Boyd Gaming (NYSE:BYD) Price Target Raised to $93.00

Boyd Gaming (NYSE:BYD) had its price objective raised by JPMorgan Chase & Co. from $90.00 to $93.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts also recently weighed in on BYD. Citigroup increased their target price on shares of Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a research note on Thursday, April 16th. Texas Capital raised Boyd Gaming to a “strong-buy” rating in a research note on Wednesday, June 3rd. Mizuho reduced their price objective on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a research note on Friday, April 24th. Benchmark started coverage on Boyd Gaming in a research report on Monday, June 22nd. They set a “buy” rating and a $100.00 price objective for the company. Finally, The Goldman Sachs Group initiated coverage on Boyd Gaming in a research note on Friday, June 26th. They issued a “neutral” rating and a $91.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Boyd Gaming has a consensus rating of “Hold” and a consensus price target of $94.15.

Boyd Gaming Stock Down 2.1%

Shares of NYSE:BYD opened at $87.85 on Wednesday. The stock has a market cap of $6.53 billion, a P/E ratio of 3.85, a P/E/G ratio of 2.12 and a beta of 1.07. The firm has a fifty day moving average price of $85.19 and a 200 day moving average price of $84.82. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming has a 1-year low of $76.33 and a 1-year high of $91.00.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). The business had revenue of $997.36 million for the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.62 earnings per share. Sell-side analysts predict that Boyd Gaming will post 7.23 EPS for the current year.

Boyd Gaming Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Monday, June 15th. Boyd Gaming’s dividend payout ratio (DPR) is 3.51%.

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

Insider Transactions at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the completion of the sale, the chairman owned 1,609,808 shares in the company, valued at $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares in the company, valued at $85,640,667.90. This represents a 9.12% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 200,000 shares of company stock worth $17,038,987. Company insiders own 22.82% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

A number of large investors have recently modified their holdings of BYD. Northwestern Mutual Wealth Management Co. boosted its position in shares of Boyd Gaming by 1,466.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company’s stock worth $2,810,000 after purchasing an additional 30,860 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Boyd Gaming in the 4th quarter valued at about $15,551,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Boyd Gaming in the 4th quarter valued at about $1,922,000. III Capital Management acquired a new stake in shares of Boyd Gaming in the fourth quarter valued at about $4,177,000. Finally, Convergence Investment Partners LLC acquired a new stake in shares of Boyd Gaming in the fourth quarter valued at about $1,256,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Company Profile

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.