Truist Financial Boosts MGM Resorts International (NYSE:MGM) Price Target to $40.00

MGM Resorts International (NYSE:MGMGet Rating) had its target price upped by equities research analysts at Truist Financial from $35.00 to $40.00 in a research report issued to clients and investors on Thursday, The Fly reports. Truist Financial’s price objective suggests a potential upside of 15.24% from the stock’s previous close.

MGM has been the topic of several other reports. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, July 15th. Wells Fargo & Company lifted their price objective on MGM Resorts International from $49.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday. Credit Suisse Group decreased their target price on shares of MGM Resorts International from $76.00 to $72.00 and set an “outperform” rating on the stock in a research note on Thursday. Bank of America decreased their target price on shares of MGM Resorts International from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Monday, April 18th. Finally, UBS Group decreased their target price on shares of MGM Resorts International to $40.00 in a research note on Thursday, June 9th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $53.18.

MGM Resorts International Trading Down 2.1 %

MGM stock opened at $34.71 on Thursday. The company has a current ratio of 1.25, a quick ratio of 1.23 and a debt-to-equity ratio of 1.06. MGM Resorts International has a 12-month low of $26.41 and a 12-month high of $51.17. The stock has a market cap of $14.79 billion, a price-to-earnings ratio of 4.86 and a beta of 2.14. The business’s 50-day moving average is $31.05 and its 200 day moving average is $37.47.

Insider Activity at MGM Resorts International

In related news, COO Corey Ian Sanders sold 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $36.00, for a total value of $360,000.00. Following the completion of the sale, the chief operating officer now owns 280,273 shares in the company, valued at approximately $10,089,828. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MGM Resorts International news, Director Paul J. Salem purchased 34,500 shares of the company’s stock in a transaction on Monday, June 13th. The stock was acquired at an average price of $28.92 per share, for a total transaction of $997,740.00. Following the completion of the purchase, the director now directly owns 1,555,000 shares in the company, valued at approximately $44,970,600. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, COO Corey Ian Sanders sold 10,000 shares of the business’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $36.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief operating officer now owns 280,273 shares of the company’s stock, valued at approximately $10,089,828. The disclosure for this sale can be found here. 2.13% of the stock is owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors have recently modified their holdings of the business. Chilton Capital Management LLC acquired a new position in shares of MGM Resorts International in the fourth quarter worth $25,000. UMB Bank N A MO acquired a new position in shares of MGM Resorts International during the fourth quarter worth $29,000. Capital Advisory Group Advisory Services LLC acquired a new position in shares of MGM Resorts International during the first quarter worth $29,000. First Horizon Advisors Inc. grew its stake in shares of MGM Resorts International by 715.4% during the first quarter. First Horizon Advisors Inc. now owns 742 shares of the company’s stock worth $31,000 after purchasing an additional 651 shares in the last quarter. Finally, Ellevest Inc. grew its stake in shares of MGM Resorts International by 70.4% during the second quarter. Ellevest Inc. now owns 1,072 shares of the company’s stock worth $31,000 after purchasing an additional 443 shares in the last quarter. Institutional investors and hedge funds own 85.76% of the company’s stock.

About MGM Resorts International

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MGM Resorts International, through its subsidiaries, owns and operates 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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