Macquarie Raises Boyd Gaming (NYSE:BYD) Price Target to $88.00

Key Points

• Macquarie has raised its price target for Boyd Gaming from $74.00 to $88.00, maintaining a "neutral" rating, indicating a potential upside of 1.95% from the current stock price.
• Multiple analysts have recently adjusted their price targets for Boyd Gaming, with Truist Financial setting the highest target at $100.00 and an average target price among analysts now at $86.62.
• Boyd Gaming reported earnings of $1.87 per share for the last quarter, surpassing analysts' expectations, with a revenue increase of 6.9% year-over-year, amounting to $1.03 billion.

Boyd Gaming (NYSE:BYD - Free Report) had its target price lifted by Macquarie from $74.00 to $88.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities analysts also recently issued reports on the stock. Barclays boosted their price target on shares of Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Susquehanna downgraded Boyd Gaming from a "positive" rating to a "neutral" rating and boosted their price objective for the stock from $76.00 to $86.00 in a report on Friday, July 11th. JPMorgan Chase & Co. initiated coverage on Boyd Gaming in a report on Monday, June 23rd. They set a "neutral" rating and a $79.00 price objective on the stock. Finally, Mizuho set a $89.00 price objective on Boyd Gaming and gave the stock an "outperform" rating in a report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $86.62.

Boyd Gaming Trading Down 1.5%

Boyd Gaming stock traded down $1.30 during midday trading on Monday, reaching $83.60. The stock had a trading volume of 1,372,073 shares, compared to its average volume of 1,058,781. Boyd Gaming has a twelve month low of $52.76 and a twelve month high of $87.76. The stock has a market capitalization of $6.81 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 2.94 and a beta of 1.26. The company has a debt-to-equity ratio of 2.57, a quick ratio of 0.76 and a current ratio of 0.80. The stock's 50-day simple moving average is $78.86 and its 200 day simple moving average is $73.97.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.67 by $0.20. Boyd Gaming had a net margin of 14.02% and a return on equity of 39.81%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $976.81 million. During the same quarter last year, the firm posted $1.58 earnings per share. Boyd Gaming's revenue for the quarter was up 6.9% compared to the same quarter last year. Analysts expect that Boyd Gaming will post 6.52 EPS for the current year.

Boyd Gaming Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 16th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.72 dividend on an annualized basis and a yield of 0.9%. Boyd Gaming's dividend payout ratio (DPR) is currently 11.08%.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Peregrine Capital Management LLC bought a new stake in shares of Boyd Gaming in the 2nd quarter worth approximately $5,689,000. Envestnet Asset Management Inc. raised its position in shares of Boyd Gaming by 14.6% during the second quarter. Envestnet Asset Management Inc. now owns 71,380 shares of the company's stock valued at $5,584,000 after buying an additional 9,116 shares during the last quarter. Linden Thomas Advisory Services LLC increased its holdings in Boyd Gaming by 7.2% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 21,269 shares of the company's stock valued at $1,664,000 after buying an additional 1,433 shares during the period. State of New Jersey Common Pension Fund D grew its holdings in shares of Boyd Gaming by 1.6% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 25,684 shares of the company's stock worth $2,009,000 after purchasing an additional 393 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of Boyd Gaming in the 2nd quarter worth about $393,000. Hedge funds and other institutional investors own 76.81% of the company's stock.

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.