Mizuho Cuts Boyd Gaming (NYSE:BYD) Price Target to $78.00

Boyd Gaming (NYSE:BYD) had its price target dropped by stock analysts at Mizuho from $80.00 to $78.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s target price indicates a potential upside of 24.03% from the company’s current price.

A number of other brokerages also recently issued reports on BYD. Stifel Nicolaus reaffirmed a “hold” rating and issued a $69.00 price target on shares of Boyd Gaming in a report on Friday, January 5th. Barclays upped their target price on shares of Boyd Gaming from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, January 26th. Deutsche Bank Aktiengesellschaft cut shares of Boyd Gaming from a “buy” rating to a “hold” rating and reduced their price target for the company from $78.00 to $71.00 in a research report on Friday. StockNews.com raised Boyd Gaming from a “hold” rating to a “buy” rating in a report on Wednesday, January 24th. Finally, Morgan Stanley boosted their target price on Boyd Gaming from $71.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Boyd Gaming currently has an average rating of “Hold” and a consensus target price of $74.10.

Boyd Gaming Stock Performance

Shares of BYD opened at $62.89 on Friday. Boyd Gaming has a 1 year low of $52.42 and a 1 year high of $73.00. The stock has a market capitalization of $6.02 billion, a PE ratio of 10.31, a PEG ratio of 2.98 and a beta of 1.60. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 0.89. The stock has a 50-day simple moving average of $64.19 and a 200-day simple moving average of $62.06.

Boyd Gaming (NYSE:BYD) last issued its earnings results on Thursday, April 25th. The company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.06). Boyd Gaming had a return on equity of 36.97% and a net margin of 16.58%. The firm had revenue of $960.52 million for the quarter, compared to analyst estimates of $947.26 million. On average, analysts predict that Boyd Gaming will post 6.19 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder William S. Boyd sold 125,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $63.77, for a total transaction of $7,971,250.00. Following the completion of the sale, the insider now directly owns 9,358,913 shares of the company’s stock, valued at approximately $596,817,882.01. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Boyd Gaming news, major shareholder William S. Boyd sold 125,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $63.77, for a total transaction of $7,971,250.00. Following the completion of the sale, the insider now owns 9,358,913 shares in the company, valued at approximately $596,817,882.01. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder William S. Boyd sold 63,464 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $63.12, for a total value of $4,005,847.68. Following the completion of the transaction, the insider now directly owns 8,795,449 shares in the company, valued at $555,168,740.88. The disclosure for this sale can be found here. Insiders have sold 582,910 shares of company stock worth $37,299,461 over the last 90 days. Company insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cascade Investment Advisors Inc. acquired a new stake in Boyd Gaming during the first quarter valued at approximately $1,220,000. Assenagon Asset Management S.A. acquired a new stake in shares of Boyd Gaming during the 1st quarter valued at approximately $4,408,000. Louisiana State Employees Retirement System lifted its stake in Boyd Gaming by 2.6% during the first quarter. Louisiana State Employees Retirement System now owns 20,000 shares of the company’s stock worth $1,346,000 after purchasing an additional 500 shares during the last quarter. Amalgamated Bank increased its stake in Boyd Gaming by 1.0% during the first quarter. Amalgamated Bank now owns 47,733 shares of the company’s stock valued at $3,213,000 after purchasing an additional 486 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of Boyd Gaming by 0.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 31,457 shares of the company’s stock worth $2,118,000 after purchasing an additional 264 shares during the period. Institutional investors own 76.81% of the company’s stock.

About Boyd Gaming

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.