Analysts Rate BYD Gaming Stock as a Buy with $76 Price Target

BYDGaming Stock

Boyd Gaming Co. (BYD:NYE) has received a “Buy” rating from sixteen research firms that cover the company, according to Stock Target Advisor Ratings. The average price target among these firms that have reported on the BYD Gaming stock in the past year is $76.07.

 

BYD Gaming Stock-Analyst Ratings:

A number of research firms have released reports on BYD. For instance, Roth Capital initiated coverage of Boyd Gaming stock on January 18th, setting a “buy” rating and a $70.00 target price on the stock.

On February 3rd, CBRE Group upgraded Boyd Gaming from “hold” to “buy” and assigned a $75.00 target price on the BYD stock. Truist Financial raised the target price from $83.00 to $85.00 on April 26th, while Deutsche Bank raised the target price from $76.00 to $78.00 on the same day.

Finally, Wells Fargo & Company boosted the target price from $73.00 to $77.00 and gave BYD Gaming stock an “overweight” rating on February 3rd.

BYD Ratings by Stock Target Advisor

Insider Transactions:

According to a filing with the Securities & Exchange Commission, CEO Keith Smith sold 25,000 shares of the stock on February 27th at an average price of $64.05, for a total value of $1,601,250.00. Following the transaction, the chief executive officer directly owned 1,297,562 shares of the company’s stock, valued at approximately $83,108,846.10.

In another instance of insider trading, EVP Stephen S. Thompson sold 28,376 shares of BYD Gaming stock in a transaction dated March 3rd. The shares were sold at an average price of $65.83, for a total value of $1,867,992.08. Following the transaction, the executive vice president now directly owns 38,938 shares of the company’s stock, valued at $2,563,288.54.

Since then, insiders have sold 357,334 shares of BYD stock valued at $23,543,265. Approximately 27.94% of the stock is currently owned by company insiders.

 

Hedge Funds & Institutional Holdings:

A number of hedge funds have recently bought or sold their stakes in Boyd Gaming. For example, Boston Partners acquired a new stake in shares of Boyd Gaming during the first quarter valued at about $82,706,000. Ariel Investments LLC grew its stake in Boyd Gaming by 63.4% in the first quarter, now owning 2,629,438 shares of Boyd stock worth $172,965,000.

Millennium Management LLC grew its stake in Boyd Gaming by 98.1% in the fourth quarter and now owns 1,711,767 shares of the BYD stock worth $93,343,000. Norges Bank also bought a new position in Boyd Gaming in the fourth quarter, worth about $41,625,000.

Invesco Ltd. increased its holdings in Boyd Gaming by 45.2% in the first quarter and now owns 2,382,418 shares of the company’s stock worth $156,715,000. Approximately 68.68% of BYD Gaming stock is owned by hedge funds and other institutional investors.

 

BYD Gaming Stock Analysis:

Boyd Gaming’s stock was down by 1.9% on Friday, trading at $68.57. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 10.80, and a price-to-earnings-growth ratio of 1.66. The stock has a 52-week low of $46.10 and a 52-week high of $71.69.

BYD Ratings by Stock Target Advisor

Quarterly Earnings Review:

Boyd Gaming recently released its quarterly earnings report on April 25th, where the company announced earnings per share of $1.71 for the quarter, surpassing the consensus estimate of $1.51 by $0.20. The firm’s revenue for the quarter was $963.97 million, compared to the average analyst estimate of $1.01 billion.

 

Company Profile:

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.

It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. The company also engages in owning and operating a travel agency. The company was founded in 1975 and is headquartered in Las Vegas, Nevada.

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