Boyd Gaming (NYSE:BYD) Receives New Coverage from Analysts at Raymond James

Raymond James started coverage on shares of Boyd Gaming (NYSE:BYD) in a research report report published on Tuesday, MarketBeat Ratings reports. The firm issued an outperform rating and a $67.00 price objective on the stock.

Several other equities research analysts also recently issued reports on BYD. Wells Fargo & Company cut their target price on shares of Boyd Gaming from $82.00 to $71.00 and set an overweight rating for the company in a research note on Friday, April 26th. StockNews.com downgraded Boyd Gaming from a buy rating to a hold rating in a research note on Wednesday, May 15th. Barclays dropped their price target on Boyd Gaming from $70.00 to $68.00 and set an equal weight rating on the stock in a research note on Friday, April 26th. Argus cut shares of Boyd Gaming from a buy rating to a hold rating in a research report on Wednesday, May 1st. Finally, Truist Financial dropped their price objective on shares of Boyd Gaming from $80.00 to $75.00 and set a buy rating on the stock in a research report on Friday, April 26th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $91.42.

Boyd Gaming Trading Up 0.5 %

Shares of BYD opened at $51.78 on Tuesday. The stock’s fifty day simple moving average is $60.25 and its 200-day simple moving average is $61.46. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Boyd Gaming has a 12-month low of $51.45 and a 12-month high of $73.00. The firm has a market capitalization of $4.91 billion, a PE ratio of 9.30 and a beta of 1.64.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.06). The business had revenue of $960.52 million during the quarter, compared to the consensus estimate of $947.26 million. Boyd Gaming had a return on equity of 34.76% and a net margin of 14.91%. As a group, research analysts predict that Boyd Gaming will post 6.06 earnings per share for the current year.

Boyd Gaming declared that its board has initiated a stock buyback plan on Monday, May 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 9.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Saturday, June 15th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, June 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.31%. Boyd Gaming’s payout ratio is presently 12.21%.

Insider Activity

In other news, VP William R. Boyd sold 50,000 shares of Boyd Gaming stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $64.04, for a total transaction of $3,202,000.00. Following the transaction, the vice president now owns 1,617,970 shares in the company, valued at $103,614,798.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Boyd Gaming news, Director A. Randall Thoman sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $63.75, for a total transaction of $159,375.00. Following the completion of the transaction, the director now owns 4,017 shares in the company, valued at approximately $256,083.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP William R. Boyd sold 50,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $64.04, for a total transaction of $3,202,000.00. Following the completion of the sale, the vice president now directly owns 1,617,970 shares in the company, valued at $103,614,798.80. The disclosure for this sale can be found here. Insiders sold 463,618 shares of company stock valued at $29,564,319 over the last quarter. 27.94% of the stock is owned by company insiders.

Hedge Funds Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently modified their holdings of the business. California Public Employees Retirement System grew its stake in shares of Boyd Gaming by 3.3% in the 3rd quarter. California Public Employees Retirement System now owns 146,803 shares of the company’s stock valued at $8,930,000 after buying an additional 4,752 shares during the period. Lmcg Investments LLC increased its holdings in shares of 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 acquiring an additional 269 shares in the last quarter. Great Lakes Advisors LLC raised its position in shares of Boyd Gaming by 3.7% during the third quarter. Great Lakes Advisors LLC now owns 5,971 shares of the company’s stock worth $363,000 after purchasing an additional 213 shares during the period. Dorsey Wright & Associates acquired a new position in shares of Boyd Gaming during the third quarter worth approximately $2,221,000. Finally, J.P. Morgan Private Wealth Advisors LLC lifted its holdings in shares of Boyd Gaming by 1.5% in the 3rd quarter. J.P. Morgan Private Wealth Advisors LLC now owns 68,409 shares of the company’s stock worth $4,161,000 after purchasing an additional 983 shares in the last quarter. 76.81% of the stock is currently owned by 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.