Boyd Gaming (NYSE:BYD) Price Target Cut to $78.00

Boyd Gaming (NYSE:BYD) had its price objective lowered by investment analysts at Mizuho from $80.00 to $78.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Mizuho’s target price would suggest a potential upside of 46.67% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. JPMorgan Chase & Co. downgraded Boyd Gaming from an “overweight” rating to a “neutral” rating and cut their price target for the company from $80.00 to $67.00 in a research note on Friday. Stifel Nicolaus reiterated a “hold” rating and set a $69.00 price target on shares of Boyd Gaming in a research note on Friday, January 5th. Deutsche Bank Aktiengesellschaft downgraded Boyd Gaming from a “buy” rating to a “hold” rating and cut their price target for the company from $78.00 to $71.00 in a research note on Friday. StockNews.com upgraded Boyd Gaming from a “hold” rating to a “buy” rating in a research note on Wednesday, January 24th. Finally, Wells Fargo & Company lifted their price target on Boyd Gaming from $81.00 to $82.00 and gave the company an “overweight” rating in a research note on Friday, February 9th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Boyd Gaming presently has an average rating of “Hold” and an average target price of $72.20.

Boyd Gaming Stock Performance

Shares of Boyd Gaming stock opened at $53.18 on Friday. Boyd Gaming has a one year low of $52.42 and a one year high of $73.00. The firm has a market capitalization of $5.09 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 2.94 and a beta of 1.60. The business has a 50-day simple moving average of $63.98 and a 200 day simple moving average of $62.03. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.89 and a quick ratio of 0.85.

Boyd Gaming (NYSE:BYD) last issued its earnings results on Thursday, February 8th. The company reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.23. Boyd Gaming had a return on equity of 34.77% and a net margin of 14.91%. The business had revenue of $954.41 million during the quarter, compared to analyst estimates of $928.04 million. During the same period in the previous year, the company posted $1.72 EPS. The firm’s revenue was up 3.4% compared to the same quarter last year. On average, research analysts anticipate that Boyd Gaming will post 6.19 earnings per share for the current fiscal year.

Insider Activity at Boyd Gaming

In related news, VP William R. Boyd sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $64.04, for a total value of $3,202,000.00. Following the transaction, the vice president now owns 1,617,970 shares in the company, valued at $103,614,798.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Boyd Gaming news, major shareholder William S. Boyd sold 63,464 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $63.12, for a total transaction of $4,005,847.68. Following the sale, the insider now owns 8,795,449 shares of the company’s stock, valued at approximately $555,168,740.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP William R. Boyd sold 50,000 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $64.04, for a total transaction of $3,202,000.00. Following the sale, the vice president now directly owns 1,617,970 shares in the company, valued at approximately $103,614,798.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 582,910 shares of company stock worth $37,299,461. Insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently bought and sold shares of the business. Oak Thistle LLC bought a new position in shares of Boyd Gaming in the third quarter worth $805,000. Linden Thomas Advisory Services LLC increased its stake in Boyd Gaming by 12.3% in the third quarter. Linden Thomas Advisory Services LLC now owns 12,738 shares of the company’s stock valued at $775,000 after acquiring an additional 1,392 shares during the last quarter. Raymond James & Associates increased its stake in Boyd Gaming by 17.6% in the third quarter. Raymond James & Associates now owns 115,605 shares of the company’s stock valued at $7,032,000 after acquiring an additional 17,321 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Boyd Gaming during the third quarter valued at about $1,898,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Boyd Gaming by 13.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,073 shares of the company’s stock valued at $917,000 after buying an additional 1,795 shares during the period. Institutional investors own 76.81% of the company’s stock.

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.