Morgan Stanley Cuts Boyd Gaming (NYSE:BYD) Price Target to $89.00

Boyd Gaming (NYSE:BYD) had its price objective reduced by Morgan Stanley from $90.00 to $89.00 in a research note released on Monday morning, Marketbeat.com reports. They currently have an equal weight rating on the stock.

A number of other research firms have also recently commented on BYD. Benchmark began coverage on Boyd Gaming in a report on Monday, June 22nd. They set a “buy” rating and a $100.00 price target on the stock. Weiss Ratings raised Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 4th. Barclays lifted their target price on Boyd Gaming from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Friday, July 24th. Mizuho set a $104.00 price target on Boyd Gaming in a report on Friday, July 24th. Finally, Texas Capital upgraded Boyd Gaming to a “strong-buy” rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $94.69.

Boyd Gaming Stock Performance

BYD opened at $90.78 on Monday. The company has a 50 day simple moving average of $86.52 and a two-hundred day simple moving average of $84.90. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. The firm has a market cap of $6.75 billion, a P/E ratio of 4.00, a PEG ratio of 2.23 and a beta of 1.07. Boyd Gaming has a 1-year low of $76.33 and a 1-year high of $91.41.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.29%. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the firm earned $1.87 EPS. The company’s revenue was up .0% on a year-over-year basis. Equities analysts forecast that Boyd Gaming will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, June 15th. Boyd Gaming’s dividend payout ratio is 3.52%.

Boyd Gaming declared that its board has approved a share repurchase plan on Thursday, April 23rd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the transaction, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Josh Hirsberg sold 12,777 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the sale, the chief financial officer owned 422,969 shares of the company’s stock, valued at $37,965,697.44. This trade represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 212,777 shares of company stock valued at $18,185,850. 22.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Altshuler Shaham Ltd purchased a new stake in Boyd Gaming during the fourth quarter worth $25,000. Los Angeles Capital Management LLC bought a new position in shares of Boyd Gaming in the 4th quarter worth $25,000. First Horizon Corp purchased a new stake in shares of Boyd Gaming during the 4th quarter worth $41,000. Bessemer Group Inc. boosted its position in Boyd Gaming by 62.8% during the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock valued at $43,000 after purchasing an additional 203 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in Boyd Gaming by 56.8% in the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares during the last quarter. Institutional investors own 76.81% of the company’s stock.

About Boyd Gaming

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.