Boyd Gaming (NYSE:BYD) Price Target Cut to $71.00

Boyd Gaming (NYSE:BYD) had its price objective dropped by equities research analysts at Wells Fargo & Company from $82.00 to $71.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 33.16% from the company’s previous close.

Other analysts have also recently issued reports about the company. StockNews.com upgraded Boyd Gaming from a “hold” rating to a “buy” rating in a research report on Wednesday, January 24th. JPMorgan Chase & Co. cut Boyd Gaming from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $80.00 to $67.00 in a research report on Friday. Susquehanna restated a “neutral” rating and issued a $75.00 target price (down from $84.00) on shares of Boyd Gaming in a research report on Monday, February 12th. Stifel Nicolaus lowered their target price on Boyd Gaming from $71.00 to $65.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Mizuho lowered their price target on Boyd Gaming from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Friday. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $72.20.

Boyd Gaming Stock Performance

Shares of NYSE BYD traded down $9.57 during mid-day trading on Friday, hitting $53.32. The company had a trading volume of 4,804,913 shares, compared to its average volume of 785,510. The stock has a market cap of $5.10 billion, a price-to-earnings ratio of 8.69, a PEG ratio of 2.98 and a beta of 1.60. Boyd Gaming has a 12 month low of $52.42 and a 12 month high of $73.00. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.89 and a quick ratio of 0.85. The firm’s 50 day simple moving average is $64.19 and its two-hundred day simple moving average is $62.06.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, February 8th. The company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.23. The business had revenue of $954.41 million for the quarter, compared to the consensus estimate of $928.04 million. Boyd Gaming had a return on equity of 36.97% and a net margin of 16.58%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the business posted $1.72 EPS. As a group, equities research analysts forecast that Boyd Gaming will post 6.19 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 value of $4,005,847.68. Following the transaction, the insider now directly owns 8,795,449 shares in the company, valued at approximately $555,168,740.88. The sale was disclosed in a legal 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 firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $63.77, for a total value of $7,971,250.00. Following the completion of the sale, the insider now owns 9,358,913 shares of the company’s stock, valued at $596,817,882.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder William S. Boyd sold 63,464 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $63.12, for a total value of $4,005,847.68. Following the completion of the sale, the insider now directly owns 8,795,449 shares of the company’s stock, valued at approximately $555,168,740.88. The disclosure for this sale can be found here. Insiders have sold 582,910 shares of company stock worth $37,299,461 in the last three months. 27.94% of the stock is currently owned by insiders.

Institutional Trading of Boyd Gaming

Several hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its position in shares of Boyd Gaming by 57.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after buying an additional 189 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Boyd Gaming by 105.5% in the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock worth $25,000 after buying an additional 211 shares during the period. Great Lakes Advisors LLC boosted its position in Boyd Gaming by 3.7% during the third quarter. Great Lakes Advisors LLC now owns 5,971 shares of the company’s stock valued at $363,000 after purchasing an additional 213 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Boyd Gaming by 0.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 31,457 shares of the company’s stock valued at $2,118,000 after purchasing an additional 264 shares during the last quarter. Finally, Lmcg Investments LLC boosted its position in Boyd Gaming by 2.2% during the third quarter. Lmcg Investments LLC now owns 12,257 shares of the company’s stock valued at $746,000 after purchasing an additional 269 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.