Wells Fargo & Company Increases MGM Resorts International (NYSE:MGM) Price Target to $31.00

MGM Resorts International (NYSE:MGM) had its price objective lifted by equities researchers at Wells Fargo & Company from $29.00 to $31.00 in a research note issued to investors on Friday,MarketScreener reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 11.43% from the stock’s current price.

A number of other equities research analysts have also recently commented on MGM. Citigroup cut their price target on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating on the stock in a report on Thursday, October 30th. UBS Group lowered their price objective on MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, November 17th. Barclays set a $38.00 price target on MGM Resorts International and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Capital One Financial dropped their price objective on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating for the company in a research note on Friday, December 5th. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $33.00 target price on shares of MGM Resorts International in a research note on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $44.68.

MGM Resorts International Stock Down 1.2%

NYSE:MGM traded down $0.41 during mid-day trading on Friday, hitting $35.00. 5,298,309 shares of the company’s stock were exchanged, compared to its average volume of 3,813,495. The company has a market cap of $9.57 billion, a PE ratio of 218.75, a P/E/G ratio of 2.71 and a beta of 1.46. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. MGM Resorts International has a one year low of $25.30 and a one year high of $41.32. The business has a fifty day moving average price of $35.15 and a 200 day moving average price of $35.35.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The business had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. MGM Resorts International’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 earnings per share. Equities analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity

In related news, major shareholder Iac Inc. acquired 1,098,748 shares of the stock in a transaction on Friday, December 5th. The stock was bought at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the transaction, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 3.06% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of MGM Resorts International by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after buying an additional 951 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares in the last quarter. Woodline Partners LP grew its stake in MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after buying an additional 5,312 shares during the last quarter. Parallel Advisors LLC increased its position in MGM Resorts International by 7.7% during the 2nd quarter. Parallel Advisors LLC now owns 6,748 shares of the company’s stock valued at $232,000 after buying an additional 482 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in MGM Resorts International by 66.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after acquiring an additional 529 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.