquehanna restated a neutral rating and issued a $75.00 price target (down from $84.00) on shares of Boyd Gaming in a research report on Monday, February 12th. Finally, Wells Fargo & Company increased their price objective on shares of Boyd Gaming from $81.00 to $82.00 and gave the stock an overweight rating in a research report on Friday, February 9th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $72.20.

Boyd Gaming Price Performance

BYD stock opened at $53.18 on Friday. The company has a 50 day simple moving average of $63.98 and a 200 day simple moving average of $62.01. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 9.55, a P/E/G ratio of 2.94 and a beta of 1.60. Boyd Gaming has a 1 year low of $52.42 and a 1 year high of $73.00. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.89 and a quick ratio of 0.85.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, February 8th. The company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.23. The business had revenue of $954.41 million during the quarter, compared to analysts’ expectations of $928.04 million. Boyd Gaming had a net margin of 14.91% and a return on equity of 34.77%. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.72 EPS. Research analysts anticipate that Boyd Gaming will post 6.19 EPS for the current fiscal year.

Boyd Gaming Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 15th were paid a dividend of $0.17 per share. The ex-dividend date was Thursday, March 14th. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.28%. Boyd Gaming’s dividend payout ratio is currently 12.21%.

Insider Buying and Selling

In related news, major shareholder William S. Boyd sold 63,464 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $63.12, for a total transaction of $4,005,847.68. Following the transaction, the insider now directly owns 8,795,449 shares of the company’s stock, valued at $555,168,740.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Boyd Gaming news, COO Ted Bogich sold 41,631 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $64.79, for a total value of $2,697,272.49. Following the transaction, the chief operating officer now directly owns 66,803 shares of the company’s stock, valued at $4,328,166.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder William S. Boyd sold 63,464 shares of the firm’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $63.12, for a total transaction of $4,005,847.68. Following the completion of the transaction, the insider now directly owns 8,795,449 shares in the company, valued at $555,168,740.88. The disclosure for this sale can be found here. Insiders have sold a total of 582,910 shares of company stock valued at $37,299,461 over the last ninety days. 27.94% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Parkside Financial Bank & Trust lifted its position in shares of Boyd Gaming by 105.5% during the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock valued at $25,000 after purchasing an additional 211 shares in the last quarter. Rakuten Securities Inc. bought a new position in shares of Boyd Gaming during the fourth quarter valued at about $30,000. Allspring Global Investments Holdings LLC lifted its position in shares of Boyd Gaming by 57.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Boyd Gaming during the fourth quarter valued at about $50,000. Finally, Allworth Financial LP increased its stake in shares of Boyd Gaming by 3,333.3% in the fourth quarter. Allworth Financial LP now owns 1,030 shares of the company’s stock worth $64,000 after purchasing an additional 1,000 shares in the last quarter. 76.81% of the stock is owned by institutional investors.

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.