Boyd Gaming (NYSE:BYD) Upgraded by Texas Capital to “Strong-Buy” Rating

Texas Capital upgraded shares of Boyd Gaming (NYSE:BYD) to a strong-buy rating in a report released on Wednesday morning,Zacks.com reports.

Other analysts have also recently issued reports about the stock. Citigroup lifted their price objective on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Stifel Nicolaus cut their target price on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating for the company in a report on Friday, April 24th. Mizuho cut their target price on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a report on Friday, April 24th. JPMorgan Chase & Co. lifted their target price on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Finally, Barclays cut their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $92.08.

Boyd Gaming Stock Performance

Shares of NYSE BYD opened at $88.24 on Wednesday. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. Boyd Gaming has a 12 month low of $72.71 and a 12 month high of $89.96. The company has a 50 day simple moving average of $83.98 and a two-hundred day simple moving average of $83.86. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of 3.87, a PEG ratio of 2.03 and a beta of 1.08.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 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 business had revenue of $997.36 million for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The business’s revenue was up .6% on a year-over-year basis. As a group, analysts predict that Boyd Gaming will post 7.32 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, June 15th. Boyd Gaming’s payout ratio is 3.51%.

Boyd Gaming declared that its board has authorized a stock repurchase plan on Thursday, April 23rd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Boyd Gaming

In other news, Chairman Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the completion of the transaction, the chairman directly owned 1,609,808 shares of the company’s stock, valued at $135,272,166.24. The trade was a 3.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 200,000 shares of company stock valued at $17,038,987. Insiders own 22.82% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in BYD. Altshuler Shaham Ltd purchased a new stake in Boyd Gaming in the 4th quarter worth $25,000. Los Angeles Capital Management LLC purchased a new stake in Boyd Gaming in the 4th quarter worth $25,000. Advisors Asset Management Inc. increased its holdings in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after acquiring an additional 196 shares in the last quarter. First Horizon Corp purchased a new stake in Boyd Gaming in the 4th quarter worth $41,000. Finally, Bessemer Group Inc. increased its holdings in Boyd Gaming by 62.8% in the 1st quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after acquiring an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

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.