Bank of New York Mellon Corp Trims Stock Holdings in Las Vegas Sands Corp. $LVS

Key Points

• Bank of New York Mellon trimmed its Las Vegas Sands stake by 3.7% in the second quarter, selling 252,175 shares but retaining 6.61 million shares worth about $305.5 million. Institutional investors collectively own 39.16% of LVS.
• Analyst sentiment is mixed, with an average rating of “Hold” and a consensus price target of $61.88. Recent targets ranged from $55 to $63, while Zacks Research downgraded the stock to “strong sell.”
• Las Vegas Sands missed quarterly earnings and revenue expectations, reporting $0.59 EPS versus $0.76 expected and $3.15 billion in revenue versus $3.31 billion forecast. The company maintained a $0.30 quarterly dividend, equivalent to a 2.6% yield.

Bank of New York Mellon Corp trimmed its position in Las Vegas Sands Corp. (NYSE:LVS - Free Report) by 3.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,613,940 shares of the casino operator's stock after selling 252,175 shares during the quarter. Bank of New York Mellon Corp owned about 1.02% of Las Vegas Sands worth $305,498,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of Las Vegas Sands in the fourth quarter worth about $26,000. DV Equities LLC purchased a new stake in shares of Las Vegas Sands during the 4th quarter worth approximately $28,000. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Las Vegas Sands during the 4th quarter worth approximately $29,000. Wilmington Savings Fund Society FSB boosted its position in shares of Las Vegas Sands by 254.8% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 557 shares of the casino operator's stock valued at $36,000 after acquiring an additional 400 shares during the last quarter. Finally, Activest Wealth Management boosted its position in shares of Las Vegas Sands by 1,208.0% during the 4th quarter. Activest Wealth Management now owns 654 shares of the casino operator's stock valued at $43,000 after acquiring an additional 604 shares during the last quarter. Institutional investors own 39.16% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Susquehanna decreased their price target on shares of 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. The Goldman Sachs Group dropped their price objective on shares of Las Vegas Sands from $63.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, July 23rd. Wall Street Zen downgraded shares of Las Vegas Sands from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Zacks Research cut shares of Las Vegas Sands from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings downgraded shares of Las Vegas Sands from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, May 26th. Ten equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $61.88.

Las Vegas Sands Price Performance

NYSE LVS opened at $47.04 on Friday. The company has a market cap of $30.47 billion, a PE ratio of 18.30, a P/E/G ratio of 1.13 and a beta of 0.85. The firm's 50 day moving average price is $46.69 and its 200-day moving average price is $51.40. The company has a debt-to-equity ratio of 15.27, a quick ratio of 0.99 and a current ratio of 1.00. Las Vegas Sands Corp. has a 52-week low of $44.21 and a 52-week high of $70.45.

Las Vegas Sands (NYSE:LVS - Get Free Report) last posted its earnings results 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). Las Vegas Sands had a net margin of 12.59% and a return on equity of 133.90%. The company had revenue of $3.15 billion during the quarter, compared to analysts' expectations of $3.31 billion. During the same quarter last year, the firm earned $0.66 EPS. Las Vegas Sands's revenue for the quarter was down .7% on a year-over-year basis. Sell-side analysts forecast that Las Vegas Sands Corp. will post 3.09 EPS for the current fiscal year.

Las Vegas Sands Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 12th. Investors of record on Tuesday, August 4th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.6%. Las Vegas Sands's payout ratio is 46.69%.

Las Vegas Sands Profile

Las Vegas Sands NYSE: LVS is a global developer and operator of integrated resorts, focused on large-scale properties that combine casino gaming with hotels, convention and exhibition facilities, retail, dining, and entertainment. The company's operations center on developing and managing full-service resort complexes that serve both leisure and business travelers, with emphasis on convention and trade-show business in addition to gaming revenue streams.

The company's portfolio has included prominent properties in North America and Asia, most notably The Venetian Resort in Las Vegas and Marina Bay Sands in Singapore, along with a significant presence in Macau through multiple integrated resorts.

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