MGM Resorts International (MGM) Receives $36.64 Consensus Target Price from Analysts

Shares of MGM Resorts International (NYSE:MGM) have been assigned an average recommendation of “Buy” from the fifteen ratings firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $36.30.

Several equities research analysts recently commented on MGM shares. Morgan Stanley boosted their price target on MGM Resorts International from $38.00 to $39.00 and gave the company an “overweight” rating in a research note on Tuesday, June 26th. Jefferies Financial Group reissued a “buy” rating on shares of MGM Resorts International in a research note on Wednesday, August 1st. Goldman Sachs Group cut MGM Resorts International from a “buy” rating to a “neutral” rating and set a $37.00 price target for the company. in a research note on Monday, June 25th. Telsey Advisory Group decreased their target price on MGM Resorts International from $34.00 to $31.00 and set a “market perform” rating for the company in a research report on Friday, August 3rd. Finally, Nomura decreased their target price on MGM Resorts International from $40.00 to $39.00 and set a “buy” rating for the company in a research report on Monday, July 9th.

In other news, Director Alexis Herman sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $28.85, for a total transaction of $100,975.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel D’arrigo sold 29,377 shares of the company’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $29.23, for a total value of $858,689.71. Following the transaction, the chief financial officer now owns 260,676 shares of the company’s stock, valued at $7,619,559.48. The disclosure for this sale can be found here. Insiders have sold 34,627 shares of company stock valued at $1,009,155 in the last ninety days. Company insiders own 0.43% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Suntrust Banks Inc. lifted its holdings in shares of MGM Resorts International by 12.3% during the first quarter. Suntrust Banks Inc. now owns 15,689 shares of the company’s stock worth $548,000 after buying an additional 1,723 shares during the last quarter. Fagan Associates Inc. lifted its holdings in shares of MGM Resorts International by 4.3% during the second quarter. Fagan Associates Inc. now owns 44,320 shares of the company’s stock worth $1,287,000 after buying an additional 1,840 shares during the last quarter. Redpoint Investment Management Pty Ltd lifted its holdings in shares of MGM Resorts International by 26.3% during the second quarter. Redpoint Investment Management Pty Ltd now owns 11,087 shares of the company’s stock worth $322,000 after buying an additional 2,308 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of MGM Resorts International by 5.5% during the second quarter. Commonwealth Equity Services LLC now owns 48,888 shares of the company’s stock worth $1,419,000 after buying an additional 2,559 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in shares of MGM Resorts International by 15.0% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 21,112 shares of the company’s stock worth $613,000 after buying an additional 2,751 shares during the last quarter. Institutional investors own 79.79% of the company’s stock.

Shares of NYSE MGM traded down $0.10 during trading hours on Wednesday, hitting $26.14. The stock had a trading volume of 73,825 shares, compared to its average volume of 9,050,105. The stock has a market cap of $15.01 billion, a price-to-earnings ratio of 25.37, a PEG ratio of 3.59 and a beta of 1.40. MGM Resorts International has a 52 week low of $25.91 and a 52 week high of $38.41. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.64 and a current ratio of 0.68.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Thursday, August 2nd. The company reported $0.26 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.97 billion. MGM Resorts International had a return on equity of 5.07% and a net margin of 17.11%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.28 EPS. On average, analysts predict that MGM Resorts International will post 1.16 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 14th. Shareholders of record on Monday, September 10th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, September 7th. This represents a $0.48 dividend on an annualized basis and a yield of 1.84%. MGM Resorts International’s payout ratio is currently 47.06%.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and China. The company operates through two segments, Domestic Resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

Featured Article: Using the New Google Finance Tool

Analyst Recommendations for MGM Resorts International (NYSE:MGM)

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply