MGM Resorts International (NYSE:MGM) Receives $48.94 Consensus PT from Analysts

Shares of MGM Resorts International (NYSE:MGM) have received an average recommendation of “Moderate Buy” from the twenty research firms that are presently covering the firm, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and sixteen have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $48.94.

Several brokerages recently commented on MGM. Stifel Nicolaus cut their price target on shares of MGM Resorts International from $50.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, May 1st. Morgan Stanley lowered their price objective on MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. JMP Securities reduced their target price on MGM Resorts International from $50.00 to $45.00 and set a “market outperform” rating for the company in a report on Thursday, April 17th. Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Wedbush reaffirmed an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th.

Insider Buying and Selling

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 3.06% of the company’s stock.

Institutional Investors Weigh In On MGM Resorts International

A number of large investors have recently made changes to their positions in MGM. Assetmark Inc. boosted its position in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after buying an additional 411 shares during the period. Mascagni Wealth Management Inc. purchased a new position in MGM Resorts International during the 4th quarter valued at about $28,000. Global Trust Asset Management LLC acquired a new position in shares of MGM Resorts International in the 4th quarter valued at about $28,000. True Wealth Design LLC purchased a new position in MGM Resorts International during the fourth quarter valued at approximately $33,000. Finally, Golden State Wealth Management LLC lifted its position in MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after buying an additional 455 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM opened at $32.58 on Tuesday. The firm has a market capitalization of $8.87 billion, a PE ratio of 13.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The business’s 50-day moving average is $30.60 and its two-hundred day moving average is $33.99. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the firm earned $0.74 EPS. MGM Resorts International’s revenue was down 2.4% compared to the same quarter last year. Research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has authorized a share buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

About MGM Resorts International

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.