MGM Resorts International (NYSE:MGM) Receives $49.76 Average Price Target from Brokerages

MGM Resorts International (NYSE:MGM) has earned a consensus rating of “Hold” from the twenty-two analysts that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $50.1765.

A number of equities analysts have weighed in on MGM shares. Jefferies Financial Group lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and cut their target price for the stock from $50.00 to $44.00 in a research report on Friday, May 1st. Wells Fargo & Company increased their target price on shares of MGM Resorts International from $30.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, April 30th. Truist Financial upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and increased their target price for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Finally, The Goldman Sachs Group upped their price target on MGM Resorts International from $34.00 to $38.00 and gave the company a “sell” rating in a research report on Thursday, April 30th.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $48.91 on Wednesday. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The firm has a market capitalization of $12.51 billion, a PE ratio of 67.93 and a beta of 1.31. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The company has a 50-day moving average price of $40.27 and a two-hundred day moving average price of $37.39.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.MGM Resorts International’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. Equities analysts forecast that MGM Resorts International will post 1.95 EPS for the current year.

Insider Activity

In related news, major shareholder Iac Inc. purchased 450,000 shares of the firm’s stock in a transaction dated Tuesday, March 24th. The shares were purchased at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the transaction, the insider directly owned 66,822,350 shares in the company, valued at approximately $2,481,113,855.50. This represents a 0.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.38% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Whittier Trust Co. increased its position in shares of MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after buying an additional 262 shares during the period. Global Retirement Partners LLC increased its position in shares of MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares during the period. Asset Management One Co. Ltd. increased its position in shares of MGM Resorts International by 4.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock valued at $286,000 after buying an additional 313 shares during the period. Brown Brothers Harriman & Co. increased its position in shares of MGM Resorts International by 23.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after buying an additional 355 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in shares of MGM Resorts International by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after buying an additional 397 shares during the period. 68.11% of the stock is currently owned by institutional investors.

About MGM Resorts International

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.