MGM Resorts International (NYSE:MGM) Price Target Raised to $62.00

MGM Resorts International (NYSE:MGM) had its price objective raised by Mizuho from $61.00 to $62.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on MGM. Morgan Stanley lifted their price target on MGM Resorts International from $45.00 to $46.00 and gave the company an equal weight rating in a report on Tuesday, April 9th. Susquehanna raised shares of MGM Resorts International from a neutral rating to a positive rating and raised their price target for the company from $46.00 to $54.00 in a report on Thursday. StockNews.com downgraded MGM Resorts International from a buy rating to a hold rating in a report on Monday, March 4th. Deutsche Bank Aktiengesellschaft lifted their target price on MGM Resorts International from $50.00 to $52.00 and gave the company a buy rating in a research note on Wednesday, February 14th. Finally, Barclays cut their price target on MGM Resorts International from $57.00 to $55.00 and set an overweight rating on the stock in a research note on Wednesday, February 14th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $54.77.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $41.04 on Thursday. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.53. The business’s fifty day moving average price is $43.52 and its two-hundred day moving average price is $42.32. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The stock has a market capitalization of $12.87 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 1.68 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. As a group, analysts predict that MGM Resorts International will post 2.76 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the transaction, the director now owns 6,098,778 shares of the company’s stock, valued at approximately $261,637,576.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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. Davis Selected Advisers acquired a new stake in MGM Resorts International during the 3rd quarter worth approximately $361,915,000. Boston Partners increased its position in shares of MGM Resorts International by 1,447.6% during the third quarter. Boston Partners now owns 3,980,892 shares of the company’s stock worth $145,916,000 after acquiring an additional 3,723,659 shares in the last quarter. Norges Bank acquired a new stake in shares of MGM Resorts International during the fourth quarter worth $139,599,000. Qube Research & Technologies Ltd lifted its position in MGM Resorts International by 544.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock valued at $73,364,000 after acquiring an additional 1,686,267 shares in the last quarter. Finally, Capital World Investors increased its holdings in MGM Resorts International by 17.7% during the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after purchasing an additional 984,617 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.