Bank of America Corp DE Takes $40.38 Million Position in Las Vegas Sands Corp. $LVS

Key Points

• Bank of America purchased 874,209 shares of Las Vegas Sands in the second quarter, creating a position worth approximately $40.38 million and representing 0.13% of the company.
• Several other institutional investors also initiated positions, including Canada Pension Plan Investment Board with a roughly $67.1 million stake; institutions and hedge funds collectively own 39.16% of LVS.
• Las Vegas Sands missed quarterly earnings and revenue estimates, while analysts maintain a consensus “Hold” rating with an average price target of $59.84. The company continues to pay a quarterly dividend of $0.30 per share, yielding about 3% annually.

Bank of America Corp DE purchased a new position in shares of Las Vegas Sands Corp. (NYSE:LVS - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 874,209 shares of the casino operator's stock, valued at approximately $40,380,000. Bank of America Corp DE owned about 0.13% of Las Vegas Sands at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in LVS. Man Group plc acquired a new position in Las Vegas Sands in the second quarter valued at approximately $15,046,000. Invst LLC purchased a new position in shares of Las Vegas Sands during the 2nd quarter worth $511,000. Jupiter Topco LLC acquired a new stake in shares of Las Vegas Sands during the 2nd quarter worth about $1,987,000. PDT Partners LLC acquired a new stake in shares of Las Vegas Sands during the 2nd quarter worth about $1,386,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Las Vegas Sands in the 2nd quarter valued at about $67,068,000. Institutional investors and hedge funds own 39.16% of the company's stock.

Las Vegas Sands Trading Up 0.9%

Shares of Las Vegas Sands stock opened at $40.33 on Tuesday. Las Vegas Sands Corp. has a 12-month low of $39.53 and a 12-month high of $70.45. The stock has a market cap of $26.12 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 0.99 and a beta of 0.83. The company has a current ratio of 1.00, a quick ratio of 0.99 and a debt-to-equity ratio of 15.27. The company has a fifty day simple moving average of $45.14 and a 200-day simple moving average of $49.39.

Las Vegas Sands (NYSE:LVS - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The casino operator reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.17). The company had revenue of $3.15 billion during the quarter, compared to analyst estimates of $3.31 billion. Las Vegas Sands had a net margin of 12.59% and a return on equity of 133.90%. The business's revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.66 EPS. On average, equities analysts forecast that Las Vegas Sands Corp. will post 3.09 EPS for the current fiscal year.

Las Vegas Sands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. Las Vegas Sands's dividend payout ratio is 46.69%.

Analysts Set New Price Targets

LVS has been the topic of several research analyst reports. Wells Fargo & Company decreased their target price on Las Vegas Sands from $53.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Monday, July 27th. Morgan Stanley decreased their price target on shares of Las Vegas Sands from $68.00 to $61.00 and set an "equal weight" rating for the company in a research report on Monday, July 27th. Barclays dropped their price target on shares of Las Vegas Sands from $63.00 to $59.00 and set an "overweight" rating for the company in a research note on Thursday, July 23rd. Zacks Research lowered Las Vegas Sands from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 23rd. Finally, Susquehanna reduced their price objective on Las Vegas Sands from $64.00 to $63.00 and set a "positive" rating on the stock in a research note on Wednesday, July 22nd. Ten investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Las Vegas Sands has a consensus rating of "Hold" and an average target price of $59.84.

About Las Vegas Sands

Las Vegas Sands Corp. NYSE: LVS develops and operates integrated resorts that combine casino gaming with hotels, convention and meeting facilities, dining, retail, entertainment and other leisure offerings. The company primarily serves international tourism, business travel and premium gaming markets.

Las Vegas Sands' principal properties are Marina Bay Sands in Singapore and a portfolio of integrated resorts in Macao, including The Venetian Macao, The Londoner Macao, The Parisian Macao and Four Seasons Hotel Macao.

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