Boyd Gaming Corporation (NYSE:BYD) Given Average Recommendation of “Hold” by Brokerages

Boyd Gaming Corporation (NYSE:BYD) has been assigned an average rating of “Hold” from the fifteen ratings firms that are covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $92.0833.

BYD has been the subject of a number of research analyst reports. Barclays lowered their price objective on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a research report on Friday, April 24th. Morgan Stanley reaffirmed a “mixed” rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. Susquehanna lowered their price objective on shares of Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Wells Fargo & Company cut their target price on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 16th. Finally, Weiss Ratings raised shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 4th.

Boyd Gaming Stock Performance

NYSE:BYD opened at $87.63 on Wednesday. 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 stock has a market capitalization of $6.51 billion, a P/E ratio of 3.84, a PEG ratio of 2.02 and a beta of 1.08. The company has a 50 day moving average price of $84.26 and a 200 day moving average price of $84.05. Boyd Gaming has a fifty-two week low of $73.00 and a fifty-two week high of $89.96.

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

Boyd Gaming declared that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Boyd Gaming Announces Dividend

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

Insider Activity at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the completion of the transaction, the chairman directly owned 1,609,808 shares of the company’s stock, valued at $135,272,166.24. This represents a 3.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 200,000 shares of company stock valued at $17,038,987 in the last three months. 22.82% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Institutional investors have recently modified their holdings of the company. Altshuler Shaham Ltd purchased a new stake in shares of Boyd Gaming during the 4th quarter worth $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of Boyd Gaming during the 4th quarter worth $25,000. Advisors Asset Management Inc. lifted its position in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after purchasing an additional 196 shares during the last quarter. First Horizon Corp purchased a new stake in shares of Boyd Gaming during the 4th quarter worth $41,000. Finally, Bessemer Group Inc. lifted its position in shares of Boyd Gaming by 62.8% during the 1st quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after purchasing an additional 203 shares during the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.