Boyd Gaming (NYSE:BYD) Price Target Raised to $88.00

Boyd Gaming (NYSE:BYD) had its price objective raised by investment analysts at Wells Fargo & Company from $82.00 to $88.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 12.52% from the company’s previous close.

A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Boyd Gaming from $74.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, January 24th. Mizuho increased their price target on Boyd Gaming from $79.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday. Jefferies Financial Group upgraded Boyd Gaming from a “hold” rating to a “buy” rating and boosted their price objective for the company from $73.00 to $92.00 in a research report on Friday, January 3rd. JMP Securities reaffirmed a “market perform” rating on shares of Boyd Gaming in a research report on Thursday, January 16th. Finally, Susquehanna boosted their price target on Boyd Gaming from $69.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Boyd Gaming currently has a consensus rating of “Moderate Buy” and an average target price of $94.20.

Boyd Gaming Trading Down 0.5 %

BYD stock opened at $78.21 on Friday. Boyd Gaming has a 1-year low of $49.34 and a 1-year high of $80.96. The firm has a market cap of $6.91 billion, a P/E ratio of 14.92, a P/E/G ratio of 4.28 and a beta of 1.54. The business’s 50 day moving average is $74.03 and its 200-day moving average is $67.37. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings data on Thursday, February 6th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.10% and a net margin of 13.01%. Equities analysts anticipate that Boyd Gaming will post 6.35 earnings per share for the current fiscal year.

Boyd Gaming declared that its Board of Directors has initiated a stock repurchase program on Thursday, December 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CEO Keith Smith sold 40,000 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $73.49, for a total value of $2,939,600.00. Following the transaction, the chief executive officer now owns 1,161,202 shares in the company, valued at $85,336,734.98. The trade was a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $75.68, for a total value of $49,948.80. Following the completion of the transaction, the director now directly owns 5,977 shares of the company’s stock, valued at approximately $452,339.36. This trade represents a 9.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 100,660 shares of company stock worth $7,307,149. Insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Hedge funds have recently added to or reduced their stakes in the stock. UMB Bank n.a. boosted its position in shares of Boyd Gaming by 80.3% during the fourth quarter. UMB Bank n.a. now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 175 shares during the last quarter. GAMMA Investing LLC lifted its stake in Boyd Gaming by 47.4% during the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock valued at $33,000 after acquiring an additional 148 shares in the last quarter. Covestor Ltd grew its stake in shares of Boyd Gaming by 54.9% in the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock worth $38,000 after acquiring an additional 208 shares in the last quarter. Quarry LP grew its stake in shares of Boyd Gaming by 150.1% in the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock worth $56,000 after acquiring an additional 524 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Boyd Gaming by 921.8% in the third quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock valued at $57,000 after purchasing an additional 802 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, 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.