Boyd Gaming (NYSE:BYD) Price Target Raised to $85.00 at Truist Financial

Boyd Gaming (NYSE:BYD - Free Report) had its price objective hoisted by Truist Financial from $77.00 to $85.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Mizuho restated an "outperform" rating and set a $79.00 price objective (up previously from $78.00) on shares of Boyd Gaming in a report on Friday, October 25th. Stifel Nicolaus upped their price objective on Boyd Gaming from $67.00 to $74.00 and gave the company a "hold" rating in a report on Friday, October 25th. Barclays lifted their target price on Boyd Gaming from $70.00 to $71.00 and gave the stock an "equal weight" rating in a report on Friday, October 25th. JPMorgan Chase & Co. upped their price target on shares of Boyd Gaming from $69.00 to $74.00 and gave the company a "neutral" rating in a research note on Friday, December 13th. Finally, Morgan Stanley lifted their price objective on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 22nd. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $92.20.

Boyd Gaming Stock Performance

BYD stock traded up $0.77 during midday trading on Tuesday, reaching $72.60. 1,108,549 shares of the company were exchanged, compared to its average volume of 918,244. Boyd Gaming has a one year low of $49.34 and a one year high of $76.73. The firm has a market capitalization of $6.42 billion, a price-to-earnings ratio of 13.85, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. The business has a 50-day moving average price of $72.83 and a two-hundred day moving average price of $65.02. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend is Monday, December 16th. Boyd Gaming's payout ratio is 12.98%.

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, 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 completion of the transaction, the director now directly owns 5,977 shares of the company's stock, valued at $452,339.36. This trade represents a 9.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William R. Boyd sold 25,155 shares of Boyd Gaming stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $69.35, for a total value of $1,744,499.25. Following the transaction, the director now directly owns 1,487,970 shares in the company, valued at $103,190,719.50. The trade was a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 147,364 shares of company stock worth $10,590,893. Insiders own 27.94% of the company's stock.

Hedge Funds Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Altshuler Shaham Ltd acquired a new position in shares of Boyd Gaming in the 2nd quarter worth approximately $29,000. GAMMA Investing LLC lifted its holdings in Boyd Gaming by 47.4% in the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company's stock valued at $33,000 after buying an additional 148 shares during the period. Covestor Ltd boosted its position in Boyd Gaming by 54.9% during the third quarter. Covestor Ltd now owns 587 shares of the company's stock valued at $38,000 after acquiring an additional 208 shares during the last quarter. Quarry LP grew its holdings in Boyd Gaming by 150.1% during the 3rd quarter. Quarry LP now owns 873 shares of the company's stock worth $56,000 after acquiring an additional 524 shares during the period. Finally, Farther Finance Advisors LLC raised its position in shares of Boyd Gaming by 921.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 889 shares of the company's stock worth $57,000 after acquiring an additional 802 shares in the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

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.