Las Vegas Sands Corp. (LVS) Lowered to Hold at Zacks Investment Research
Las Vegas Sands Corp. (NYSE:LVS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Las Vegas Sands’ Q3 adjusted earnings of 77 cents surpassed the Zacks Consensus Estimate by 14.9% and rose 8.5% year over year on higher revenues. Quarterly revenues of $3.2 billion also topped the consensus mark by nearly 3% and jumped 7.7% year over year given robust results at Parsian Macao and Marina Bay Sands. The company is positive on the prospects of The Parisian Macao and expects it to deliver continued growth in the long haul. In fact, the company’s planned investment of over $1.1 billion in new capital projects in Macao over the next three years, given the continual revival of gaming revenues therein, also bodes well for long-term growth. Also, high occupancy rates at the Las Vegas properties are likely to drive growth. However, its shares have underperformed the industry in the past six months. Also, fears of another corruption crackdown by the authorities may hamper performance.”
A number of other analysts have also recently weighed in on LVS. Stifel Nicolaus reissued a “buy” rating on shares of Las Vegas Sands Corp. in a report on Sunday, September 3rd. Bank of America Corporation reissued a “buy” rating and set a $67.00 target price (up from $65.00) on shares of Las Vegas Sands Corp. in a report on Friday, July 21st. Deutsche Bank AG reissued a “hold” rating and set a $54.00 target price (up from $52.00) on shares of Las Vegas Sands Corp. in a report on Thursday, July 27th. Roth Capital began coverage on shares of Las Vegas Sands Corp. in a report on Wednesday, October 25th. They set a “buy” rating and a $69.00 target price on the stock. Finally, Wells Fargo & Company reissued a “neutral” rating on shares of Las Vegas Sands Corp. in a report on Tuesday, July 4th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $65.04.
Shares of Las Vegas Sands Corp. (LVS) traded up 3.2055% during midday trading on Tuesday, reaching $63.4301. 3,271,044 shares of the company traded hands. The firm has a market capitalization of $50.24 billion, a P/E ratio of 24.6810 and a beta of 1.76. Las Vegas Sands Corp. has a 12 month low of $51.35 and a 12 month high of $66.22. The company has a 50 day moving average of $63.40 and a 200 day moving average of $61.61.
Las Vegas Sands Corp. (NYSE:LVS) last posted its quarterly earnings results on Wednesday, October 25th. The casino operator reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.10. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Las Vegas Sands Corp. had a net margin of 16.80% and a return on equity of 30.84%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. On average, equities research analysts predict that Las Vegas Sands Corp. will post $2.85 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Las Vegas Sands Corp. by 1.6% during the second quarter. Vanguard Group Inc. now owns 20,034,880 shares of the casino operator’s stock valued at $1,280,029,000 after acquiring an additional 322,708 shares in the last quarter. BlackRock Inc. raised its position in Las Vegas Sands Corp. by 2.3% during the second quarter. BlackRock Inc. now owns 16,129,966 shares of the casino operator’s stock valued at $1,030,543,000 after acquiring an additional 365,566 shares in the last quarter. Capital World Investors raised its position in Las Vegas Sands Corp. by 14.5% during the second quarter. Capital World Investors now owns 9,998,000 shares of the casino operator’s stock valued at $638,772,000 after acquiring an additional 1,263,000 shares in the last quarter. Bank of New York Mellon Corp raised its position in Las Vegas Sands Corp. by 40.8% during the second quarter. Bank of New York Mellon Corp now owns 6,506,795 shares of the casino operator’s stock valued at $415,720,000 after acquiring an additional 1,886,376 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Las Vegas Sands Corp. by 41.3% during the second quarter. American Century Companies Inc. now owns 3,509,869 shares of the casino operator’s stock valued at $224,246,000 after acquiring an additional 1,025,607 shares in the last quarter. 38.27% of the stock is owned by institutional investors and hedge funds.
About Las Vegas Sands Corp.
Las Vegas Sands Corp. is a developer of destination properties (integrated resorts) that feature accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants and other amenities. The Company owns and operates integrated resorts in Asia and the United States.
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