MGM Resorts International (MGM) Receives $35.69 Consensus PT from Brokerages
MGM Resorts International (NYSE:MGM) has been assigned a consensus recommendation of “Buy” from the twenty-one research firms that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $35.67.
A number of research firms have recently commented on MGM. Bank of America Corporation restated a “buy” rating and set a $40.00 price objective (up from $38.00) on shares of MGM Resorts International in a report on Friday, September 8th. Zacks Investment Research downgraded MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday. Morgan Stanley restated an “overweight” rating and set a $34.00 price objective (up from $33.00) on shares of MGM Resorts International in a report on Monday, July 10th. UBS AG restated a “buy” rating on shares of MGM Resorts International in a report on Monday, July 10th. Finally, Deutsche Bank AG restated a “buy” rating and set a $36.00 price objective (up from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th.
In other news, Director Alexis Herman sold 3,745 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $32.51, for a total transaction of $121,749.95. Following the completion of the sale, the director now directly owns 8,285 shares in the company, valued at $269,345.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Christine Gay sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $31.88, for a total value of $95,640.00. Following the sale, the director now owns 11,208 shares of the company’s stock, valued at $357,311.04. The disclosure for this sale can be found here. Insiders have sold 819,831 shares of company stock valued at $27,686,927 over the last 90 days. Insiders own 12.20% of the company’s stock.
Several hedge funds have recently modified their holdings of MGM. Spirit of America Management Corp NY bought a new position in shares of MGM Resorts International during the third quarter worth about $104,000. Pacad Investment Ltd. bought a new position in shares of MGM Resorts International during the second quarter worth about $169,000. Toronto Dominion Bank lifted its position in shares of MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after purchasing an additional 624 shares during the last quarter. Global X Management Co. LLC lifted its position in shares of MGM Resorts International by 30.4% during the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after purchasing an additional 1,724 shares during the last quarter. Finally, Colony Group LLC bought a new position in shares of MGM Resorts International during the second quarter worth about $203,000. 75.21% of the stock is currently owned by institutional investors and hedge funds.
Shares of MGM Resorts International (NYSE MGM) traded up 1.80% during midday trading on Wednesday, hitting $31.03. The stock had a trading volume of 6,788,716 shares. The stock has a 50-day moving average price of $31.78 and a 200-day moving average price of $31.46. The stock has a market cap of $17.85 billion, a P/E ratio of 18.37 and a beta of 1.46. MGM Resorts International has a 12-month low of $25.15 and a 12-month high of $34.65.
MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.29 EPS. Equities analysts forecast that MGM Resorts International will post $1.27 earnings per share for the current year.
MGM Resorts International announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, September 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to purchase up to 5.3% 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.
About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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