Boyd Gaming (NYSE:BYD) Price Target Raised to $88.00

Boyd Gaming (NYSE:BYD) had its target price hoisted by Wells Fargo & Company from $81.00 to $88.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other analysts have also recently commented on BYD. Mizuho lowered their price target 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. Susquehanna lowered their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Barclays reduced their price target on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Friday, April 24th. The Goldman Sachs Group started coverage on shares of Boyd Gaming in a report on Friday, June 26th. They issued a “neutral” rating and a $91.00 price target for the company. Finally, Morgan Stanley reiterated a “mixed” rating on shares of Boyd Gaming in a report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $93.77.

Boyd Gaming Stock Up 2.4%

NYSE:BYD opened at $89.73 on Tuesday. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. Boyd Gaming has a 12-month low of $76.33 and a 12-month high of $91.00. The stock’s fifty day simple moving average is $85.14 and its 200-day simple moving average is $84.79. The firm has a market capitalization of $6.67 billion, a P/E ratio of 3.93, a P/E/G ratio of 2.05 and a beta of 1.07.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company had revenue of $997.36 million during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company posted $1.62 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Equities research analysts expect that Boyd Gaming will post 7.32 earnings per share for the current year.

Boyd Gaming announced that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. Boyd Gaming’s dividend payout ratio is currently 3.51%.

Insiders Place Their Bets

In related news, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the completion of the transaction, the chairman directly owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 200,000 shares of company stock worth $17,038,987. 22.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its stake in Boyd Gaming by 1,466.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company’s stock valued at $2,810,000 after acquiring an additional 30,860 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Boyd Gaming during the 4th quarter worth approximately $15,551,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Boyd Gaming during the 4th quarter worth approximately $1,922,000. Brevan Howard Capital Management LP raised its holdings in shares of Boyd Gaming by 47.9% in the third quarter. Brevan Howard Capital Management LP now owns 41,034 shares of the company’s stock valued at $3,547,000 after purchasing an additional 13,287 shares during the last quarter. Finally, Convergence Investment Partners LLC acquired a new stake in shares of Boyd Gaming in the fourth quarter valued at approximately $1,256,000. 76.81% of the stock is owned by institutional investors and hedge funds.

About Boyd Gaming

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.