Boyd Gaming (NYSE:BYD) Reaches New 1-Year High - Time to Buy?

Key Points

• Boyd Gaming shares have reached a new 52-week high, trading at $87.83, with a market cap of $6.97 billion and an average price target of $86.62 set by analysts.
• Analyst ratings show a mix of confidence, with seven "Buy" ratings, six "Hold" ratings, and one "Sell" rating, while some brokerages have raised price targets significantly, indicating bullish sentiment.
• The company declared a quarterly dividend of $0.18 per share, representing a 0.8% yield, with a low dividend payout ratio of 11.08%, suggesting potential for future dividend growth.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) shares hit a new 52-week high on Thursday . The stock traded as high as $87.83 and last traded at $86.94, with a volume of 37116 shares trading hands. The stock had previously closed at $87.28.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BYD. Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Raymond James Financial boosted their price target on Boyd Gaming from $81.00 to $85.00 and gave the company an "outperform" rating in a report on Monday, June 30th. Truist Financial boosted their price target on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Mizuho boosted their price target on Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Barclays boosted their price target on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $86.62.

Boyd Gaming Trading Down 0.4%

The stock has a market capitalization of $6.97 billion, a price-to-earnings ratio of 13.37, a P/E/G ratio of 2.45 and a beta of 1.24. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a fifty day moving average of $82.41 and a 200-day moving average of $75.01.

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

Boyd Gaming Announces Dividend

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

Insider Transactions at Boyd Gaming

In related news, CFO Josh Hirsberg sold 40,035 shares of the stock in a transaction 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 completion of the sale, the chief financial officer directly owned 420,185 shares in the company, valued at approximately $35,888,000.85. This represents a 8.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keith Smith sold 25,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $85.21, for a total value of $2,130,250.00. Following the completion of the sale, the chief executive officer owned 1,046,689 shares of the company's stock, valued at approximately $89,188,369.69. This represents a 2.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 285,438 shares of company stock worth $23,976,085 in the last quarter. 27.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Boyd Gaming

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BYD. First Trust Advisors LP boosted its position in Boyd Gaming by 679.7% in the 2nd quarter. First Trust Advisors LP now owns 1,122,869 shares of the company's stock valued at $87,842,000 after buying an additional 978,853 shares during the last quarter. Norges Bank bought a new position in shares of Boyd Gaming during the second quarter worth about $54,933,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Boyd Gaming during the first quarter worth about $8,976,000. LSV Asset Management lifted its position in shares of Boyd Gaming by 115.8% during the second quarter. LSV Asset Management now owns 245,100 shares of the company's stock worth $19,174,000 after purchasing an additional 131,500 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Boyd Gaming by 11.7% during the second quarter. American Century Companies Inc. now owns 1,213,024 shares of the company's stock worth $94,895,000 after purchasing an additional 127,167 shares during the last quarter. 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.

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