MGM Resorts International (NYSE:MGM) PT Raised to $31.00

MGM Resorts International (NYSE:MGM) had its price objective raised by UBS Group from $30.00 to $31.00 in a research note published on Wednesday morning, BenzingaRatingsTable reports. The firm currently has a neutral rating on the stock.

Several other research analysts have also commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of MGM Resorts International from $33.00 to $37.00 and gave the stock an in-line rating in a report on Friday, July 26th. Argus increased their price target on shares of MGM Resorts International to $35.00 and gave the stock a buy rating in a research note on Monday, July 29th. Morgan Stanley increased their price target on shares of MGM Resorts International from $31.00 to $32.00 and gave the stock an equal weight rating in a research note on Friday, July 26th. Nomura increased their price target on shares of MGM Resorts International from $36.00 to $37.00 and gave the stock a buy rating in a research note on Friday, July 26th. Finally, Susquehanna Bancshares started coverage on shares of MGM Resorts International in a research note on Wednesday, July 24th. They issued a negative rating and a $23.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the stock. MGM Resorts International currently has an average rating of Hold and an average target price of $31.00.

Shares of NYSE MGM opened at $27.78 on Wednesday. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 1.39. MGM Resorts International has a 12 month low of $21.61 and a 12 month high of $31.68. The firm has a market capitalization of $14.87 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 4.23 and a beta of 1.42. The firm has a fifty day simple moving average of $28.98 and a two-hundred day simple moving average of $27.49.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.02). MGM Resorts International had a return on equity of 3.77% and a net margin of 1.56%. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter last year, the company posted $0.26 earnings per share. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, sell-side analysts predict that MGM Resorts International will post 0.84 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 10th will be paid a $0.13 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.52 annualized dividend and a dividend yield of 1.87%. MGM Resorts International’s payout ratio is 52.53%.

In other news, Director Keith A. Meister acquired 264,889 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were bought at an average cost of $27.58 per share, with a total value of $7,305,638.62. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Keith A. Meister acquired 1,139,138 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were purchased at an average cost of $25.82 per share, for a total transaction of $29,412,543.16. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 5,317,360 shares of company stock valued at $140,880,100. 3.47% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its position in MGM Resorts International by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after purchasing an additional 366,980 shares during the last quarter. Retirement Systems of Alabama raised its position in MGM Resorts International by 0.8% in the 1st quarter. Retirement Systems of Alabama now owns 237,509 shares of the company’s stock worth $6,094,000 after purchasing an additional 1,852 shares during the last quarter. Meeder Asset Management Inc. raised its position in MGM Resorts International by 1,334.2% in the 1st quarter. Meeder Asset Management Inc. now owns 7,171 shares of the company’s stock worth $184,000 after purchasing an additional 6,671 shares during the last quarter. Nisa Investment Advisors LLC raised its position in MGM Resorts International by 16.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 55,639 shares of the company’s stock worth $1,428,000 after purchasing an additional 7,900 shares during the last quarter. Finally, IFM Investors Pty Ltd raised its position in MGM Resorts International by 14.0% in the 1st quarter. IFM Investors Pty Ltd now owns 35,119 shares of the company’s stock worth $901,000 after purchasing an additional 4,318 shares during the last quarter. 81.27% of the stock is currently owned by institutional investors.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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