Boyd Gaming (BYD) Lifted to “Buy” at Stifel Nicolaus
Stifel Nicolaus upgraded shares of Boyd Gaming (NYSE:BYD) from a hold rating to a buy rating in a report released on Friday morning, MarketBeat Ratings reports. They currently have $33.00 price objective on the stock, down from their prior price objective of $37.00.
BYD has been the topic of a number of other reports. ValuEngine downgraded shares of Boyd Gaming from a hold rating to a sell rating in a research report on Thursday, December 20th. Desjardins initiated coverage on shares of Boyd Gaming in a research report on Friday, October 19th. They set a buy rating on the stock. Bank of America reissued a buy rating and set a $37.00 price objective on shares of Boyd Gaming in a research report on Tuesday, October 16th. Zacks Investment Research raised shares of Boyd Gaming from a hold rating to a buy rating and set a $22.00 price objective on the stock in a research report on Monday, December 31st. Finally, Morgan Stanley set a $35.00 price objective on shares of Boyd Gaming and gave the company a hold rating in a research report on Friday, October 26th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Boyd Gaming currently has a consensus rating of Buy and an average target price of $36.82.
Shares of Boyd Gaming stock opened at $26.24 on Friday. The company has a current ratio of 1.37, a quick ratio of 1.33 and a debt-to-equity ratio of 3.09. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 25.48, a P/E/G ratio of 0.71 and a beta of 1.94. Boyd Gaming has a 12-month low of $18.98 and a 12-month high of $40.44.
Boyd Gaming announced that its Board of Directors has approved a share buyback plan on Wednesday, December 12th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 3.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 28th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Thursday, December 27th. Boyd Gaming’s dividend payout ratio (DPR) is presently 23.30%.
In other news, VP William R. Boyd sold 100,000 shares of the business’s stock in a transaction on Thursday, December 13th. The shares were sold at an average price of $24.19, for a total transaction of $2,419,000.00. Following the sale, the vice president now owns 23,505 shares in the company, valued at approximately $568,585.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 28.88% of the company’s stock.
Several hedge funds have recently made changes to their positions in BYD. Bank of America Corp DE boosted its holdings in shares of Boyd Gaming by 142.1% during the 2nd quarter. Bank of America Corp DE now owns 1,344,703 shares of the company’s stock valued at $46,608,000 after buying an additional 789,296 shares in the last quarter. BlackRock Inc. boosted its stake in Boyd Gaming by 7.7% in the 2nd quarter. BlackRock Inc. now owns 9,407,833 shares of the company’s stock worth $326,077,000 after purchasing an additional 670,588 shares in the last quarter. FMR LLC boosted its stake in Boyd Gaming by 10.9% in the 3rd quarter. FMR LLC now owns 5,199,373 shares of the company’s stock worth $176,000,000 after purchasing an additional 509,885 shares in the last quarter. Valinor Management L.P. boosted its stake in Boyd Gaming by 24.7% in the 3rd quarter. Valinor Management L.P. now owns 2,555,300 shares of the company’s stock worth $86,497,000 after purchasing an additional 505,600 shares in the last quarter. Finally, Waddell & Reed Financial Inc. bought a new position in Boyd Gaming in the 2nd quarter worth about $13,205,000. Hedge funds and other institutional investors own 71.82% of the company’s stock.
Boyd Gaming Company Profile
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 and South. As of October 15, 2018, the company operated 29 gaming entertainment properties offering a total of 1.76 million square feet of casino space, approximately 38,000 gaming machines, 900 table games, 11,000 hotel rooms, and 320 food and beverage outlets located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
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