JPMorgan Chase & Co. Has Lowered Expectations for Boyd Gaming (NYSE:BYD) Stock Price

Key Points

• JPMorgan lowered Boyd Gaming’s price target from $93 to $85 while maintaining a “neutral” rating, implying roughly 19.4% upside from the stock’s $71.19 trading price.
• Analyst sentiment remains broadly positive: Boyd Gaming has a consensus “Moderate Buy” rating and an average price target of $90.93, despite several firms recently trimming their targets.
• Boyd Gaming reported quarterly earnings of $1.93 per share, exceeding estimates of $1.89, while institutional investors own 76.81% of the company; its CFO recently sold 12,777 shares.

Boyd Gaming (NYSE:BYD - Get Free Report) had its price objective dropped by equities researchers at JPMorgan Chase & Co. from $93.00 to $85.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 19.40% from the company's current price.

Other research analysts also recently issued reports about the company. Weiss Ratings raised Boyd Gaming from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 14th. Susquehanna raised Boyd Gaming from a "neutral" rating to a "positive" rating and decreased their target price for the stock from $87.00 to $83.00 in a research note on Monday. Citigroup reiterated a "market perform" rating on shares of Boyd Gaming in a report on Tuesday, October 13th. The Goldman Sachs Group set a $80.00 price target on Boyd Gaming in a research note on Tuesday, October 13th. Finally, Truist Financial cut their price target on Boyd Gaming from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Boyd Gaming currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.93.

Boyd Gaming Trading Up 0.3%

Shares of NYSE:BYD traded up $0.23 during trading on Tuesday, reaching $71.19. The stock had a trading volume of 367,256 shares, compared to its average volume of 974,842. The firm's fifty day moving average is $75.13 and its 200 day moving average is $81.93. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.74 and a current ratio of 0.77. Boyd Gaming has a 52 week low of $65.00 and a 52 week high of $91.41. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 3.13, a P/E/G ratio of 1.24 and a beta of 1.12.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. Boyd Gaming's quarterly revenue was up .0% on a year-over-year basis. During the same quarter last year, the firm earned $1.87 earnings per share. As a group, equities analysts forecast that Boyd Gaming will post 7.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Boyd Gaming news, CFO Josh Hirsberg sold 12,777 shares of the firm's stock in a transaction that occurred on 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 completion of the sale, the chief financial officer owned 422,969 shares of the company's stock, valued at approximately $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 22.82% of the company's stock.

Hedge Funds Weigh In On Boyd Gaming

Institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Boyd Gaming during the 2nd quarter valued at about $486,737,000. Bank of America Corp DE bought a new stake in Boyd Gaming in the 2nd quarter worth approximately $70,043,000. Bamco Inc. NY purchased a new stake in Boyd Gaming in the second quarter worth approximately $41,184,000. Bank of New York Mellon Corp purchased a new stake in Boyd Gaming in the second quarter worth approximately $40,281,000. Finally, Deprince Race & Zollo Inc. purchased a new stake in Boyd Gaming in the first quarter worth approximately $21,810,000. 76.81% of the stock is owned by institutional investors and hedge funds.

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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