Brokerages Set Boyd Gaming Corporation (NYSE:BYD) PT at $92.58

Boyd Gaming Corporation (NYSE:BYD) has been assigned an average recommendation of “Hold” from the fourteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $92.5833.

Several brokerages recently issued reports on BYD. UBS Group set a $110.00 price target on Boyd Gaming in a research note on Wednesday, December 24th. Citigroup assumed coverage on Boyd Gaming in a research report on Thursday, November 20th. They set a “neutral” rating and a $86.00 target price for the company. Morgan Stanley set a $86.00 price target on Boyd Gaming in a research report on Wednesday, February 11th. Truist Financial set a $110.00 price target on Boyd Gaming in a research note on Tuesday, January 13th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Boyd Gaming in a research note on Wednesday, December 24th.

Boyd Gaming Trading Up 1.0%

Shares of Boyd Gaming stock opened at $82.18 on Monday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54. The firm has a 50-day moving average of $85.08 and a 200-day moving average of $83.84. Boyd Gaming has a 52-week low of $58.94 and a 52-week high of $89.96. The stock has a market cap of $6.20 billion, a PE ratio of 3.61, a PEG ratio of 1.71 and a beta of 1.20.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, February 5th. The company reported $2.21 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.33. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the company earned $1.96 EPS. The business’s revenue was up 2.0% on a year-over-year basis. As a group, sell-side analysts forecast that Boyd Gaming will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Monday, March 16th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, March 16th. Boyd Gaming’s payout ratio is 3.16%.

Insider Buying and Selling at Boyd Gaming

In related news, CFO Josh Hirsberg sold 23,924 shares of the firm’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $85.86, for a total value of $2,054,114.64. Following the sale, the chief financial officer directly owned 435,746 shares of the company’s stock, valued at $37,413,151.56. This trade represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William R. Boyd sold 30,000 shares of Boyd Gaming stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $84.84, for a total value of $2,545,200.00. Following the completion of the transaction, the director owned 1,930,447 shares in the company, valued at approximately $163,779,123.48. This represents a 1.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 73,454 shares of company stock worth $6,231,827 over the last three months. Corporate insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

A number of hedge funds have recently made changes to their positions in BYD. Asset Management One Co. Ltd. bought a new position in Boyd Gaming in the third quarter valued at about $1,531,000. Envestnet Asset Management Inc. boosted its position in Boyd Gaming by 78.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 127,303 shares of the company’s stock worth $11,005,000 after buying an additional 55,923 shares during the period. Allianz Asset Management GmbH grew its holdings in Boyd Gaming by 174.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 274,154 shares of the company’s stock worth $23,701,000 after acquiring an additional 174,214 shares during the last quarter. Citigroup Inc. increased its position in Boyd Gaming by 94.8% in the 3rd quarter. Citigroup Inc. now owns 229,823 shares of the company’s stock valued at $19,868,000 after acquiring an additional 111,815 shares during the period. Finally, LSV Asset Management raised its stake in shares of Boyd Gaming by 115.8% during the second quarter. LSV Asset Management now owns 245,100 shares of the company’s stock valued at $19,174,000 after acquiring an additional 131,500 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

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.