Morgan Stanley Upgrades Boyd Gaming (NYSE:BYD) to “Overweight”

Morgan Stanley upgraded shares of Boyd Gaming (NYSE:BYD) from an equal weight rating to an overweight rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. Morgan Stanley currently has $74.00 price objective on the stock, up from their previous price objective of $66.00.

BYD has been the topic of a number of other research reports. Stifel Nicolaus raised their price objective on Boyd Gaming from $65.00 to $67.00 and gave the company a hold rating in a research report on Friday, July 26th. Royal Bank of Canada lowered their price target on shares of Boyd Gaming from $337.00 to $308.00 and set an outperform rating on the stock in a report on Thursday, May 16th. Raymond James assumed coverage on shares of Boyd Gaming in a research note on Tuesday, May 21st. They set an outperform rating and a $67.00 price objective for the company. Macquarie lowered their target price on shares of Boyd Gaming from $72.00 to $68.00 and set a neutral rating for the company in a research note on Friday, July 26th. Finally, StockNews.com raised Boyd Gaming from a hold rating to a buy rating in a research report on Monday, July 22nd. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $90.75.

Boyd Gaming Price Performance

Shares of BYD opened at $59.72 on Wednesday. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.79 and a current ratio of 0.83. The company has a 50 day moving average price of $57.79 and a 200-day moving average price of $58.62. Boyd Gaming has a fifty-two week low of $49.34 and a fifty-two week high of $68.46. The stock has a market capitalization of $5.67 billion, a PE ratio of 10.72, a PEG ratio of 8.84 and a beta of 1.58.

Boyd Gaming (NYSE:BYD) last posted its earnings results on Thursday, July 25th. The company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.09. Boyd Gaming had a return on equity of 34.29% and a net margin of 13.32%. The company had revenue of $967.50 million during the quarter, compared to analyst estimates of $909.49 million. During the same quarter in the prior year, the business earned $1.58 earnings per share. Boyd Gaming’s revenue was up 5.5% on a year-over-year basis. Equities analysts predict that Boyd Gaming will post 6.17 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Sunday, September 15th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.68 dividend on an annualized basis and a yield of 1.14%. Boyd Gaming’s dividend payout ratio is currently 12.21%.

Boyd Gaming declared that its Board of Directors has authorized a share repurchase plan on Monday, May 13th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Chairman Marianne Boyd Johnson sold 73,130 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $60.23, for a total value of $4,404,619.90. Following the sale, the chairman now owns 1,423,498 shares in the company, valued at $85,737,284.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Christine J. Spadafor sold 1,242 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $60.36, for a total value of $74,967.12. Following the completion of the transaction, the director now owns 1,096 shares of the company’s stock, valued at approximately $66,154.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Marianne Boyd Johnson sold 73,130 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $60.23, for a total value of $4,404,619.90. Following the sale, the chairman now directly owns 1,423,498 shares in the company, valued at $85,737,284.54. The disclosure for this sale can be found here. Corporate insiders own 27.94% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BYD. Allspring Global Investments Holdings LLC increased its holdings in shares of Boyd Gaming by 57.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares in the last quarter. Altshuler Shaham Ltd acquired a new position in shares of Boyd Gaming in the second quarter worth about $29,000. Blue Trust Inc. raised its position in shares of Boyd Gaming by 58.2% in the second quarter. Blue Trust Inc. now owns 783 shares of the company’s stock worth $43,000 after acquiring an additional 288 shares during the period. Principal Securities Inc. purchased a new stake in shares of Boyd Gaming during the 4th quarter worth about $50,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Boyd Gaming in the 1st quarter valued at about $90,000. 76.81% of the stock is owned by institutional investors and hedge funds.

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.