Boyd Gaming (NYSE:BYD) Price Target Raised to $89.00

Key Points

• Mizuho raised Boyd Gaming's price target from $86.00 to $89.00, indicating a potential upside of 5.44% from the current price.
• The majority of analysts maintain a consensus rating of "Hold" on Boyd Gaming, with a mix of "buy," "hold," and "sell" ratings across various investment firms.
• Boyd Gaming reported earnings of $1.87 EPS, surpassing expectations and showing a 6.9% increase in revenue year-over-year.
• Institutional investors have been active, with notable acquisitions from firms like Norges Bank and Raymond James in recent quarters.

Boyd Gaming (NYSE:BYD - Get Free Report) had its price target increased by equities research analysts at Mizuho from $86.00 to $89.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's target price indicates a potential upside of 5.44% from the stock's current price.

BYD has been the topic of several other research reports. Susquehanna cut shares of Boyd Gaming from a "positive" rating to a "neutral" rating and raised their target price for the company from $76.00 to $86.00 in a research note on Friday, July 11th. Macquarie reissued a "neutral" rating and set a $74.00 target price on shares of Boyd Gaming in a research note on Friday, April 25th. Barclays raised their target price on shares of Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Stifel Nicolaus increased their price target on Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research note on Friday. Finally, Truist Financial increased their price target on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $85.54.

Boyd Gaming Stock Performance

Boyd Gaming stock traded up $2.09 during midday trading on Friday, reaching $84.41. 1,096,424 shares of the stock traded hands, compared to its average volume of 1,041,385. 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 fifty day moving average price of $77.70 and a two-hundred day moving average price of $73.48. The firm has a market cap of $6.87 billion, a price-to-earnings ratio of 13.77 and a beta of 1.26. Boyd Gaming has a fifty-two week low of $52.76 and a fifty-two week high of $87.76.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.20. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $976.81 million. Boyd Gaming had a net margin of 13.96% and a return on equity of 38.34%. Boyd Gaming's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.58 EPS. On average, equities research analysts forecast that Boyd Gaming will post 6.52 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Boyd Gaming in the fourth quarter valued at $55,553,000. Raymond James Financial Inc. purchased a new stake in Boyd Gaming in the 4th quarter worth about $43,273,000. Arrowstreet Capital Limited Partnership lifted its stake in Boyd Gaming by 51.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,296,863 shares of the company's stock worth $94,074,000 after acquiring an additional 441,963 shares in the last quarter. Franklin Resources Inc. lifted its stake in Boyd Gaming by 37.2% in the 4th quarter. Franklin Resources Inc. now owns 964,051 shares of the company's stock worth $69,932,000 after acquiring an additional 261,443 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Boyd Gaming in the 1st quarter worth about $8,976,000. 76.81% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.