Boyd Gaming (NYSE:BYD) Price Target Cut to $71.00

Boyd Gaming (NYSE:BYD) had its target price dropped by analysts at Wells Fargo & Company from $82.00 to $71.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 33.16% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Barclays reduced their price objective on shares of Boyd Gaming from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday. Truist Financial reduced their price objective on shares of Boyd Gaming from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday. Susquehanna reissued a “neutral” rating and issued a $75.00 price objective (down previously from $84.00) on shares of Boyd Gaming in a research note on Monday, February 12th. StockNews.com raised shares of Boyd Gaming from a “hold” rating to a “buy” rating in a research note on Wednesday, January 24th. Finally, JPMorgan Chase & Co. cut shares of Boyd Gaming from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $67.00 in a research note on Friday. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Boyd Gaming has an average rating of “Hold” and a consensus target price of $72.20.

Boyd Gaming Price Performance

Shares of NYSE:BYD traded down $9.57 during trading on Friday, hitting $53.32. 4,804,913 shares of the company were exchanged, compared to its average volume of 785,510. The business’s 50 day moving average is $64.19 and its 200-day moving average is $62.06. The company has a market capitalization of $5.10 billion, a P/E ratio of 8.69, a price-to-earnings-growth ratio of 2.98 and a beta of 1.60. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.65. Boyd Gaming has a 1-year low of $52.42 and a 1-year high of $73.00.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, February 8th. The company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.23. The company had revenue of $954.41 million during the quarter, compared to the consensus estimate of $928.04 million. Boyd Gaming had a net margin of 16.58% and a return on equity of 36.97%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.72 earnings per share. Equities analysts forecast that Boyd Gaming will post 6.19 earnings per share for the current year.

Insider Activity

In other news, CEO Keith Smith sold 75,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $63.92, for a total transaction of $4,794,000.00. Following the transaction, the chief executive officer now owns 1,119,625 shares in the company, valued at $71,566,430. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director A. Randall Thoman sold 2,500 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $63.75, for a total value of $159,375.00. Following the sale, the director now owns 4,017 shares in the company, valued at approximately $256,083.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keith Smith sold 75,000 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $63.92, for a total transaction of $4,794,000.00. Following the completion of the sale, the chief executive officer now owns 1,119,625 shares in the company, valued at approximately $71,566,430. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 582,910 shares of company stock worth $37,299,461. Company insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in BYD. Oak Thistle LLC purchased a new stake in Boyd Gaming in the 3rd quarter valued at about $805,000. Linden Thomas Advisory Services LLC increased its stake in Boyd Gaming by 12.3% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 12,738 shares of the company’s stock valued at $775,000 after buying an additional 1,392 shares during the last quarter. Raymond James & Associates increased its stake in Boyd Gaming by 17.6% in the 3rd quarter. Raymond James & Associates now owns 115,605 shares of the company’s stock valued at $7,032,000 after buying an additional 17,321 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in Boyd Gaming in the 3rd quarter valued at about $1,898,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Boyd Gaming by 13.5% in the 3rd 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 last quarter. Hedge funds and other 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.