JPMorgan Chase & Co. Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

Key Points

• JPMorgan raised its price target on MGM Resorts International from $46 to $53, implying about 9.5% upside from the current share price.
• Analyst sentiment on MGM remains mixed overall, with a MarketBeat consensus rating of Hold and an average target price of $50.18, even as several firms recently lifted targets or upgraded ratings.
• MGM shares were trading around $48.41, near the top of their 52-week range, after the company recently reported better-than-expected revenue but missed EPS estimates in its latest quarterly results.

MGM Resorts International (NYSE:MGM - Get Free Report) had its price objective hoisted by research analysts at JPMorgan Chase & Co. from $46.00 to $53.00 in a research note issued on Friday,MarketScreener reports. JPMorgan Chase & Co.'s price target points to a potential upside of 9.47% from the company's current price.

Several other research analysts have also commented on MGM. Wells Fargo & Company lifted their price objective on shares of MGM Resorts International from $30.00 to $33.00 and gave the stock an "underweight" rating in a research report on Thursday, April 30th. UBS Group upped their price target on MGM Resorts International from $39.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, June 4th. Mizuho lowered their price objective on MGM Resorts International from $62.00 to $59.00 and set an "outperform" rating for the company in a research report on Monday, April 27th. Truist Financial raised MGM Resorts International from a "hold" rating to a "buy" rating and upped their target price for the company from $42.00 to $55.00 in a research report on Wednesday, May 27th. Finally, Citigroup lowered their price target on MGM Resorts International from $41.00 to $40.00 and set a "neutral" rating for the company in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $50.18.

MGM Resorts International Trading Up 2.5%

Shares of MGM traded up $1.19 during trading hours on Friday, reaching $48.41. 615,133 shares of the company traded hands, compared to its average volume of 5,039,107. The firm has a market cap of $12.39 billion, a price-to-earnings ratio of 67.24 and a beta of 1.31. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59. The stock's fifty day moving average price is $40.03 and its 200 day moving average price is $37.27.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The business's revenue was up 4.2% compared to the same quarter last year. Sell-side analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, major shareholder Iac Inc. bought 550,000 shares of MGM Resorts International stock in a transaction dated Monday, March 23rd. The stock was acquired at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the purchase, the insider directly owned 66,372,350 shares in the company, valued at $2,475,688,655. This represents a 0.84% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The SEC filing for this sale provides additional information. 3.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGM Resorts International

Large investors have recently bought and sold shares of the company. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International in the second quarter valued at about $25,000. Global Retirement Partners LLC boosted its position in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after acquiring an additional 281 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in MGM Resorts International during the 1st quarter valued at about $30,000. Optiver Holding B.V. purchased a new stake in MGM Resorts International during the 1st quarter valued at about $35,000. Finally, Elyxium Wealth LLC acquired a new stake in MGM Resorts International in the 4th quarter valued at about $42,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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