Boyd Gaming Co. (NYSE:BYD) Receives $91.64 Average Target Price from Analysts

Shares of Boyd Gaming Co. (NYSE:BYD - Get Free Report) have been given an average recommendation of "Moderate Buy" by the fourteen ratings firms that are covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $91.64.

Several equities research analysts have issued reports on the company. Morgan Stanley lifted their price target on shares of Boyd Gaming from $74.00 to $78.00 and gave the company an "overweight" rating in a research report on Tuesday, October 22nd. Argus upgraded Boyd Gaming from a "hold" rating to a "buy" rating and set a $90.00 price objective on the stock in a report on Tuesday, December 17th. Truist Financial raised their target price on Boyd Gaming from $75.00 to $77.00 and gave the company a "buy" rating in a report on Wednesday, October 23rd. Stifel Nicolaus boosted their price target on shares of Boyd Gaming from $67.00 to $74.00 and gave the stock a "hold" rating in a research note on Friday, October 25th. Finally, Bank of America increased their price target on Boyd Gaming from $68.00 to $72.00 and gave the company a "buy" rating in a research report on Tuesday, September 17th.

Boyd Gaming Price Performance

Shares of NYSE:BYD traded up $0.45 during trading on Wednesday, reaching $72.54. 785,322 shares of the company's stock traded hands, compared to its average volume of 900,644. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. Boyd Gaming has a fifty-two week low of $49.34 and a fifty-two week high of $76.73. The company has a 50-day simple moving average of $72.19 and a 200-day simple moving average of $63.87. The firm has a market cap of $6.41 billion, a PE ratio of 13.84, a P/E/G ratio of 9.93 and a beta of 1.54.

Boyd Gaming announced that its board has approved a stock repurchase plan on Thursday, December 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be given a dividend of $0.17 per share. The ex-dividend date is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a yield of 0.94%. Boyd Gaming's payout ratio is 12.98%.

Insider Activity

In other news, Director Christine J. Spadafor sold 660 shares of the firm's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $75.68, for a total transaction of $49,948.80. Following the sale, the director now owns 5,977 shares in the company, valued at $452,339.36. This trade represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Josh Hirsberg sold 21,549 shares of the firm's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $71.43, for a total value of $1,539,245.07. Following the completion of the sale, the chief financial officer now directly owns 438,615 shares in the company, valued at approximately $31,330,269.45. The trade was a 4.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 147,364 shares of company stock worth $10,590,893 over the last three months. 27.94% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently modified their holdings of BYD. Altshuler Shaham Ltd acquired a new stake in Boyd Gaming during the second quarter valued at approximately $29,000. Covestor Ltd raised its position in shares of Boyd Gaming by 54.9% during the 3rd quarter. Covestor Ltd now owns 587 shares of the company's stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Quarry LP lifted its stake in Boyd Gaming by 150.1% during the third quarter. Quarry LP now owns 873 shares of the company's stock worth $56,000 after purchasing an additional 524 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in Boyd Gaming by 921.8% in the third quarter. Farther Finance Advisors LLC now owns 889 shares of the company's stock worth $57,000 after purchasing an additional 802 shares during the period. Finally, Venturi Wealth Management LLC increased its stake in Boyd Gaming by 85.3% during the third quarter. Venturi Wealth Management LLC now owns 943 shares of the company's stock valued at $61,000 after purchasing an additional 434 shares during the last quarter. Hedge funds and other institutional investors 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.