Barclays Increases Boyd Gaming (NYSE:BYD) Price Target to $74.00

Boyd Gaming (NYSE:BYD) had its target price upped by Barclays from $71.00 to $74.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price suggests a potential downside of 1.89% from the stock’s previous close.

Several other research firms also recently issued reports on BYD. Truist Financial lifted their price target on shares of Boyd Gaming from $77.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Stifel Nicolaus lifted their price objective on shares of Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a report on Friday, October 25th. Morgan Stanley upped their target price on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Mizuho reiterated an “outperform” rating and set a $79.00 price target (up previously from $78.00) on shares of Boyd Gaming in a research note on Friday, October 25th. Finally, Argus upgraded Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a report on Tuesday, December 17th. Seven investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Boyd Gaming presently has a consensus rating of “Moderate Buy” and an average target price of $92.40.

Boyd Gaming Stock Down 0.3 %

Shares of NYSE:BYD opened at $75.43 on Friday. The firm has a market cap of $6.67 billion, a P/E ratio of 14.39, a PEG ratio of 4.21 and a beta of 1.54. Boyd Gaming has a 52-week low of $49.34 and a 52-week high of $76.73. The business’s 50 day simple moving average is $73.15 and its two-hundred day simple moving average is $66.01. 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 declared that its Board of Directors has authorized a stock repurchase plan on Thursday, December 5th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction dated Thursday, December 12th. The stock was 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 owns 5,977 shares of the company’s stock, valued at approximately $452,339.36. This trade represents a 9.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keith Smith sold 30,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,101,202 shares in the company, valued at approximately $79,451,724.30. This trade represents a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 147,364 shares of company stock valued at $10,590,893 over the last ninety days. 27.94% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its position in shares of Boyd Gaming by 6,158.8% in the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock valued at $58,761,000 after purchasing an additional 894,383 shares in the last quarter. Long Pond Capital LP purchased a new stake in Boyd Gaming during the 2nd quarter worth about $20,440,000. International Assets Investment Management LLC boosted its stake in Boyd Gaming by 4,816.4% in the 3rd quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock worth $119,320,000 after purchasing an additional 180,806 shares during the period. Goldentree Asset Management LP purchased a new position in Boyd Gaming during the 3rd quarter valued at about $11,490,000. Finally, Weiss Asset Management LP bought a new stake in shares of Boyd Gaming during the third quarter valued at about $7,101,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

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.