Boyd Gaming (NYSE:BYD) Stock Price Target Lowered at Truist Financial

Boyd Gaming (NYSE:BYD) had its price target dropped by research analysts at Truist Financial from $110.00 to $100.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective points to a potential upside of 40.09% from the stock’s current price.

A number of other analysts also recently commented on the company. Wells Fargo & Company decreased their target price on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Monday. Weiss Ratings raised Boyd Gaming from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. The Goldman Sachs Group set a $80.00 price target on Boyd Gaming in a research report on Tuesday, October 13th. Citigroup restated a “market perform” rating on shares of Boyd Gaming in a research report on Tuesday, October 13th. Finally, Wolfe Research began coverage on Boyd Gaming in a research note on Wednesday, September 2nd. They set a “peer perform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, Boyd Gaming has a consensus rating of “Moderate Buy” and a consensus price target of $91.50.

Boyd Gaming Price Performance

Shares of NYSE:BYD traded up $0.42 during trading on Tuesday, hitting $71.39. 157,632 shares of the stock were exchanged, compared to its average volume of 973,692. The company has a fifty day moving average price of $75.13 and a two-hundred day moving average price of $81.93. The company has a market cap of $5.19 billion, a PE ratio of 3.14, a P/E/G ratio of 1.24 and a beta of 1.12. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. Boyd Gaming has a 12-month low of $65.00 and a 12-month high of $91.41.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the prior year, the firm posted $1.87 EPS. The company’s revenue was up .0% compared to the same quarter last year. On average, analysts forecast that Boyd Gaming will post 7.16 EPS for the current year.

Insider Activity at Boyd Gaming

In other news, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the sale, the chief financial officer directly owned 422,969 shares in the company, valued at $37,965,697.44. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 22.82% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in Boyd Gaming by 69.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,869 shares of the company’s stock valued at $124,000 after buying an additional 767 shares in the last quarter. Vista Investment Partners LLC increased its position in Boyd Gaming by 2.3% during the third quarter. Vista Investment Partners LLC now owns 18,681 shares of the company’s stock worth $1,244,000 after buying an additional 418 shares in the last quarter. QRG Capital Management Inc. raised its holdings in shares of Boyd Gaming by 13.9% in the second quarter. QRG Capital Management Inc. now owns 54,337 shares of the company’s stock worth $4,800,000 after acquiring an additional 6,618 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Boyd Gaming by 23.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,050 shares of the company’s stock worth $269,000 after acquiring an additional 577 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Boyd Gaming by 11.0% in the second quarter. Sequoia Financial Advisors LLC now owns 77,572 shares of the company’s stock worth $6,852,000 after acquiring an additional 7,688 shares during the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

About Boyd Gaming

Boyd Gaming Corporation is a gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates casinos, hotels, restaurants, entertainment venues and related amenities under brands including Sam’s Town, The Orleans, Gold Coast, Suncoast and Fremont.

Boyd Gaming serves customers across several U.S. states, with a significant presence in Nevada as well as properties in the Midwest and South. Its portfolio includes destination resorts, regional casinos and racetracks offering slot machines, table games, poker, sports betting and other gaming experiences.

The company also operates online gaming and sports-wagering businesses in selected markets, including through partnerships and digital platforms.