MGM Resorts International (NYSE:MGM) Coverage Initiated by Analysts at The Goldman Sachs Group

Stock analysts at The Goldman Sachs Group assumed coverage on shares of MGM Resorts International (NYSE:MGM - Get Free Report) in a research note issued on Monday,Briefing.com Automated Import reports. The firm set a "sell" rating and a $34.00 price target on the stock. The Goldman Sachs Group's price target suggests a potential downside of 9.20% from the company's current price.

A number of other equities research analysts also recently weighed in on MGM. Truist Financial dropped their target price on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Morgan Stanley reduced their price objective on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Barclays boosted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Finally, Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average target price of $47.24.

MGM Resorts International Stock Down 0.6%

Shares of MGM opened at $37.45 on Monday. The firm has a market cap of $10.19 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 2.59 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The firm's 50-day simple moving average is $33.11 and its 200 day simple moving average is $32.86.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The business's revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In related news, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total value of $183,766.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer directly owned 281,530 shares of the company's stock, valued at $9,693,077.90. This trade represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 in the last 90 days. 3.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Several hedge funds and other institutional investors have recently made changes to their positions in MGM. Assetmark Inc. lifted its position in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after acquiring an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International in the fourth quarter worth approximately $28,000. True Wealth Design LLC bought a new position in shares of MGM Resorts International in the fourth quarter valued at approximately $33,000. Golden State Wealth Management LLC boosted its position in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after buying an additional 455 shares during the last quarter. Finally, CX Institutional purchased a new position in shares of MGM Resorts International during the first quarter valued at approximately $36,000. 68.11% of the stock is owned by institutional investors.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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