MGM Resorts International (NYSE:MGM) Receives $52.49 Consensus Price Target from Brokerages

Shares of MGM Resorts International (NYSE:MGM) have received an average recommendation of “Moderate Buy” from the twenty-two brokerages that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, ten have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $52.4882.

Several brokerages recently issued reports on MGM. Morgan Stanley reissued an “underweight” rating on shares of MGM Resorts International in a research note on Wednesday, July 22nd. Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and increased their price target for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. JPMorgan Chase & Co. raised their price target on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. KeyCorp upgraded shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective on the stock in a research note on Monday, April 27th. Finally, Barclays lifted their target price on shares of MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th.

MGM Resorts International Trading Down 2.6%

MGM Resorts International stock opened at $44.52 on Thursday. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The firm has a market capitalization of $11.20 billion, a price-to-earnings ratio of 26.98 and a beta of 1.31. The company has a 50 day moving average price of $46.78 and a 200 day moving average price of $40.23.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.79 EPS. Research analysts forecast that MGM Resorts International will post 2.03 EPS for the current year.

Insider Buying and Selling

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently added to or reduced their stakes in the company. Bayforest Capital Ltd lifted its stake in MGM Resorts International by 116.4% in the second quarter. Bayforest Capital Ltd now owns 5,244 shares of the company’s stock valued at $251,000 after acquiring an additional 2,821 shares during the last quarter. Transcend Capital Advisors LLC acquired a new position in shares of MGM Resorts International during the 2nd quarter worth $224,000. Jeppson Wealth Management LLC bought a new position in shares of MGM Resorts International during the 2nd quarter valued at $219,000. Choreo LLC raised its holdings in shares of MGM Resorts International by 98.3% during the 2nd quarter. Choreo LLC now owns 14,281 shares of the company’s stock valued at $683,000 after purchasing an additional 7,081 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of MGM Resorts International by 11.9% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 27,302 shares of the company’s stock valued at $1,305,000 after purchasing an additional 2,905 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

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.