MGM Resorts International (NYSE:MGM) Now Covered by The Goldman Sachs Group

The Goldman Sachs Group assumed coverage on shares of MGM Resorts International (NYSE:MGM - Free Report) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage issued a sell rating and a $34.00 price target on the stock.

MGM has been the subject of several other research reports. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Stifel Nicolaus decreased their price target on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Morgan Stanley decreased their price target on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Truist Financial decreased their price target 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. Finally, Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.33.

MGM Resorts International Stock Up 3.1%

Shares of NYSE:MGM traded up $1.17 during trading on Monday, reaching $38.86. 4,041,245 shares of the stock were exchanged, compared to its average volume of 4,946,864. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The stock has a fifty day moving average of $33.45 and a two-hundred day moving average of $32.94. The firm has a market cap of $10.58 billion, a price-to-earnings ratio of 17.35, a price-to-earnings-growth ratio of 2.58 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the firm earned $0.74 earnings per share. MGM Resorts International's revenue for the quarter was down 2.4% on a year-over-year basis. Research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the sale, the chief operating officer owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Keith A. Meister sold 60,000 shares of the stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. This trade represents a 1.05% 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. Insiders own 3.06% of the company's stock.

Institutional Trading of MGM Resorts International

Institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. lifted its holdings in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after purchasing an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at about $28,000. True Wealth Design LLC purchased a new stake in shares of MGM Resorts International in the 4th quarter valued at about $33,000. Golden State Wealth Management LLC raised its holdings in shares of MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after acquiring an additional 455 shares in the last quarter. Finally, CX Institutional purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at about $36,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Company Profile

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.