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

Boyd Gaming (NYSE:BYD) had its price objective increased by stock analysts at Truist Financial from $77.00 to $85.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 15.71% from the stock’s current price.

Several other analysts have also recently commented on BYD. StockNews.com upgraded shares of Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. lifted their price target on shares of Boyd Gaming from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Argus upgraded Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a report on Tuesday, December 17th. Barclays lifted their price objective on Boyd Gaming from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Finally, Morgan Stanley boosted their target price on Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.20.

Boyd Gaming Price Performance

Boyd Gaming stock opened at $73.46 on Tuesday. The company has a market cap of $6.49 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. Boyd Gaming has a one year low of $49.34 and a one year high of $76.73. The business has a fifty day moving average of $72.91 and a two-hundred day moving average of $65.14. 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 declared that its Board of Directors has authorized a stock buyback plan on Thursday, December 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director William R. Boyd sold 25,155 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $69.35, for a total transaction of $1,744,499.25. Following the transaction, the director now directly owns 1,487,970 shares in the company, valued at approximately $103,190,719.50. This represents a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keith Smith sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total value of $2,939,600.00. Following the completion of the sale, the chief executive officer now directly owns 1,161,202 shares in the company, valued at approximately $85,336,734.98. The trade was a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 147,364 shares of company stock valued at $10,590,893 in the last quarter. 27.94% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently bought and sold shares of BYD. Ariel Investments LLC boosted its holdings in shares of Boyd Gaming by 12.5% in the 2nd quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock valued at $167,046,000 after purchasing an additional 335,984 shares during the last quarter. State Street Corp boosted its holdings in Boyd Gaming by 0.8% in the third quarter. State Street Corp now owns 2,108,672 shares of the company’s stock valued at $136,680,000 after acquiring an additional 17,591 shares during the last quarter. Geode Capital Management LLC grew its position in Boyd Gaming by 3.0% during the third quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company’s stock valued at $74,611,000 after acquiring an additional 33,379 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Boyd Gaming by 5.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 971,921 shares of the company’s stock worth $62,835,000 after acquiring an additional 54,128 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in 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 acquiring an additional 894,383 shares during the last quarter. 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.