Las Vegas Sands Corp. $LVS Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Las Vegas Sands stake by 50.9% in the second quarter, selling 84,383 shares and retaining 81,373 shares valued at approximately $3.76 million.
• Las Vegas Sands reported weaker-than-expected quarterly results, with EPS of $0.59 versus the $0.76 consensus estimate and revenue of $3.15 billion versus $3.31 billion expected. Revenue declined 0.7% year over year.
• The stock traded near its 12-month low at $39.93, while analysts maintained a consensus “Hold” rating with an average price target of $59.84. The company also paid a quarterly dividend of $0.30 per share, representing a 3.0% annualized yield.

Corient Private Wealth LP lessened its stake in Las Vegas Sands Corp. (NYSE:LVS - Free Report) by 50.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 81,373 shares of the casino operator's stock after selling 84,383 shares during the quarter. Corient Private Wealth LP's holdings in Las Vegas Sands were worth $3,759,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in Las Vegas Sands in the fourth quarter valued at about $364,892,000. Bamco Inc. NY acquired a new position in shares of Las Vegas Sands in the 2nd quarter valued at approximately $174,796,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Las Vegas Sands by 58.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,186,257 shares of the casino operator's stock valued at $532,843,000 after buying an additional 3,018,704 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Las Vegas Sands during the 2nd quarter valued at approximately $107,407,000. Finally, Legal & General Group Plc acquired a new stake in shares of Las Vegas Sands during the second quarter worth approximately $83,696,000. Hedge funds and other institutional investors own 39.16% of the company's stock.

Las Vegas Sands Trading Down 0.1%

Las Vegas Sands stock opened at $39.93 on Monday. Las Vegas Sands Corp. has a 12-month low of $39.73 and a 12-month high of $70.45. The company has a debt-to-equity ratio of 15.27, a current ratio of 1.00 and a quick ratio of 0.99. The stock has a market capitalization of $25.86 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 0.99 and a beta of 0.83. The firm has a 50 day simple moving average of $45.26 and a 200-day simple moving average of $49.50.

Las Vegas Sands (NYSE:LVS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The casino operator reported $0.59 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.17). Las Vegas Sands had a return on equity of 133.90% and a net margin of 12.59%.The business had revenue of $3.15 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter last year, the firm posted $0.66 earnings per share. Las Vegas Sands's revenue was down .7% compared to the same quarter last year. As a group, equities research analysts expect that Las Vegas Sands Corp. will post 3.09 EPS for the current fiscal year.

Las Vegas Sands Announces Dividend

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on LVS. Bank of America decreased their price objective on shares of Las Vegas Sands from $70.00 to $60.00 and set a "neutral" rating for the company in a report on Monday, July 20th. Susquehanna lowered their price objective on Las Vegas Sands from $64.00 to $63.00 and set a "positive" rating for the company in a report on Wednesday, July 22nd. Citigroup cut their price objective on Las Vegas Sands from $73.00 to $71.50 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. HSBC decreased their target price on Las Vegas Sands from $78.00 to $68.00 and set a "buy" rating for the company in a research report on Thursday, July 23rd. Finally, Wall Street Zen lowered Las Vegas Sands from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Ten investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target 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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