Boyd Gaming (NYSE:BYD) Price Target Cut to $66.00

Boyd Gaming (NYSE:BYD) had its price objective reduced by equities research analysts at Morgan Stanley from $68.00 to $66.00 in a report issued on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 14.80% from the company’s previous close.

A number of other research analysts also recently commented on BYD. Argus downgraded shares of Boyd Gaming from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Barclays reduced their price target on shares of Boyd Gaming from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Friday, April 26th. Wells Fargo & Company lowered their price objective on Boyd Gaming from $82.00 to $71.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Royal Bank of Canada cut their price objective on Boyd Gaming from $337.00 to $308.00 and set an “outperform” rating on the stock in a research note on Thursday, May 16th. Finally, Stifel Nicolaus lowered their price target on Boyd Gaming from $71.00 to $65.00 and set a “hold” rating for the company in a report on Friday, April 26th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $90.92.

Boyd Gaming Stock Up 1.2 %

NYSE:BYD traded up $0.66 on Friday, reaching $57.49. The stock had a trading volume of 334,865 shares, compared to its average volume of 940,855. Boyd Gaming has a 12-month low of $49.34 and a 12-month high of $73.00. The stock has a market cap of $5.45 billion, a P/E ratio of 10.30 and a beta of 1.58. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.61. The company has a 50-day moving average of $53.83 and a 200 day moving average of $60.06.

Boyd Gaming (NYSE:BYD) last issued its quarterly 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 net margin of 14.91% and a return on equity of 34.76%. The business had revenue of $960.52 million during the quarter, compared to analysts’ expectations of $947.26 million. On average, research analysts predict that Boyd Gaming will post 6.06 earnings per share for the current year.

Boyd Gaming declared that its Board of Directors has initiated a share repurchase program on Monday, May 13th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,874 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total transaction of $100,034.12. Following the completion of the transaction, the director now owns 2,338 shares in the company, valued at approximately $124,802.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 27.94% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Boyd Gaming by 57.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after acquiring an additional 189 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Boyd Gaming by 57.4% in the 4th 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 last quarter. Lazard Asset Management LLC raised its stake in shares of Boyd Gaming by 4.9% during the 1st quarter. Lazard Asset Management LLC now owns 5,361 shares of the company’s stock worth $360,000 after purchasing an additional 249 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Boyd Gaming by 0.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 31,457 shares of the company’s stock valued at $2,118,000 after buying an additional 264 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in shares of Boyd Gaming by 3.0% during the 4th quarter. QRG Capital Management Inc. now owns 11,363 shares of the company’s stock valued at $711,000 after buying an additional 327 shares during the last quarter. Institutional investors 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.