MGM Resorts International (NYSE:MGM) Price Target Raised to $41.00

MGM Resorts International (NYSE:MGMFree Report) had its target price hoisted by Citigroup from $35.00 to $41.00 in a research report sent to investors on Friday morning,MarketScreener reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages have also recently commented on MGM. Argus dropped their price target on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. Barclays set a $37.00 price objective on MGM Resorts International in a research note on Friday. Capital One Financial dropped their price objective on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Truist Financial lifted their target price on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a research note on Friday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $43.82.

Read Our Latest Report on MGM

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $37.49 on Friday. MGM Resorts International has a one year low of $25.30 and a one year high of $41.32. The firm has a 50 day simple moving average of $35.62 and a 200 day simple moving average of $34.98. The company has a market cap of $10.25 billion, a price-to-earnings ratio of 49.99 and a beta of 1.44. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19.

MGM Resorts International (NYSE:MGMGet Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 25.46%. The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. Research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, major shareholder Iac Inc. bought 1,098,748 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was bought at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the transaction, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.06% of the stock is owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of large investors have recently modified their holdings of the company. Helikon Investments Ltd lifted its position in shares of MGM Resorts International by 379.9% in the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock valued at $302,987,000 after acquiring an additional 6,974,347 shares in the last quarter. AQR Capital Management LLC raised its stake in MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after purchasing an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares in the last quarter. Davis Selected Advisers boosted its stake in MGM Resorts International by 14.4% in the 2nd quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after purchasing an additional 3,006,052 shares during the period. Finally, Samlyn Capital LLC purchased a new stake in MGM Resorts International during the 3rd quarter valued at approximately $62,787,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Key MGM Resorts International News

Here are the key news stories impacting MGM Resorts International this week:

About MGM Resorts International

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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.

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