Boyd Gaming (NYSE:BYD) to Repurchase $500.00 million in Outstanding Stock

Boyd Gaming (NYSE:BYD) announced that its Board of Directors has authorized a stock repurchase plan on Thursday, December 5th, RTT News reports. The company plans to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Boyd Gaming Trading Up 1.0 %

Shares of NYSE:BYD opened at $75.55 on Friday. Boyd Gaming has a twelve month low of $49.34 and a twelve month high of $76.73. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85. The firm has a market cap of $6.68 billion, a P/E ratio of 14.38, a P/E/G ratio of 9.71 and a beta of 1.54. The company has a 50 day moving average of $69.03 and a 200-day moving average of $61.21.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend is Monday, December 16th. Boyd Gaming’s payout ratio is currently 12.98%.

Analysts Set New Price Targets

BYD has been the subject of a number of analyst reports. Morgan Stanley increased their price target on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday, October 22nd. Truist Financial increased their target price on Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Barclays lifted their price target on shares of Boyd Gaming from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Mizuho reiterated an “outperform” rating and set a $79.00 price objective (up from $78.00) on shares of Boyd Gaming in a research note on Friday, October 25th. Finally, StockNews.com raised shares of Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Boyd Gaming presently has a consensus rating of “Moderate Buy” and an average price target of $91.38.

Insider Activity

In other news, CFO Josh Hirsberg sold 21,549 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $71.43, for a total transaction of $1,539,245.07. Following the completion of the sale, the chief financial officer now directly owns 438,615 shares of the company’s stock, valued at $31,330,269.45. This trade represents a 4.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William R. Boyd sold 25,155 shares of the business’s stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $69.35, for a total value of $1,744,499.25. Following the sale, the director now directly owns 1,487,970 shares in the company, valued at $103,190,719.50. This trade represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 146,704 shares of company stock worth $10,540,944. 27.94% of the stock is owned by company insiders.

About Boyd Gaming

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. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.