MGM Resorts International (NYSE:MGM) Price Target Lowered to $55.00 at Wells Fargo & Company

MGM Resorts International (NYSE:MGM) had its price objective lowered by Wells Fargo & Company from $56.00 to $55.00 in a research note released on Tuesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on MGM. StockNews.com cut MGM Resorts International from a buy rating to a hold rating in a research report on Friday, May 10th. Susquehanna upgraded MGM Resorts International from a neutral rating to a positive rating and increased their price objective for the stock from $46.00 to $54.00 in a research report on Thursday, May 2nd. JMP Securities increased their price objective on MGM Resorts International from $57.00 to $58.00 and gave the stock a market outperform rating in a research report on Monday, May 6th. BTIG Research initiated coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They set a buy rating and a $52.00 price objective on the stock. Finally, Mizuho increased their price objective on MGM Resorts International from $61.00 to $62.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of Moderate Buy and a consensus price target of $54.66.

MGM Resorts International Stock Up 0.2 %

MGM opened at $45.37 on Tuesday. MGM Resorts International has a 1-year low of $34.12 and a 1-year high of $51.35. The stock’s fifty day simple moving average is $41.89 and its 200 day simple moving average is $42.92. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. The stock has a market cap of $14.23 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 0.94 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. The business had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 EPS. As a group, research analysts expect that MGM Resorts International will post 3.01 earnings per share for the current year.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the sale, the director now directly owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the sale, the director now directly owns 5,859,478 shares of the company’s stock, valued at $236,957,290.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexis Herman sold 4,344 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $41.50, for a total value of $180,276.00. The disclosure for this sale can be found here. Insiders have sold 147,988 shares of company stock valued at $5,991,759 over the last ninety days. 2.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MGM Resorts International

Large investors have recently bought and sold shares of the company. CVA Family Office LLC bought a new position in MGM Resorts International in the fourth quarter valued at about $28,000. EverSource Wealth Advisors LLC raised its position in MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 329 shares during the last quarter. Accent Capital Management LLC bought a new position in MGM Resorts International in the fourth quarter valued at about $45,000. Mendota Financial Group LLC raised its position in MGM Resorts International by 36.0% in the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after purchasing an additional 266 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its position in MGM Resorts International by 49.7% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock valued at $49,000 after purchasing an additional 367 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

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.