Truist Financial Forecasts Strong Price Appreciation for Boyd Gaming (NYSE:BYD) Stock

Boyd Gaming (NYSE:BYD) had its target price hoisted by Truist Financial from $85.00 to $88.00 in a report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research analysts have also recently commented on the company. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. JMP Securities reissued a “market perform” rating on shares of Boyd Gaming in a research report on Thursday, January 16th. Argus raised Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Tuesday, December 17th. Susquehanna boosted their target price on Boyd Gaming from $69.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Mizuho reissued an “outperform” rating and issued a $79.00 target price (up previously from $78.00) on shares of Boyd Gaming in a research report on Friday, October 25th. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $93.13.

Boyd Gaming Trading Down 0.1 %

BYD opened at $76.72 on Tuesday. Boyd Gaming has a one year low of $49.34 and a one year high of $78.58. The stock has a market capitalization of $6.78 billion, a PE ratio of 14.64, a P/E/G ratio of 4.28 and a beta of 1.54. The business’s 50 day moving average price is $73.86 and its 200 day moving average price is $67.23. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82.

Boyd Gaming Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend was Monday, December 16th. Boyd Gaming’s dividend payout ratio (DPR) is presently 12.98%.

Boyd Gaming declared that its board has approved a stock repurchase plan on Thursday, December 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.6% 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.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 660 shares of the company’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $75.68, for a total value of $49,948.80. Following the completion of the transaction, the director now owns 5,977 shares in the company, valued at $452,339.36. This represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Keith Smith sold 30,000 shares of the company’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $71.77, for a total transaction of $2,153,100.00. Following the completion of the transaction, the chief executive officer now owns 1,131,202 shares of the company’s stock, valued at $81,186,367.54. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 100,660 shares of company stock valued at $7,307,149 over the last quarter. 28.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Boyd Gaming

Several large investors have recently bought and sold shares of BYD. Victory Capital Management Inc. grew its holdings in shares of Boyd Gaming by 6,158.8% during the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock worth $58,761,000 after buying an additional 894,383 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Boyd Gaming by 4,816.4% during the third quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock worth $119,320,000 after buying an additional 180,806 shares during the last quarter. Goldentree Asset Management LP purchased a new position in shares of Boyd Gaming during the third quarter worth about $11,490,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Boyd Gaming by 226.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 202,824 shares of the company’s stock worth $14,569,000 after buying an additional 140,707 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new position in shares of Boyd Gaming during the third quarter worth about $7,101,000. Institutional investors and hedge funds own 76.81% of the company’s stock.

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.