Boyd Gaming (NYSE:BYD) Sets New 52-Week High on Analyst Upgrade

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) shares reached a new 52-week high on Tuesday after Raymond James Financial raised their price target on the stock from $81.00 to $85.00. Raymond James Financial currently has an outperform rating on the stock. Boyd Gaming traded as high as $80.90 and last traded at $80.45, with a volume of 1185627 shares. The stock had previously closed at $78.23.

BYD has been the subject of a number of other reports. Truist Financial reduced their price objective on shares of Boyd Gaming from $92.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Susquehanna increased their target price on shares of Boyd Gaming from $75.00 to $76.00 and gave the stock a "positive" rating in a research report on Friday, April 25th. Mizuho reduced their price target on Boyd Gaming from $86.00 to $83.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. Macquarie reiterated a "neutral" rating and issued a $74.00 target price on shares of Boyd Gaming in a research note on Friday, April 25th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Boyd Gaming in a research note on Monday, June 23rd. They issued a "neutral" rating and a $79.00 target price on the stock. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $80.38.

Hedge Funds Weigh In On Boyd Gaming

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its position in Boyd Gaming by 56.8% in the first 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 lifted its holdings 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 acquiring an additional 273 shares during the last quarter. GAMMA Investing LLC lifted its holdings 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 acquiring an additional 313 shares during the last quarter. Investment Counsel Co. of Nevada purchased a new position in shares of Boyd Gaming during the 4th quarter worth about $73,000. Finally, UMB Bank n.a. grew its holdings in Boyd Gaming by 156.0% during the 1st 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 during the last quarter. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Price Performance

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 company has a market capitalization of $6.64 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 2.93 and a beta of 1.26. The stock's 50-day moving average is $74.46 and its two-hundred day moving average is $72.43.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $991.57 million for the quarter, compared to the consensus estimate of $976.38 million. During the same quarter in the prior year, the company posted $1.51 EPS. Boyd Gaming's quarterly revenue was up 3.2% on a year-over-year basis. On average, equities analysts predict that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 16th will be given a $0.18 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.72 annualized dividend and a yield of 0.88%. Boyd Gaming's dividend payout ratio (DPR) is 11.75%.

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.