Brokerages Set Boyd Gaming Corporation (NYSE:BYD) Price Target at $93.15

Shares of Boyd Gaming Corporation (NYSE:BYD) have received a consensus rating of “Hold” from the seventeen research firms that are currently covering the company, Marketbeat reports. Ten equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $93.1538.

A number of brokerages recently issued reports on BYD. Morgan Stanley reiterated a “mixed” rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. Benchmark initiated coverage on shares of Boyd Gaming in a research note on Monday, June 22nd. They issued a “buy” rating and a $100.00 price target for the company. JPMorgan Chase & Co. increased their price objective on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, April 24th. Mizuho lowered their price objective on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Finally, Citigroup boosted their target price on Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th.

Insider Buying and Selling 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 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 owned 1,609,808 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. Also, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 200,000 shares of company stock valued at $17,038,987. Insiders own 22.82% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Several hedge funds have recently made changes to their positions in the business. Capitolis Liquid Global Markets LLC acquired a new stake in shares of Boyd Gaming during the 3rd quarter valued at $13,313,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of 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 worth $2,810,000 after acquiring an additional 30,860 shares during the last quarter. Clark Capital Management Group Inc. acquired a new position in shares of Boyd Gaming in the 3rd quarter worth $50,295,000. Jefferies Financial Group Inc. acquired a new stake in shares of Boyd Gaming during the fourth quarter worth $15,551,000. Finally, WINTON GROUP Ltd acquired a new stake in shares of Boyd Gaming during the third quarter worth $6,034,000. Institutional investors and hedge funds own 76.81% of the company’s stock.

Boyd Gaming Trading Up 0.7%

Shares of BYD stock opened at $87.46 on Friday. Boyd Gaming has a 1 year low of $76.33 and a 1 year high of $91.00. The firm has a market capitalization of $6.50 billion, a PE ratio of 3.83, a price-to-earnings-growth ratio of 2.03 and a beta of 1.07. The stock has a fifty day moving average of $84.99 and a two-hundred day moving average of $84.75. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60.

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

Boyd Gaming announced that its board has approved a share buyback program on Thursday, April 23rd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Boyd Gaming Dividend Announcement

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

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.