Boyd Gaming Corporation (NYSE:BYD) Receives $92.08 Average Price Target from Brokerages

Boyd Gaming Corporation (NYSE:BYD) has been assigned a consensus rating of “Hold” from the fourteen analysts that are covering the stock, Marketbeat.com reports. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $92.0833.

Several equities analysts recently commented on BYD shares. Wells Fargo & Company dropped their target price on Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating for the company in a research note on Thursday, April 16th. Morgan Stanley reiterated a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Stifel Nicolaus dropped their target price on Boyd Gaming from $95.00 to $91.00 and set a “hold” rating for the company in a research note on Friday, April 24th. Mizuho dropped their target price on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Finally, Citigroup upped their target price on Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th.

Boyd Gaming Stock Down 0.0%

Shares of NYSE:BYD opened at $79.08 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. Boyd Gaming has a 52-week low of $72.01 and a 52-week high of $89.96. The stock’s fifty day simple moving average is $83.76 and its 200-day simple moving average is $83.62. The company has a market capitalization of $5.88 billion, a P/E ratio of 3.47, a P/E/G ratio of 1.85 and a beta of 1.11.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company had revenue of $997.36 million during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the company earned $1.62 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. As a group, equities research analysts forecast that Boyd Gaming will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, June 15th. Boyd Gaming’s dividend payout ratio is presently 3.51%.

Boyd Gaming declared that its board has approved a stock buyback plan on Thursday, April 23rd that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Stephen S. Thompson sold 19,530 shares of the company’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $83.59, for a total value of $1,632,512.70. Following the completion of the transaction, the insider directly owned 22,009 shares in the company, valued at approximately $1,839,732.31. This represents a 47.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Josh Hirsberg sold 23,924 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $85.86, for a total value of $2,054,114.64. Following the completion of the transaction, the chief financial officer owned 435,746 shares of the company’s stock, valued at $37,413,151.56. The trade was a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 173,454 shares of company stock valued at $14,680,814. 22.82% of the stock is owned by company insiders.

Institutional Investors Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Altshuler Shaham Ltd acquired a new stake in Boyd Gaming during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC acquired a new stake in Boyd Gaming during the fourth quarter worth about $25,000. First Horizon Corp acquired a new stake in Boyd Gaming during the fourth quarter worth about $41,000. Bessemer Group Inc. increased its stake in Boyd Gaming by 62.8% during the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after acquiring an additional 203 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after acquiring an additional 196 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.