Boyd Gaming (NYSE:BYD) Hits New 12-Month High - Still a Buy?

Boyd Gaming Corporation (NYSE:BYD - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $83.76 and last traded at $83.61, with a volume of 756611 shares traded. The stock had previously closed at $81.33.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Raymond James Financial raised their price objective on Boyd Gaming from $81.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday, June 30th. Stifel Nicolaus raised their price objective on Boyd Gaming from $76.00 to $87.00 and gave the company a "hold" rating in a research report on Friday. Barclays reduced their price objective on Boyd Gaming from $78.00 to $73.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. Truist Financial reduced their price objective on Boyd Gaming from $92.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Finally, Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and raised their price objective for the company from $76.00 to $86.00 in a research report on Friday. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Boyd Gaming currently has an average rating of "Moderate Buy" and an average price target of $82.62.

Boyd Gaming Trading Down 6.6%

The firm has a 50 day simple moving average of $75.98 and a 200 day simple moving average of $72.87. The company has a current ratio of 0.80, a quick ratio of 0.76 and a debt-to-equity ratio of 2.57. The firm has a market capitalization of $6.49 billion, a PE ratio of 13.01, a P/E/G ratio of 2.87 and a beta of 1.26.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.52 by $0.10. Boyd Gaming had a return on equity of 38.34% and a net margin of 13.96%. The business had revenue of $991.57 million for the quarter, compared to the consensus estimate of $976.38 million. During the same period last year, the business posted $1.51 EPS. The company's revenue was up 3.2% compared to the same quarter last year. Equities analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 16th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.90%. Boyd Gaming's dividend payout ratio (DPR) is currently 11.75%.

Hedge Funds Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently modified their holdings of the company. Advisors Asset Management Inc. boosted its stake in shares of Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after buying an additional 196 shares during the last quarter. CoreCap Advisors LLC boosted its stake in shares of Boyd Gaming by 91.0% in the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock worth $42,000 after buying an additional 273 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Boyd Gaming by 68.0% in the 1st quarter. GAMMA Investing LLC now owns 773 shares of the company's stock worth $51,000 after buying an additional 313 shares during the last quarter. Parallel Advisors LLC lifted its position in Boyd Gaming by 24.5% during the second quarter. Parallel Advisors LLC now owns 685 shares of the company's stock valued at $54,000 after purchasing an additional 135 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in Boyd Gaming by 156.0% during the first quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock valued at $66,000 after purchasing an additional 613 shares in the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

About Boyd Gaming

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.