MGM Resorts International (NYSE:MGM) Price Target Raised to $52.00

MGM Resorts International (NYSE:MGM) had its price target boosted by Morgan Stanley from $51.00 to $52.00 in a research note published on Friday, PriceTargets.com reports. They currently have an equal weight rating on the stock.

Several other research firms have also commented on MGM. Sanford C. Bernstein upgraded shares of MGM Resorts International from a market perform rating to an outperform rating and set a $58.90 price target for the company in a report on Monday, September 13th. Wells Fargo & Company boosted their price target on shares of MGM Resorts International from $55.00 to $62.00 and gave the company an overweight rating in a report on Thursday, November 4th. They noted that the move was a valuation call. Citigroup started coverage on shares of MGM Resorts International in a report on Tuesday, December 7th. They issued a buy rating and a $56.00 price target for the company. Susquehanna Bancshares lowered shares of MGM Resorts International to a negative rating and boosted their price target for the company from $10.00 to $36.00 in a report on Friday, October 1st. Finally, Stifel Nicolaus boosted their price target on shares of MGM Resorts International from $45.00 to $54.00 and gave the company a hold rating in a report on Thursday, November 4th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average price target of $48.81.

MGM Resorts International stock opened at $42.28 on Friday. The stock has a market cap of $19.83 billion, a price-to-earnings ratio of 32.52 and a beta of 2.38. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.96 and a quick ratio of 1.93. MGM Resorts International has a 1 year low of $27.81 and a 1 year high of $51.17. The firm has a 50-day moving average of $44.93 and a two-hundred day moving average of $42.69.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, November 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.07. The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.41 billion. MGM Resorts International had a net margin of 8.33% and a negative return on equity of 6.80%. During the same period in the previous year, the company earned ($1.08) EPS. Research analysts expect that MGM Resorts International will post -0.86 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Friday, December 10th were paid a dividend of $0.0025 per share. The ex-dividend date was Thursday, December 9th. This represents a $0.01 dividend on an annualized basis and a yield of 0.02%. MGM Resorts International’s payout ratio is 0.77%.

In other news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction on Monday, November 8th. The shares were sold at an average price of $50.14, for a total value of $300,840.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Corey Ian Sanders sold 10,000 shares of the company’s stock in a transaction on Thursday, September 23rd. The shares were sold at an average price of $44.00, for a total transaction of $440,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 126,200 shares of company stock worth $5,646,064 in the last 90 days. 5.09% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of MGM Resorts International by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 43,236,311 shares of the company’s stock valued at $1,844,029,000 after acquiring an additional 1,113,274 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of MGM Resorts International by 89.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 18,797,538 shares of the company’s stock valued at $801,715,000 after acquiring an additional 8,896,662 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of MGM Resorts International by 44.2% in the 2nd quarter. Canada Pension Plan Investment Board now owns 8,751,000 shares of the company’s stock valued at $373,230,000 after acquiring an additional 2,683,400 shares during the last quarter. FMR LLC boosted its holdings in shares of MGM Resorts International by 2.6% in the 2nd quarter. FMR LLC now owns 5,646,583 shares of the company’s stock valued at $240,826,000 after acquiring an additional 142,925 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of MGM Resorts International by 17.1% in the 3rd quarter. Invesco Ltd. now owns 4,007,615 shares of the company’s stock valued at $172,927,000 after acquiring an additional 583,967 shares during the last quarter. 63.42% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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