Boyd Gaming (NYSE:BYD) Price Target Raised to $77.00

Boyd Gaming (NYSE:BYDGet Free Report) had its price target upped by equities researchers at Susquehanna from $69.00 to $77.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s price target indicates a potential upside of 0.24% from the company’s current price.

Several other research analysts have also recently commented on the stock. Mizuho restated an “outperform” rating and set a $79.00 target price (up previously from $78.00) on shares of Boyd Gaming in a report on Friday, October 25th. StockNews.com raised Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. lifted their price objective on shares of Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, January 24th. Wells Fargo & Company increased their target price on shares of Boyd Gaming from $75.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Morgan Stanley increased their price target on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Boyd Gaming currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.93.

Get Our Latest Analysis on Boyd Gaming

Boyd Gaming Price Performance

Boyd Gaming stock traded down $0.01 on Tuesday, reaching $76.82. The company’s stock had a trading volume of 88,342 shares, compared to its average volume of 854,608. The company has a market cap of $6.79 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 4.28 and a beta of 1.54. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. Boyd Gaming has a twelve month low of $49.34 and a twelve month high of $78.58. The business’s fifty day moving average price is $73.79 and its 200 day moving average price is $67.10.

Boyd Gaming announced that its board has initiated a share repurchase plan on Thursday, December 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 30,000 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $72.15, for a total transaction of $2,164,500.00. Following the completion of the sale, the chief executive officer now owns 1,101,202 shares in the company, valued at approximately $79,451,724.30. The trade was a 2.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Christine J. Spadafor sold 660 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $75.68, for a total value of $49,948.80. Following the completion of the sale, the director now directly owns 5,977 shares of the company’s stock, valued at approximately $452,339.36. This trade represents a 9.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 122,209 shares of company stock worth $8,846,394 in the last three months. 28.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in Boyd Gaming by 36.9% in the 2nd quarter. AQR Capital Management LLC now owns 6,495 shares of the company’s stock valued at $357,000 after purchasing an additional 1,749 shares during the period. Creative Planning lifted its stake in Boyd Gaming by 61.3% in the second quarter. Creative Planning now owns 7,959 shares of the company’s stock valued at $439,000 after buying an additional 3,025 shares during the period. Sanctuary Advisors LLC bought a new position in Boyd Gaming in the second quarter worth approximately $2,010,000. CX Institutional grew its holdings in shares of Boyd Gaming by 10.7% during the third quarter. CX Institutional now owns 16,175 shares of the company’s stock valued at $1,046,000 after buying an additional 1,568 shares during the last quarter. Finally, AlphaMark Advisors LLC grew its stake in shares of Boyd Gaming by 5.8% in the 3rd quarter. AlphaMark Advisors LLC now owns 8,529 shares of the company’s stock worth $551,000 after acquiring an additional 466 shares in the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

About Boyd Gaming

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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.

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