Boyd Gaming (NYSE:BYD) Upgraded to Strong-Buy by StockNews.com

StockNews.com upgraded shares of Boyd Gaming (NYSE:BYDGet Rating) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday.

A number of other research firms also recently issued reports on BYD. Susquehanna increased their price objective on Boyd Gaming from $74.00 to $79.00 in a report on Wednesday, April 27th. Susquehanna Bancshares raised Boyd Gaming from a neutral rating to a positive rating and increased their target price for the stock from $73.00 to $74.00 in a research note on Tuesday, April 26th. Morgan Stanley cut Boyd Gaming from an overweight rating to an equal weight rating and cut their target price for the stock from $82.00 to $76.00 in a research note on Monday, April 25th. Finally, Berenberg Bank initiated coverage on Boyd Gaming in a research note on Thursday, May 12th. They issued a buy rating and a $78.00 target price on the stock. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $81.75.

NYSE:BYD opened at $49.05 on Thursday. The firm has a market cap of $5.38 billion, a PE ratio of 10.62 and a beta of 1.90. Boyd Gaming has a fifty-two week low of $47.66 and a fifty-two week high of $72.72. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.96 and a current ratio of 0.99. The business has a 50 day moving average price of $57.43 and a 200-day moving average price of $61.97.

Boyd Gaming (NYSE:BYDGet Rating) last released its quarterly earnings data on Tuesday, April 26th. The company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.16. The firm had revenue of $860.74 million during the quarter, compared to analyst estimates of $836.15 million. Boyd Gaming had a return on equity of 42.72% and a net margin of 15.09%. During the same quarter in the prior year, the firm posted $0.93 earnings per share. Research analysts predict that Boyd Gaming will post 5.47 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be given a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, June 29th. This represents a $0.60 annualized dividend and a yield of 1.22%. Boyd Gaming’s payout ratio is 6.28%.

In other news, insider Marianne Boyd Johnson sold 64,690 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $54.95, for a total value of $3,554,715.50. Following the transaction, the insider now owns 77,623 shares of the company’s stock, valued at $4,265,383.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP William R. Boyd sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $53.74, for a total value of $1,074,800.00. Following the completion of the transaction, the vice president now directly owns 2,056,522 shares in the company, valued at approximately $110,517,492.28. The disclosure for this sale can be found here. Insiders sold 256,365 shares of company stock worth $14,862,264 over the last three months. Insiders own 27.94% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Boyd Gaming by 4.1% in the first quarter. Vanguard Group Inc. now owns 9,030,684 shares of the company’s stock worth $594,039,000 after buying an additional 359,698 shares during the period. BlackRock Inc. raised its stake in Boyd Gaming by 2.1% during the 1st quarter. BlackRock Inc. now owns 7,025,507 shares of the company’s stock valued at $462,137,000 after purchasing an additional 143,418 shares during the period. Zeke Capital Advisors LLC raised its stake in Boyd Gaming by 622.1% during the 3rd quarter. Zeke Capital Advisors LLC now owns 2,701,622 shares of the company’s stock valued at $170,905,000 after purchasing an additional 2,327,474 shares during the period. Ariel Investments LLC raised its stake in Boyd Gaming by 63.4% during the 1st quarter. Ariel Investments LLC now owns 2,629,438 shares of the company’s stock valued at $172,965,000 after purchasing an additional 1,020,515 shares during the period. Finally, Invesco Ltd. raised its stake in Boyd Gaming by 45.2% during the 1st quarter. Invesco Ltd. now owns 2,382,418 shares of the company’s stock valued at $156,715,000 after purchasing an additional 741,156 shares during the period. 70.27% of the stock is currently owned by hedge funds and other institutional investors.

About Boyd Gaming (Get Rating)

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

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Analyst Recommendations for Boyd Gaming (NYSE:BYD)

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