Boyd Gaming (NYSE:BYD) Given New $76.00 Price Target at Citigroup

Key Points

• Citigroup lowered Boyd Gaming’s price target to $76 from $78 while maintaining a “neutral” rating, implying approximately 5.26% upside from the stock’s $72.20 trading price.
• Analyst sentiment remains generally positive: Boyd Gaming has a consensus “Moderate Buy” rating and an average price target of $89.46, based on one Strong Buy, eight Buys and seven Holds.
• The company’s latest quarterly results met expectations with $1.67 in earnings per share, though revenue of $990.46 million fell short of forecasts and declined 1.3% year over year.

Boyd Gaming (NYSE:BYD - Get Free Report) had its price objective reduced by research analysts at Citigroup from $78.00 to $76.00 in a report issued on Monday, Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's price objective indicates a potential upside of 5.26% from the company's current price.

Several other equities analysts have also recently commented on the stock. Truist Financial set a $95.00 target price on shares of Boyd Gaming in a research report on Friday. Wells Fargo & Company cut their target price on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating for the company in a research note on Monday, October 19th. The Goldman Sachs Group set a $80.00 target price on Boyd Gaming in a report on Tuesday, October 13th. Barclays lowered their price target on Boyd Gaming from $85.00 to $83.00 and set an "equal weight" rating for the company in a report on Friday. Finally, Wolfe Research began coverage on Boyd Gaming in a research report on Wednesday, September 2nd. They set a "peer perform" rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Boyd Gaming currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.46.

Boyd Gaming Price Performance

NYSE:BYD traded up $0.51 during trading hours on Monday, reaching $72.20. 368,991 shares of the company were exchanged, compared to its average volume of 984,636. The company has a market capitalization of $5.25 billion, a P/E ratio of 10.91, a P/E/G ratio of 1.28 and a beta of 1.12. Boyd Gaming has a 1-year low of $65.00 and a 1-year high of $91.41. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.77 and a quick ratio of 0.74. The business has a 50 day moving average of $74.20 and a 200 day moving average of $81.57.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The company reported $1.67 earnings per share for the quarter, meeting the consensus estimate of $1.67. The firm had revenue of $990.46 million during the quarter, compared to analysts' expectations of $1 billion. Boyd Gaming had a return on equity of 22.10% and a net margin of 12.29%. The company's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.72 EPS. Research analysts forecast that Boyd Gaming will post 7.10 EPS for the current year.

Insider Buying and Selling

In other Boyd Gaming news, CFO Josh Hirsberg sold 12,777 shares of the company's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total value of $1,146,863.52. Following the sale, the chief financial officer owned 422,969 shares in the company, valued at approximately $37,965,697.44. The trade was a 2.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 22.82% of the company's stock.

Hedge Funds Weigh In On Boyd Gaming

A number of hedge funds have recently made changes to their positions in the stock. Signaturefd LLC lifted its stake in shares of Boyd Gaming by 46.0% in the third quarter. Signaturefd LLC now owns 7,740 shares of the company's stock worth $515,000 after acquiring an additional 2,440 shares during the period. Pinnacle Associates Ltd. increased its position in Boyd Gaming by 6.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 289,872 shares of the company's stock valued at $19,297,000 after purchasing an additional 17,457 shares during the period. Nisa Investment Advisors LLC raised its holdings in Boyd Gaming by 4.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 19,322 shares of the company's stock worth $1,290,000 after purchasing an additional 747 shares during the last quarter. GAMMA Investing LLC raised its holdings in Boyd Gaming by 69.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,869 shares of the company's stock worth $124,000 after purchasing an additional 767 shares during the last quarter. Finally, Vista Investment Partners LLC lifted its position in shares of Boyd Gaming by 2.3% in the 3rd quarter. Vista Investment Partners LLC now owns 18,681 shares of the company's stock worth $1,244,000 after purchasing an additional 418 shares during the period. 76.81% of the stock is currently owned by institutional investors.

Boyd Gaming Company Profile

Boyd Gaming Corporation is a gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates casinos, hotels, restaurants, entertainment venues and related amenities under brands including Sam's Town, The Orleans, Gold Coast, Suncoast and Fremont.

Boyd Gaming serves customers across several U.S. states, with a significant presence in Nevada as well as properties in the Midwest and South. Its portfolio includes destination resorts, regional casinos and racetracks offering slot machines, table games, poker, sports betting and other gaming experiences.

The company also operates online gaming and sports-wagering businesses in selected markets, including through partnerships and digital platforms.

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