Boyd Gaming (NYSE:BYD) Price Target Lowered to $68.00 at Macquarie

Boyd Gaming (NYSE:BYD) had its price target decreased by investment analysts at Macquarie from $72.00 to $68.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Macquarie’s price target would indicate a potential upside of 11.38% from the stock’s current price.

Other research analysts have also issued reports about the stock. Morgan Stanley decreased their target price on shares of Boyd Gaming from $68.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company cut their price target on shares of Boyd Gaming from $82.00 to $71.00 and set an “overweight” rating for the company in a report on Friday, April 26th. Truist Financial decreased their price objective on Boyd Gaming from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Friday, April 26th. Argus cut Boyd Gaming from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft lowered Boyd Gaming from a “buy” rating to a “hold” rating and decreased their price target for the company from $78.00 to $71.00 in a research note on Friday, April 26th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Boyd Gaming currently has an average rating of “Hold” and an average price target of $89.31.

Boyd Gaming Price Performance

NYSE:BYD traded up $2.52 during trading hours on Friday, reaching $61.05. 2,185,506 shares of the company were exchanged, compared to its average volume of 953,176. The stock’s 50-day moving average is $54.66 and its 200-day moving average is $59.79. Boyd Gaming has a twelve month low of $49.34 and a twelve month high of $72.01. The firm has a market cap of $5.79 billion, a PE ratio of 10.96 and a beta of 1.58. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.61.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, July 25th. The company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.47 by $0.11. Boyd Gaming had a net margin of 14.91% and a return on equity of 34.76%. The firm had revenue of $967.50 million for the quarter, compared to analyst estimates of $909.49 million. During the same period last year, the company posted $1.58 EPS. Boyd Gaming’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Boyd Gaming will post 6.04 earnings per share for the current fiscal year.

Boyd Gaming announced that its board has authorized a share buyback program on Monday, May 13th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 9.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,874 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $53.38, for a total value of $100,034.12. Following the sale, the director now directly owns 2,338 shares of the company’s stock, valued at approximately $124,802.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 27.94% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Rakuten Securities Inc. acquired a new stake in Boyd Gaming during the 4th quarter worth $30,000. Allspring Global Investments Holdings LLC increased its position in shares of Boyd Gaming by 57.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after purchasing an additional 189 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Boyd Gaming by 57.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 647 shares of the company’s stock valued at $41,000 after purchasing an additional 236 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Boyd Gaming by 58.2% in the second quarter. Blue Trust Inc. now owns 783 shares of the company’s stock valued at $43,000 after acquiring an additional 288 shares during the period. Finally, Principal Securities Inc. acquired a new stake in Boyd Gaming during the 4th quarter worth $50,000. 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.