BlackRock Inc. Sells 1,317,841 Shares of Las Vegas Sands Corp. $LVS

Key Points

• BlackRock reduced its Las Vegas Sands stake by 5%, selling 1.32 million shares in the second quarter but retaining 24.84 million shares worth approximately $1.15 billion, or 3.84% of the company.
• Las Vegas Sands reported weaker-than-expected quarterly results, with earnings of $0.59 per share versus the $0.76 consensus estimate and revenue of $3.15 billion versus expectations of $3.31 billion.
• The company maintained a quarterly dividend of $0.30 per share, representing a 2.6% annualized yield, while analysts held a consensus “Hold” rating with an average price target of $61.88.

BlackRock Inc. lowered its holdings in shares of Las Vegas Sands Corp. (NYSE:LVS - Free Report) by 5.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,844,440 shares of the casino operator's stock after selling 1,317,841 shares during the period. BlackRock Inc. owned about 3.84% of Las Vegas Sands worth $1,147,565,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of LVS. International Assets Investment Management LLC acquired a new position in Las Vegas Sands in the fourth quarter valued at about $26,000. DV Equities LLC acquired a new position in shares of Las Vegas Sands during the 4th quarter worth about $28,000. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new stake in Las Vegas Sands during the 4th quarter worth approximately $29,000. Wilmington Savings Fund Society FSB lifted its position in Las Vegas Sands by 254.8% in 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 in the last quarter. Finally, Activest Wealth Management boosted its stake in Las Vegas Sands by 1,208.0% in the 4th quarter. Activest Wealth Management now owns 654 shares of the casino operator's stock worth $43,000 after purchasing an additional 604 shares during the period. Institutional investors own 39.16% of the company's stock.

Las Vegas Sands Price Performance

LVS stock opened at $47.04 on Friday. The company has a 50 day simple moving average of $46.69 and a 200 day simple moving average of $51.40. Las Vegas Sands Corp. has a 1 year low of $44.21 and a 1 year high of $70.45. The stock has a market cap of $30.47 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 1.13 and a beta of 0.85. The company has a debt-to-equity ratio of 15.27, a current ratio of 1.00 and a quick ratio of 0.99.

Las Vegas Sands (NYSE:LVS - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The casino operator reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.17). The firm had revenue of $3.15 billion for the quarter, compared to the consensus estimate of $3.31 billion. Las Vegas Sands had a return on equity of 133.90% and a net margin of 12.59%.The business's revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 earnings per share. Research analysts anticipate 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. Shareholders of record on Tuesday, August 4th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Tuesday, August 4th. Las Vegas Sands's payout ratio is presently 46.69%.

Analysts Set New Price Targets

LVS has been the subject of several recent research reports. Susquehanna reduced their target price on shares of Las Vegas Sands from $64.00 to $63.00 and set a "positive" rating for the company in a report on Wednesday, July 22nd. Wall Street Zen cut Las Vegas Sands from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Zacks Research cut Las Vegas Sands from a "hold" rating to a "strong sell" rating in a report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $62.00 price target (down from $73.00) on shares of Las Vegas Sands in a research note on Thursday, July 23rd. Finally, Weiss Ratings downgraded Las Vegas Sands from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, May 26th. Ten investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $61.88.

About Las Vegas Sands

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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