Truist Financial Forecasts Strong Price Appreciation for MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM - Free Report) had its price objective lifted by Truist Financial from $45.00 to $50.00 in a research report report published on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Macquarie lowered their price target on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Morgan Stanley reaffirmed a "sell" rating on shares of MGM Resorts International in a research note on Friday, July 11th. UBS Group raised their target price on shares of MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.00.

MGM Resorts International Trading Down 1.0%

NYSE:MGM traded down $0.36 on Wednesday, hitting $37.21. 1,366,342 shares of the stock were exchanged, compared to its average volume of 4,961,087. The stock has a fifty day moving average of $34.19 and a 200-day moving average of $33.08. The stock has a market cap of $10.13 billion, a PE ratio of 16.61, a PEG ratio of 2.40 and a beta of 1.76. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $46.88.

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

MGM Resorts International announced that its board has authorized a share 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 purchase up to 22.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction on 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 completion of the transaction, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel J. Taylor sold 5,261 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds have recently made changes to their positions in the company. Proficio Capital Partners LLC acquired a new stake in shares of MGM Resorts International during the fourth quarter worth approximately $2,053,000. EverSource Wealth Advisors LLC grew its position in MGM Resorts International by 74.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company's stock worth $51,000 after acquiring an additional 633 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in MGM Resorts International by 11.8% during the 4th quarter. Avantax Advisory Services Inc. now owns 10,114 shares of the company's stock valued at $350,000 after purchasing an additional 1,071 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in MGM Resorts International by 0.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock valued at $5,073,000 after purchasing an additional 469 shares in the last quarter. Finally, Cibc World Markets Corp raised its position in MGM Resorts International by 13.2% in the 4th quarter. Cibc World Markets Corp now owns 35,770 shares of the company's stock valued at $1,239,000 after purchasing an additional 4,184 shares during the last quarter. Institutional investors and hedge funds 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.