Stifel Nicolaus Increases Boyd Gaming (NYSE:BYD) Price Target to $67.00

Boyd Gaming (NYSE:BYD) had its target price hoisted by Stifel Nicolaus from $65.00 to $67.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the stock.

BYD has been the topic of several other reports. Royal Bank of Canada lowered their target price 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. Mizuho lowered their target price on shares of Boyd Gaming from $80.00 to $78.00 and set a buy rating on the stock in a report on Friday, April 26th. Raymond James started coverage on shares of Boyd Gaming in a report on Tuesday, May 21st. They set an outperform rating and a $67.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Boyd Gaming from $82.00 to $71.00 and set an overweight rating on the stock in a report on Friday, April 26th. Finally, Truist Financial lowered their target price on shares of Boyd Gaming from $80.00 to $75.00 and set a buy rating on the stock in a report on Friday, April 26th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $89.31.

Boyd Gaming Stock Up 0.7 %

Boyd Gaming stock opened at $61.49 on Friday. The stock has a market cap of $5.83 billion, a P/E ratio of 11.04 and a beta of 1.59. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Boyd Gaming has a twelve month low of $49.34 and a twelve month high of $68.80. The company’s 50-day moving average price is $54.91 and its two-hundred day moving average price is $59.73.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Thursday, July 25th. The company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.09. The firm had revenue of $967.50 million for the quarter, compared to analysts’ expectations of $909.49 million. Boyd Gaming had a net margin of 13.32% and a return on equity of 34.08%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.58 EPS. As a group, analysts expect that Boyd Gaming will post 6.06 EPS for the current year.

Boyd Gaming Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Saturday, June 15th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.11%. Boyd Gaming’s dividend payout ratio is 12.21%.

Boyd Gaming announced that its board has initiated a stock buyback program on Monday, May 13th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 9.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,874 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $53.38, for a total value of $100,034.12. Following the sale, the director now owns 2,338 shares in the company, valued at $124,802.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 27.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Boyd Gaming

Hedge funds have recently modified their holdings of the business. Rakuten Securities Inc. acquired a new position in shares of Boyd Gaming during the fourth quarter worth $30,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Boyd Gaming by 57.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after purchasing an additional 189 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Boyd Gaming by 57.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 647 shares of the company’s stock worth $41,000 after purchasing an additional 236 shares during the period. Blue Trust Inc. lifted its holdings in shares of Boyd Gaming by 58.2% during the second quarter. Blue Trust Inc. now owns 783 shares of the company’s stock worth $43,000 after purchasing an additional 288 shares during the period. Finally, Principal Securities Inc. acquired a new position in shares of Boyd Gaming during the fourth quarter worth $50,000. 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.