Mizuho Forecasts Strong Price Appreciation for Boyd Gaming (NYSE:BYD) Stock

Boyd Gaming (NYSE:BYD) had its target price lifted by research analysts at Mizuho from $96.00 to $101.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price would indicate a potential upside of 13.76% from the company’s current price.

Several other equities analysts have also commented on the stock. Texas Capital upgraded shares of Boyd Gaming to a “strong-buy” rating in a research report on Wednesday, June 3rd. Wells Fargo & Company boosted their target price on shares of Boyd Gaming from $81.00 to $88.00 and gave the stock an “equal weight” rating in a report on Tuesday. Susquehanna decreased their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Citigroup increased their price target on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, April 16th. Finally, Barclays reduced their price objective on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, Boyd Gaming currently has an average rating of “Hold” and an average target price of $94.15.

Boyd Gaming Price Performance

Shares of Boyd Gaming stock traded down $0.98 on Friday, hitting $88.78. 100,426 shares of the company traded hands, compared to its average volume of 949,092. The stock has a market capitalization of $6.60 billion, a P/E ratio of 3.89, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. Boyd Gaming has a 52 week low of $76.33 and a 52 week high of $91.00. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60. The business has a 50-day simple moving average of $85.14 and a 200 day simple moving average of $84.79.

Boyd Gaming (NYSE:BYD) last released 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 company had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the company earned $1.62 EPS. Research analysts expect that Boyd Gaming will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming announced that its board has approved a stock repurchase plan on Thursday, April 23rd that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares in the company, valued at $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the sale, the chairman directly owned 1,609,808 shares of the company’s stock, valued at $135,272,166.24. The trade was a 3.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 200,000 shares of company stock worth $17,038,987 over the last quarter. Company insiders own 22.82% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

A number of institutional investors have recently bought and sold shares of the business. Altshuler Shaham Ltd acquired a new stake in Boyd Gaming during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC purchased a new stake in shares of Boyd Gaming during the 4th quarter worth about $25,000. Advisors Asset Management Inc. grew its position in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after acquiring an additional 196 shares during the period. First Horizon Corp acquired a new stake in shares of Boyd Gaming during the 4th quarter valued at about $41,000. Finally, Bessemer Group Inc. increased its stake in shares of Boyd Gaming by 62.8% in the 1st quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock valued at $43,000 after purchasing an additional 203 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.