MGM Resorts International (NYSE:MGM) Given New $31.00 Price Target at UBS Group

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

MGM has been the subject of several other reports. Susquehanna Bancshares started coverage on MGM Resorts International in a research note on Wednesday, July 24th. They set a negative rating and a $23.00 target price for the company. ValuEngine downgraded MGM Resorts International from a buy rating to a hold rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. raised their target price on MGM Resorts International from $33.00 to $37.00 and gave the company an in-line rating in a research note on Friday, July 26th. Argus raised their target price on MGM Resorts International to $35.00 and gave the company a buy rating in a research note on Monday, July 29th. Finally, Deutsche Bank set a $32.00 target price on MGM Resorts International and gave the company a hold rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $31.00.

Shares of NYSE MGM opened at $27.78 on Wednesday. MGM Resorts International has a 12-month low of $21.61 and a 12-month high of $31.68. The company has a market cap of $15.02 billion, a P/E ratio of 28.06, a P/E/G ratio of 4.28 and a beta of 1.42. The company has a current ratio of 0.73, a quick ratio of 0.69 and a debt-to-equity ratio of 1.39. The stock has a fifty day moving average price of $28.98 and a 200 day moving average price of $27.49.

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

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 10th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend 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 related news, Director Keith A. Meister purchased 2,874,578 shares of MGM Resorts International stock in a transaction dated Friday, June 7th. The shares were acquired at an average price of $26.18 per share, with a total value of $75,256,452.04. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Keith A. Meister purchased 1,139,138 shares of MGM Resorts International stock in a transaction dated Wednesday, June 5th. The shares were bought 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. Insiders have bought 5,317,360 shares of company stock worth $140,880,100 in the last ninety days. Corporate insiders own 3.47% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Real Estate Management Services LLC bought a new position in shares of MGM Resorts International during the second quarter worth about $3,746,000. Rational Advisors LLC lifted its position in shares of MGM Resorts International by 1,113.8% during the first quarter. Rational Advisors LLC now owns 1,323 shares of the company’s stock worth $34,000 after purchasing an additional 1,214 shares during the last quarter. Moors & Cabot Inc. bought a new position in shares of MGM Resorts International during the first quarter worth about $288,000. Retirement Systems of Alabama lifted its position in shares of MGM Resorts International by 0.8% during the first 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. Finally, Investors Research Corp bought a new position in shares of MGM Resorts International during the first quarter worth about $44,000. 81.27% of the stock is currently owned by institutional investors and hedge funds.

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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