Boyd Gaming Corporation (NYSE:BYD) Given Average Rating of "Hold" by Analysts

Key Points

• Analysts give Boyd Gaming an average “Hold” rating: Ten of 16 analysts recommend holding the stock, while five rate it a buy and one a strong buy. The average 12-month price target is $94.69, above the reported $80.85 share price.
• Recent quarterly results modestly exceeded expectations: Boyd Gaming reported adjusted earnings of $1.93 per share versus the $1.89 consensus estimate, while revenue came in at $1.03 billion compared with expectations of $1.04 billion.
• Insiders sold shares while institutional ownership remains high: CEO Keith Smith and CFO Josh Hirsberg sold stock, and insiders own 22.82% of the company. Institutional investors own 76.81%, with BlackRock and Bank of America among notable recent buyers.

Shares of Boyd Gaming Corporation (NYSE:BYD - Get Free Report) have been given an average rating of "Hold" by the sixteen ratings firms that are covering the company, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $94.6923.

BYD has been the topic of several analyst reports. Mizuho set a $104.00 price target on shares of Boyd Gaming in a report on Friday, July 24th. Benchmark assumed coverage on Boyd Gaming in a research report on Monday, June 22nd. They set a "buy" rating and a $100.00 target price for the company. Wells Fargo & Company increased their price target on Boyd Gaming from $81.00 to $88.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 14th. Morgan Stanley dropped their price objective on Boyd Gaming from $90.00 to $89.00 and set an "equal weight" rating for the company in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. increased their target price on Boyd Gaming from $90.00 to $93.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares of the company's stock, valued at $85,640,667.90. The trade was a 9.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 22.82% of the stock is owned by corporate insiders.

Institutional Trading of Boyd Gaming

Several hedge funds and other institutional investors have recently bought and sold shares of BYD. BlackRock Inc. bought a new position in Boyd Gaming in the second quarter worth about $486,737,000. Bank of America Corp DE bought a new stake in shares of Boyd Gaming in the 2nd quarter valued at about $70,043,000. Invesco Ltd. grew its position in shares of Boyd Gaming by 118.2% in the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company's stock worth $121,708,000 after buying an additional 773,394 shares during the last quarter. Norges Bank purchased a new position in shares of Boyd Gaming in the 4th quarter worth approximately $58,763,000. Finally, Bamco Inc. NY bought a new position in shares of Boyd Gaming during the 2nd quarter worth approximately $41,184,000. Institutional investors own 76.81% of the company's stock.

Boyd Gaming Stock Performance

NYSE BYD opened at $80.85 on Monday. The business's 50 day moving average price is $86.17 and its 200-day moving average price is $84.61. Boyd Gaming has a fifty-two week low of $76.33 and a fifty-two week high of $91.41. The company has a market cap of $5.87 billion, a P/E ratio of 3.56, a P/E/G ratio of 2.00 and a beta of 1.08. 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 (NYSE:BYD - Get Free Report) last issued 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 company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.Boyd Gaming's revenue was up .0% on a year-over-year basis. During the same period last year, the company earned $1.87 earnings per share. Sell-side analysts predict that Boyd Gaming will post 7.29 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Boyd Gaming's dividend payout ratio (DPR) is 3.52%.

Boyd Gaming Company Profile

Boyd Gaming Corporation NYSE: BYD is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming's offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.

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