Truist Financial Issues Pessimistic Forecast for Boyd Gaming (NYSE:BYD) Stock Price

Boyd Gaming (NYSE:BYD) had its target price cut by analysts at Truist Financial from $92.00 to $85.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price suggests a potential upside of 25.83% from the stock’s previous close.

BYD has been the topic of several other research reports. Stifel Nicolaus increased their target price on Boyd Gaming from $74.00 to $82.00 and gave the stock a “hold” rating in a research note on Friday, February 7th. JMP Securities reissued a “market perform” rating on shares of Boyd Gaming in a research report on Friday, February 7th. Jefferies Financial Group upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating and lifted their price objective for the company from $73.00 to $92.00 in a report on Friday, January 3rd. Mizuho increased their target price on shares of Boyd Gaming from $79.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Finally, Wells Fargo & Company boosted their price target on shares of Boyd Gaming from $82.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Boyd Gaming Stock Performance

Shares of BYD stock opened at $67.55 on Tuesday. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. The firm has a market cap of $5.57 billion, a P/E ratio of 10.86, a P/E/G ratio of 4.46 and a beta of 1.55. The firm’s 50 day moving average price is $73.18 and its 200-day moving average price is $71.11. Boyd Gaming has a one year low of $49.34 and a one year high of $80.50.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, February 6th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. As a group, equities research analysts predict that Boyd Gaming will post 6.52 EPS for the current year.

Boyd Gaming announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Christine J. Spadafor sold 1,125 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $75.28, for a total value of $84,690.00. Following the completion of the sale, the director now directly owns 4,852 shares of the company’s stock, valued at $365,258.56. The trade was a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total value of $3,884,000.00. Following the transaction, the chairman now directly owns 1,346,628 shares in the company, valued at approximately $104,606,063.04. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,125 shares of company stock worth $5,158,490 over the last 90 days. 21.97% of the stock is owned by insiders.

Institutional Investors Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cohen & Steers Inc. grew its position in shares of Boyd Gaming by 0.4% during the fourth quarter. Cohen & Steers Inc. now owns 5,265,454 shares of the company’s stock worth $381,929,000 after acquiring an additional 21,616 shares during the last quarter. Boston Partners boosted its stake in Boyd Gaming by 36.9% during the 4th quarter. Boston Partners now owns 3,955,544 shares of the company’s stock worth $287,185,000 after purchasing an additional 1,065,887 shares during the period. State Street Corp grew its position in Boyd Gaming by 0.8% during the 3rd quarter. State Street Corp now owns 2,108,672 shares of the company’s stock worth $136,680,000 after purchasing an additional 17,591 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Boyd Gaming by 51.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,296,863 shares of the company’s stock valued at $94,074,000 after purchasing an additional 441,963 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Boyd Gaming by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company’s stock valued at $74,611,000 after buying an additional 33,379 shares during the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Company Profile

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.