Boyd Gaming (NYSE:BYD) Reaches New 52-Week High – Should You Buy?

Boyd Gaming Corporation (NYSE:BYD) hit a new 52-week high during trading on Tuesday . The company traded as high as $91.34 and last traded at $91.24, with a volume of 558014 shares changing hands. The stock had previously closed at $89.29.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BYD shares. Stifel Nicolaus raised their price objective on Boyd Gaming from $91.00 to $92.00 and gave the company a “hold” rating in a research note on Friday. Mizuho set a $104.00 target price on Boyd Gaming in a research report on Friday. JPMorgan Chase & Co. increased their price target on Boyd Gaming from $90.00 to $93.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. Wells Fargo & Company lifted their price target on shares of Boyd Gaming from $81.00 to $88.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group started coverage on shares of Boyd Gaming in a research note on Friday, June 26th. They issued a “neutral” rating and a $91.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $94.69.

Boyd Gaming Trading Up 2.0%

The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 4.01, a P/E/G ratio of 2.06 and a beta of 1.07. The company has a 50-day moving average price of $86.03 and a 200-day moving average price of $84.85. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.29% and a net margin of 44.34%.The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the company posted $1.87 earnings per share. The firm’s revenue for the quarter was up .0% on a year-over-year basis. Research analysts predict that Boyd Gaming Corporation will post 7.21 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 15th. Boyd Gaming’s payout ratio is currently 3.52%.

Boyd Gaming declared that its Board of Directors has approved a stock buyback program on Thursday, April 23rd that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the sale, the chairman owned 1,609,808 shares in the company, valued at approximately $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the transaction, the chief executive officer directly owned 996,981 shares in the company, valued at $85,640,667.90. This trade represents a 9.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 200,000 shares of company stock valued at $17,038,987. Corporate insiders own 22.82% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Several large investors have recently bought and sold shares of the stock. Altshuler Shaham Ltd acquired a new stake in Boyd Gaming in the 4th quarter worth $25,000. Los Angeles Capital Management LLC acquired a new position in shares of Boyd Gaming during the fourth quarter valued at about $25,000. Advisors Asset Management Inc. raised its position in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after buying an additional 196 shares during the last quarter. First Horizon Corp bought a new stake in shares of Boyd Gaming in the fourth quarter valued at about $41,000. Finally, Bessemer Group Inc. lifted its stake in shares of Boyd Gaming by 62.8% in the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock valued at $43,000 after buying an additional 203 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Company Profile

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.