Boyd Gaming Corporation (NYSE:BYD – Get Free Report) has earned a consensus rating of “Hold” from the fourteen analysts that are currently covering the stock, MarketBeat reports. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $92.0833.
A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Boyd Gaming from $89.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. Susquehanna reduced their target price on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Wells Fargo & Company reduced their target price on Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating for the company in a research note on Thursday, April 16th. Barclays reduced their target price on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a research note on Friday, April 24th. Finally, Morgan Stanley restated a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th.
Check Out Our Latest Research Report on Boyd Gaming
Boyd Gaming Stock Performance
Boyd Gaming (NYSE:BYD – Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.16). The business had revenue of $997.36 million for the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 EPS. Equities research analysts predict that Boyd Gaming will post 7.32 earnings per share for the current fiscal year.
Boyd Gaming Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a $0.20 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Boyd Gaming’s dividend payout ratio (DPR) is 3.51%.
Boyd Gaming declared that its Board of Directors has initiated a share buyback program on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Insider Buying and Selling
In related news, CFO Josh Hirsberg sold 23,924 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $85.86, for a total value of $2,054,114.64. Following the completion of the transaction, the chief financial officer owned 435,746 shares in the company, valued at $37,413,151.56. This trade represents a 5.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stephen S. Thompson sold 19,530 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $83.59, for a total value of $1,632,512.70. Following the sale, the insider directly owned 22,009 shares in the company, valued at $1,839,732.31. This represents a 47.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 143,454 shares of company stock worth $12,135,614 in the last 90 days. Insiders own 22.82% of the company’s stock.
Institutional Investors Weigh In On Boyd Gaming
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BYD. Invesco Ltd. grew its position in Boyd Gaming by 118.2% during the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock worth $121,708,000 after purchasing an additional 773,394 shares during the period. Norges Bank acquired a new stake in Boyd Gaming during the 4th quarter worth about $58,763,000. Clark Capital Management Group Inc. acquired a new stake in Boyd Gaming during the 3rd quarter worth about $50,295,000. UBS Group AG grew its position in Boyd Gaming by 196.9% during the 4th quarter. UBS Group AG now owns 611,207 shares of the company’s stock worth $52,099,000 after purchasing an additional 405,340 shares during the period. Finally, Arbejdsmarkedets Tillaegspension acquired a new stake in Boyd Gaming during the 4th quarter worth about $24,675,000. 76.81% of the stock is owned by institutional investors and hedge funds.
About Boyd Gaming
Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.
Founded in 1975 by its namesake, William S.
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