Boyd Gaming (NYSE:BYD) Hits New 1-Year High – Still a Buy?

Boyd Gaming Corporation (NYSE:BYD) shares reached a new 52-week high during trading on Thursday . The stock traded as high as $89.98 and last traded at $89.9050, with a volume of 82781 shares. The stock had previously closed at $86.90.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BYD shares. Mizuho cut their price target on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Citigroup lifted their price objective on Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Susquehanna lowered their price objective on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Morgan Stanley restated a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Finally, The Goldman Sachs Group assumed coverage on shares of Boyd Gaming in a report on Friday. They set a “neutral” rating and a $91.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $92.57.

Boyd Gaming Stock Up 1.1%

The firm’s 50-day moving average price is $84.77 and its two-hundred day moving average price is $84.48. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60. The firm has a market cap of $6.68 billion, a PE ratio of 3.94, a P/E/G ratio of 2.07 and a beta of 1.08.

Boyd Gaming (NYSE:BYD) last posted its earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company had revenue of $997.36 million during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the business earned $1.62 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. As a group, equities research analysts expect that Boyd Gaming Corporation will post 7.32 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. Boyd Gaming’s dividend payout ratio (DPR) is presently 3.51%.

Boyd Gaming declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Boyd Gaming

In other news, Chairman Marianne Boyd Johnson sold 62,914 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the completion of the sale, the chairman directly owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 200,000 shares of company stock worth $17,038,987 in the last quarter. Insiders own 22.82% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several large investors have recently modified their holdings of BYD. Arrowstreet Capital Limited Partnership increased its holdings in shares of Boyd Gaming by 18.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,755,659 shares of the company’s stock valued at $149,652,000 after acquiring an additional 277,529 shares during the period. Invesco Ltd. grew its position in Boyd Gaming by 118.2% during the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock worth $121,708,000 after purchasing an additional 773,394 shares during the last quarter. Franklin Resources Inc. grew its position in Boyd Gaming by 11.1% during the 4th quarter. Franklin Resources Inc. now owns 1,357,412 shares of the company’s stock worth $115,706,000 after purchasing an additional 136,129 shares during the last quarter. Geode Capital Management LLC increased its stake in Boyd Gaming by 26.7% in the fourth quarter. Geode Capital Management LLC now owns 1,355,209 shares of the company’s stock valued at $115,537,000 after purchasing an additional 285,719 shares during the period. Finally, Nuveen LLC increased its stake in Boyd Gaming by 10.6% in the fourth quarter. Nuveen LLC now owns 1,080,331 shares of the company’s stock valued at $92,087,000 after purchasing an additional 103,684 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

Boyd Gaming Company Profile

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.