MGM Resorts International (NYSE:MGM) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• MGM Resorts International has received a consensus rating of "Moderate Buy" from 24 brokerages, with an average price target of $48.72.
• Recent insider activity includes Director Keith Meister selling 60,000 shares at $32.09, reducing his stake in the company.
• The company reported a fiscal quarter earnings of $0.79 per share, exceeding expectations, along with a revenue of $4.40 billion, indicating a year-over-year growth of 1.8%.

MGM Resorts International (NYSE:MGM - Get Free Report) has earned an average recommendation of "Moderate Buy" from the twenty-four brokerages that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation, fourteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $48.7222.

Several research firms have recently weighed in on MGM. The Goldman Sachs Group began coverage on MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 price target for the company. Mizuho decreased their price target on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. JMP Securities restated a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Barclays boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Finally, Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and upped their price objective for the company from $55.00 to $57.00 in a research report on Wednesday, July 9th.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the company's 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 completion of the transaction, the director owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

Hedge funds have recently made changes to their positions in the business. Mascagni Wealth Management Inc. bought a new position in shares of MGM Resorts International in the fourth quarter worth about $28,000. Golden State Wealth Management LLC boosted its stake in 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. True Wealth Design LLC bought a new position in MGM Resorts International during the fourth quarter valued at approximately $33,000. CX Institutional bought a new position in MGM Resorts International during the first quarter valued at approximately $36,000. Finally, Bayforest Capital Ltd bought a new position in MGM Resorts International during the first quarter valued at approximately $43,000. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Up 3.0%

MGM stock opened at $36.45 on Thursday. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $42.53. The business has a fifty day moving average price of $35.67 and a 200-day moving average price of $33.51. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The stock has a market capitalization of $9.92 billion, a P/E ratio of 20.03, a P/E/G ratio of 1.67 and a beta of 1.81.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The firm had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. During the same quarter in the previous year, the business earned $0.86 earnings per share. The company's revenue was up 1.8% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has authorized a share repurchase program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to reacquire up to 22.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

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.

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