MGM Resorts International (MGM) Receives $30.63 Consensus Price Target from Analysts
MGM Resorts International (NYSE:MGM) has been assigned a consensus recommendation of “Buy” from the twenty-four brokerages that are presently covering the company. Twenty-three analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $30.63.
Several brokerages have commented on MGM. Telsey Advisory Group boosted their target price on MGM Resorts International from $29.00 to $33.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 8th. Stifel Nicolaus boosted their price target on MGM Resorts International from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Tuesday, November 8th. restated an “overweight” rating and set a $29.00 price target on shares of MGM Resorts International in a report on Tuesday, September 20th. TheStreet upgraded MGM Resorts International from a “hold” rating to a “buy” rating in a report on Monday, November 7th. Finally, Barclays PLC set a $32.00 price target on MGM Resorts International and gave the stock a “buy” rating in a report on Wednesday, November 9th.
In related news, President William Hornbuckle sold 26,225 shares of the stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $28.56, for a total value of $748,986.00. Following the completion of the sale, the president now directly owns 210,141 shares of the company’s stock, valued at approximately $6,001,626.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Corp Tracinda sold 4,000,000 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $100,000,000.00, for a total value of $400,000,000,000,000.00. Following the completion of the sale, the insider now directly owns 87,173,744 shares of the company’s stock, valued at $8,717,374,400,000,000. The disclosure for this sale can be found here. 16.90% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank raised its stake in MGM Resorts International by 57.1% in the third quarter. Toronto Dominion Bank now owns 3,902 shares of the company’s stock worth $102,000 after buying an additional 1,418 shares during the last quarter. Global X Management Co. LLC raised its stake in shares of MGM Resorts International by 155.2% in the second quarter. Global X Management Co. LLC now owns 4,551 shares of the company’s stock valued at $103,000 after buying an additional 2,768 shares in the last quarter. BKS Advisors LLC acquired a new stake in shares of MGM Resorts International during the third quarter valued at about $143,000. Mizuho Asset Management Co. Ltd. raised its stake in shares of MGM Resorts International by 146.3% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 6,894 shares of the company’s stock valued at $156,000 after buying an additional 4,095 shares in the last quarter. Finally, Tower Research Capital LLC TRC acquired a new stake in shares of MGM Resorts International during the second quarter valued at about $182,000. 72.54% of the stock is owned by institutional investors and hedge funds.
Shares of MGM Resorts International (NYSE:MGM) opened at 28.47 on Tuesday. MGM Resorts International has a 12 month low of $16.18 and a 12 month high of $29.35. The firm has a market capitalization of $16.32 billion, a P/E ratio of 54.54 and a beta of 1.79. The company has a 50 day moving average of $26.86 and a 200-day moving average of $24.67.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Monday, November 7th. The company reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.47. The firm earned $2.52 billion during the quarter, compared to the consensus estimate of $2.37 billion. MGM Resorts International had a return on equity of 6.45% and a net margin of 3.15%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.15 earnings per share. Analysts predict that MGM Resorts International will post $1.16 EPS for the current year.
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MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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