Stifel Nicolaus Lowers Boyd Gaming (NYSE:BYD) Price Target to $65.00

Boyd Gaming (NYSE:BYD) had its price target lowered by Stifel Nicolaus from $71.00 to $65.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other equities analysts have also commented on the stock. Mizuho dropped 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. Wells Fargo & Company increased their target price on Boyd Gaming from $81.00 to $82.00 and gave the stock an overweight rating in a research report on Friday, February 9th. Morgan Stanley boosted their price target on Boyd Gaming from $71.00 to $72.00 and gave the company an equal weight rating in a research report on Tuesday, April 9th. Susquehanna restated a neutral rating and set a $75.00 price target (down from $84.00) on shares of Boyd Gaming in a research note on Monday, February 12th. Finally, Truist Financial reduced their price objective on Boyd Gaming from $80.00 to $75.00 and set a buy rating on the stock in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $72.20.

Boyd Gaming Price Performance

Shares of NYSE:BYD opened at $53.95 on Friday. The company has a market cap of $5.16 billion, a P/E ratio of 9.69, a P/E/G ratio of 2.49 and a beta of 1.60. The business has a fifty day simple moving average of $63.80 and a 200-day simple moving average of $61.99. Boyd Gaming has a 52 week low of $52.42 and a 52 week high of $73.00. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.65.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Thursday, February 8th. The company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.43 by $0.23. The company had revenue of $954.41 million during the quarter, compared to analysts’ expectations of $928.04 million. Boyd Gaming had a return on equity of 34.77% and a net margin of 14.91%. The firm’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.72 EPS. Equities research analysts forecast that Boyd Gaming will post 6.2 EPS for the current year.

Boyd Gaming Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were given a $0.17 dividend. This is an increase from Boyd Gaming’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.26%. Boyd Gaming’s dividend payout ratio is presently 12.21%.

Insider Activity

In related news, major shareholder William S. Boyd sold 63,464 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was 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 approximately $555,168,740.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder William S. Boyd sold 125,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $63.77, for a total value of $7,971,250.00. Following the completion of the transaction, the insider now directly owns 9,358,913 shares in the company, valued at $596,817,882.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder William S. Boyd sold 63,464 shares of Boyd Gaming stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $63.12, for a total transaction of $4,005,847.68. Following the sale, the insider now directly owns 8,795,449 shares in the company, valued at approximately $555,168,740.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 582,910 shares of company stock worth $37,299,461. 28.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deutsche Bank AG boosted its holdings in Boyd Gaming by 23.3% in the third quarter. Deutsche Bank AG now owns 230,397 shares of the company’s stock valued at $14,015,000 after purchasing an additional 43,578 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Boyd Gaming during the 4th quarter valued at approximately $117,720,000. Sei Investments Co. grew its position in shares of Boyd Gaming by 8.6% during the third quarter. Sei Investments Co. now owns 243,365 shares of the company’s stock worth $14,804,000 after buying an additional 19,256 shares in the last quarter. UBS Group AG increased its stake in shares of Boyd Gaming by 4.9% in the third quarter. UBS Group AG now owns 274,235 shares of the company’s stock worth $16,682,000 after buying an additional 12,798 shares during the last quarter. Finally, Black Diamond Capital Management L.L.C. acquired a new stake in Boyd Gaming in the third quarter valued at $4,988,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.