Boyd Gaming Co. (NYSE: BYD) Receives Average ‘Buy’ Rating from Analysts
Boyd Gaming Co. (NYSE: BYD) has received a consensus recommendation to “Buy” by the fifteen rating companies that currently cover the company, reports MarketBeat Ratings. One analyst rated the stock with a hold recommendation, eleven issued a buy recommendation and one issued a strong buy recommendation on the company. The twelve-month average price target among brokerage firms that updated their equity coverage in the past year is $ 66.77.
Several research companies have weighed in on BYD recently. Stifel Nicolaus increased his price target on Boyd Gaming from $ 82.00 to $ 88.00 and gave the company a “buy” rating in a research report published on Wednesday, July 28. Morgan Stanley raised its price target on Boyd Gaming from $ 78.00 to $ 82.00 and rated the company as “overweight” in a research report published on Wednesday, July 28. Wells Fargo & Company began covering Boyd Gaming in a research report on Tuesday, September 14. They set an “overweight” rating and a price target of $ 92.00 for the stock. Truist increased its price target on Boyd Gaming from $ 73.00 to $ 87.00 and gave the company a “buy” rating in a research report published on Wednesday, July 28. Finally, Truist Securities raised its target price on Boyd Gaming from $ 73.00 to $ 87.00 and gave the company a “buy” rating in a research note on Wednesday, July 28.
Meanwhile, Executive Vice President Stephen S. Thompson sold 11,962 shares of the company in a transaction dated Friday, August 13. The stock was sold at an average price of $ 60.12, for a total trade of $ 719,155.44. After the transaction closes, the Executive Vice President now owns 73,515 shares of the company, valued at approximately $ 4,419,721.80. The transaction was disclosed in a legal file with the Securities & Exchange Commission, which is available on the SEC website. In addition, CEO Keith Smith sold 30,000 shares of the company in a transaction dated Monday, August 23. The stock was sold for an average price of $ 57.54, for a total value of $ 1,726,200.00. Disclosure of this sale can be found here. During the last quarter, insiders sold 112,380 shares of the company valued at $ 6,523,966. 27.94% of the shares are currently held by insiders.
A number of institutional investors have recently bought and sold shares of BYD. Melvin Capital Management LP acquired a new position in Boyd Gaming in Q1 for a value of approximately $ 76,648,000. Millennium Management LLC increased its stake in Boyd Gaming by 4,648.4% in the 2nd quarter. Millennium Management LLC now owns 1,209,461 shares of the company valued at $ 74,370,000 after acquiring an additional 1,183,990 shares in the last quarter. Morgan Stanley increased its holdings of Boyd Gaming shares by 48.0% in the 2nd quarter. Morgan Stanley now owns 1,085,457 shares of the company valued at $ 66,745,000 after purchasing an additional 352,181 shares during the last quarter. Land & Buildings Investment Management LLC acquired a new position in Boyd Gaming shares in the 1st quarter valued at approximately $ 20,152,000. Finally, Los Angeles Capital Management LLC acquired a new position in Boyd Gaming shares in the second quarter valued at approximately $ 19,561,000. 64.57% of the shares are held by hedge funds and other institutional investors.
Boyd Gaming shares opened at $ 61.49 on Friday. The stock’s fifty-day moving average is $ 58.60 and its 200-day moving average is $ 60.98. The company has a market cap of $ 6.90 billion, a PE ratio of 20.77, a price / earnings-growth ratio of 0.31 and a beta of 2.19. The company has a quick ratio of 0.86, a current ratio of 0.89, and a debt ratio of 2.43. Boyd Gaming has a minimum of $ 26.00 over 12 months and a maximum of $ 71.00 over 12 months.
Boyd Gaming (NYSE: BYD) last released its quarterly results on Monday, July 26. The company reported earnings per share of $ 1.54 for the quarter, beating the consensus estimate of $ 0.83 by $ 0.71. The company posted revenue of $ 893.20 million for the quarter, compared to analysts’ estimates of $ 806.82 million. Boyd Gaming reported a return on equity of 31.63% and a net margin of 11.49%. Boyd Gaming’s quarterly revenue grew 344.6% year-over-year. During the same period of the previous year, the company achieved earnings per share ($ 0.98). Analysts expect Boyd Gaming to post an EPS of 4.68 for the current year.
Boyd Gaming Company Profile
Boyd Gaming Corp. deals with the management and operation of gaming and entertainment properties. It operates through the following segments: Las Vegas Locals, Downtown Las Vegas and Midwest & South. The Las Vegas Locals segment consists of casinos that serve the resident population of the Las Vegas metropolitan area.
Further Reading: Why Is Cost of Goods Sold Important?
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