Boyd Gaming Corporation (NYSE:BYD) Receives Consensus Rating of "Hold" from Analysts

Key Points

• Boyd Gaming Corporation (NYSE:BYD) has received a consensus recommendation of "Hold" from fourteen analysts, with one sell rating, six hold ratings, and seven buy ratings.
• The average target price among analysts for Boyd Gaming over the next year is $86.6154, indicating some positive growth potential.
• Recent insider selling saw CFO Josh Hirsberg and CEO Keith Smith offload significant shares, with insiders having sold a total of 385,438 shares valued at $32,638,085 in the last 90 days.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) has been assigned a consensus recommendation of "Hold" from the fourteen analysts that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $86.6154.

Several analysts have recently weighed in on the company. Susquehanna cut Boyd Gaming from a "positive" rating to a "neutral" rating and boosted their price target for the stock from $76.00 to $86.00 in a report on Friday, July 11th. Barclays boosted their price target on Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Mizuho boosted their price target on Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Raymond James Financial boosted their price target on Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, June 30th. Finally, Truist Financial boosted their price target on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th.

Insider Buying and Selling

In related news, CFO Josh Hirsberg sold 40,035 shares of Boyd Gaming stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.41, for a total value of $3,419,389.35. Following the transaction, the chief financial officer directly owned 420,185 shares of the company's stock, valued at $35,888,000.85. The trade was a 8.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 50,000 shares of Boyd Gaming stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $83.09, for a total value of $4,154,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,096,689 shares in the company, valued at approximately $91,123,889.01. This represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 385,438 shares of company stock valued at $32,638,085 over the last 90 days. 21.97% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boyd Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in BYD. First Trust Advisors LP lifted its stake in shares of Boyd Gaming by 679.7% in the second quarter. First Trust Advisors LP now owns 1,122,869 shares of the company's stock worth $87,842,000 after acquiring an additional 978,853 shares during the period. Norges Bank acquired a new position in shares of Boyd Gaming in the second quarter worth approximately $54,933,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Boyd Gaming in the first quarter worth approximately $8,976,000. LSV Asset Management lifted its stake in Boyd Gaming by 115.8% in the second quarter. LSV Asset Management now owns 245,100 shares of the company's stock valued at $19,174,000 after buying an additional 131,500 shares during the period. Finally, American Century Companies Inc. lifted its stake in Boyd Gaming by 11.7% in the second quarter. American Century Companies Inc. now owns 1,213,024 shares of the company's stock valued at $94,895,000 after buying an additional 127,167 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $86.40 on Monday. Boyd Gaming has a 12-month low of $57.67 and a 12-month high of $87.83. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. The business's 50-day moving average price is $83.61 and its two-hundred day moving average price is $75.33. The stock has a market cap of $6.93 billion, a PE ratio of 13.29, a P/E/G ratio of 2.44 and a beta of 1.23.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.20. The company had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $976.81 million. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.58 earnings per share. As a group, analysts expect that Boyd Gaming will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, September 15th. Boyd Gaming's payout ratio is currently 11.08%.

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.

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