Boyd Gaming Co. (NYSE:BYD) Given Consensus Recommendation of “Hold” by Analysts

Shares of Boyd Gaming Co. (NYSE:BYD) have earned a consensus rating of “Hold” from the thirteen brokerages that are currently covering the company, Marketbeat.com reports. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $90.08.

A number of equities research analysts have recently weighed in on BYD shares. Wells Fargo & Company lowered their price target on Boyd Gaming from $82.00 to $71.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Mizuho lowered their price objective on Boyd Gaming from $80.00 to $78.00 and set a “buy” rating for the company in a research note on Friday, April 26th. Raymond James assumed coverage on Boyd Gaming in a research note on Tuesday, May 21st. They set an “outperform” rating and a $67.00 price objective for the company. JPMorgan Chase & Co. downgraded Boyd Gaming from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $80.00 to $67.00 in a research note on Friday, April 26th. Finally, Truist Financial lowered their price objective on Boyd Gaming from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Friday, April 26th.

Boyd Gaming Price Performance

Shares of NYSE BYD opened at $55.93 on Friday. Boyd Gaming has a twelve month low of $49.34 and a twelve month high of $68.46. 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 market capitalization of $5.31 billion, a price-to-earnings ratio of 10.04, a price-to-earnings-growth ratio of 8.51 and a beta of 1.58. The business has a 50 day simple moving average of $55.75 and a 200-day simple moving average of $59.35.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, July 25th. The company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.09. Boyd Gaming had a return on equity of 34.08% and a net margin of 13.32%. The business had revenue of $967.50 million during the quarter, compared to the consensus estimate of $909.49 million. During the same period in the previous year, the business earned $1.58 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, equities research analysts expect that Boyd Gaming will post 6.17 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Saturday, June 15th were issued a $0.17 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.22%. Boyd Gaming’s dividend payout ratio (DPR) is 12.21%.

Boyd Gaming announced that its Board of Directors has authorized a stock buyback plan on Monday, May 13th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 9.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Director Christine J. Spadafor sold 1,874 shares of the company’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total value of $100,034.12. Following the completion of the sale, the director now owns 2,338 shares in the company, valued at $124,802.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds have recently modified their holdings of BYD. Cohen & Steers Inc. lifted its holdings in shares of Boyd Gaming by 34.4% during the fourth quarter. Cohen & Steers Inc. now owns 4,747,662 shares of the company’s stock valued at $297,270,000 after purchasing an additional 1,216,121 shares during the last quarter. Norges Bank purchased a new stake in shares of Boyd Gaming during the fourth quarter valued at $44,773,000. Boston Partners lifted its holdings in shares of Boyd Gaming by 29.5% during the fourth quarter. Boston Partners now owns 2,756,215 shares of the company’s stock valued at $172,638,000 after purchasing an additional 628,512 shares during the last quarter. Scout Investments Inc. purchased a new stake in shares of Boyd Gaming during the fourth quarter valued at $18,091,000. Finally, Beck Bode LLC purchased a new stake in shares of Boyd Gaming during the first quarter valued at $15,985,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.