Boyd Gaming (NYSE:BYD) Price Target Raised to $80.00 at JPMorgan Chase & Co.

Boyd Gaming (NYSE:BYD) had its target price lifted by investment analysts at JPMorgan Chase & Co. from $74.00 to $80.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 5.60% from the stock’s previous close.

BYD has been the topic of several other reports. Morgan Stanley raised their target price on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Mizuho reiterated an “outperform” rating and issued a $79.00 target price (up previously from $78.00) on shares of Boyd Gaming in a research note on Friday, October 25th. Truist Financial upped their price objective on shares of Boyd Gaming from $77.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Stifel Nicolaus raised their target price on shares of Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a research note on Friday, October 25th. Finally, Argus upgraded Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Tuesday, December 17th. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Boyd Gaming presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.80.

Boyd Gaming Stock Up 0.4 %

Boyd Gaming stock traded up $0.31 during midday trading on Friday, hitting $75.76. 122,551 shares of the stock were exchanged, compared to its average volume of 843,228. The company has a 50 day moving average price of $73.15 and a two-hundred day moving average price of $66.01. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The firm has a market cap of $6.70 billion, a P/E ratio of 14.48, a P/E/G ratio of 4.21 and a beta of 1.54. Boyd Gaming has a 1 year low of $49.34 and a 1 year high of $76.73.

Boyd Gaming declared that its board has initiated a stock buyback plan on Thursday, December 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Boyd Gaming

In related news, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $75.68, for a total transaction of $49,948.80. Following the completion of the transaction, the director now owns 5,977 shares of the company’s stock, valued at $452,339.36. This trade represents a 9.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keith Smith sold 40,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the sale, the chief executive officer now directly owns 1,161,202 shares in the company, valued at $85,336,734.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 147,364 shares of company stock worth $10,590,893 in the last quarter. 27.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Hantz Financial Services Inc. boosted its holdings in Boyd Gaming by 30.2% during the fourth quarter. Hantz Financial Services Inc. now owns 20,824 shares of the company’s stock worth $1,511,000 after purchasing an additional 4,828 shares during the last quarter. R Squared Ltd bought a new position in shares of Boyd Gaming during the 4th quarter worth approximately $156,000. Mount Yale Investment Advisors LLC grew its holdings in shares of Boyd Gaming by 13.8% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 4,320 shares of the company’s stock valued at $313,000 after acquiring an additional 523 shares in the last quarter. AlphaMark Advisors LLC increased its position in shares of Boyd Gaming by 5.3% during the fourth quarter. AlphaMark Advisors LLC now owns 8,979 shares of the company’s stock valued at $651,000 after acquiring an additional 450 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its holdings in Boyd Gaming by 2.3% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 18,408 shares of the company’s stock worth $1,335,000 after acquiring an additional 411 shares during the period. Hedge funds and other institutional investors own 76.81% of the company’s stock.

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.