Boyd Gaming (NYSE:BYD) Hits New 1-Year High – Still a Buy?

Boyd Gaming Co. (NYSE:BYD) reached a new 52-week high during trading on Thursday . The company traded as high as $78.63 and last traded at $78.43, with a volume of 1874458 shares trading hands. The stock had previously closed at $76.49.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Argus upgraded Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a report on Tuesday, December 17th. Stifel Nicolaus lifted their target price on Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a report on Friday, October 25th. Jefferies Financial Group raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and upped their price target for the company from $73.00 to $92.00 in a report on Friday, January 3rd. Finally, Wells Fargo & Company lifted their price objective on shares of Boyd Gaming from $75.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Boyd Gaming has a consensus rating of “Moderate Buy” and a consensus price target of $93.13.

Boyd Gaming Trading Up 2.5 %

The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 4.28 and a beta of 1.54. The company has a 50-day moving average price of $73.93 and a 200 day moving average price of $67.29.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Monday, December 16th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.87%. Boyd Gaming’s dividend payout ratio is 12.98%.

Boyd Gaming announced that its board has approved a stock repurchase program on Thursday, December 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity at Boyd Gaming

In related news, CEO Keith Smith sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $71.77, for a total value of $2,153,100.00. Following the completion of the sale, the chief executive officer now owns 1,131,202 shares of the company’s stock, valued at approximately $81,186,367.54. The trade was a 2.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christine J. Spadafor sold 660 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $75.68, for a total transaction of $49,948.80. Following the transaction, the director now directly owns 5,977 shares in the company, valued at approximately $452,339.36. The trade was a 9.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,660 shares of company stock valued at $7,307,149. Corporate insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Large investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in Boyd Gaming by 36.9% during the 2nd quarter. AQR Capital Management LLC now owns 6,495 shares of the company’s stock valued at $357,000 after purchasing an additional 1,749 shares during the period. Creative Planning lifted its stake in shares of Boyd Gaming by 61.3% in the second quarter. Creative Planning now owns 7,959 shares of the company’s stock valued at $439,000 after buying an additional 3,025 shares during the period. Sanctuary Advisors LLC acquired a new stake in Boyd Gaming during the second quarter worth about $2,010,000. CX Institutional increased its stake in Boyd Gaming by 10.7% during the third quarter. CX Institutional now owns 16,175 shares of the company’s stock valued at $1,046,000 after acquiring an additional 1,568 shares during the period. Finally, AlphaMark Advisors LLC raised its holdings in Boyd Gaming by 5.8% in the 3rd quarter. AlphaMark Advisors LLC now owns 8,529 shares of the company’s stock valued at $551,000 after acquiring an additional 466 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors.

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.