Truist Financial Issues Pessimistic Forecast for Boyd Gaming (NYSE:BYD) Stock Price

Key Points

• Truist Financial lowered Boyd Gaming’s price target from $110 to $100 while maintaining a “buy” rating, implying approximately 40% upside from the stock’s previous close.
• Analyst sentiment remains positive overall, with Boyd Gaming carrying a consensus “Moderate Buy” rating and an average price target of $91.50, despite mixed target-price revisions from firms including Barclays and Morgan Stanley.
• Boyd Gaming shares recently traded at $71.39, near the lower end of their 52-week range. The company exceeded quarterly EPS expectations, while institutional investors own 76.81% of the stock.

Boyd Gaming (NYSE:BYD - Get Free Report) had its target price decreased by equities research analysts at Truist Financial from $110.00 to $100.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price points to a potential upside of 40.09% from the stock's previous close.

A number of other research firms have also recently weighed in on BYD. Barclays decreased their price objective on Boyd Gaming from $87.00 to $85.00 and set an "equal weight" rating for the company in a research report on Friday, October 9th. Wolfe Research assumed coverage on Boyd Gaming in a research note on Wednesday, September 2nd. They issued a "peer perform" rating on the stock. Benchmark started coverage on Boyd Gaming in a report on Monday, June 22nd. They issued a "buy" rating and a $100.00 target price on the stock. Morgan Stanley upgraded Boyd Gaming from an "equal weight" rating to an "overweight" rating and cut their price target for the stock from $89.00 to $83.00 in a research note on Monday. Finally, Weiss Ratings upgraded Boyd Gaming from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $91.50.

Boyd Gaming Stock Performance

Shares of BYD traded up $0.42 during mid-day trading on Tuesday, hitting $71.39. 157,632 shares of the company's stock were exchanged, compared to its average volume of 973,692. Boyd Gaming has a fifty-two week low of $65.00 and a fifty-two week high of $91.41. The firm has a market capitalization of $5.19 billion, a P/E ratio of 3.14, a P/E/G ratio of 1.24 and a beta of 1.12. The business's 50 day moving average is $75.13 and its two-hundred day moving average is $81.93. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05.

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

Insider Activity

In other news, CFO Josh Hirsberg sold 12,777 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the transaction, the chief financial officer directly owned 422,969 shares in the company, valued at $37,965,697.44. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 22.82% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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

About Boyd Gaming

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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