MGM Resorts International (NYSE:MGM) Price Target Raised to $42.00

Key Points

• JPMorgan Chase & Co. raised its price target on MGM to $42.00 from $41.00 while maintaining a "neutral" rating, implying about a 9.93% upside from the prior close.
• Consensus among analysts is a Hold with a $42.00 average price target; analyst tallies: 1 Strong Buy, 8 Buy, 7 Hold and 4 Sell.
• MGM beat quarterly estimates with $1.60 EPS (vs. $0.64 expected) and $4.61B in revenue, and major shareholder IAC Inc. bought 550,000 shares (~$20.5M), modestly increasing its stake.

MGM Resorts International (NYSE:MGM - Get Free Report) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $41.00 to $42.00 in a report released on Thursday,MarketScreener reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 9.93% from the company's previous close.

Several other research firms have also recently commented on MGM. Susquehanna cut their target price on shares of MGM Resorts International from $46.00 to $45.00 and set a "positive" rating for the company in a research note on Friday, February 6th. Stifel Nicolaus decreased their target price on MGM Resorts International from $50.00 to $48.00 and set a "buy" rating on the stock in a research report on Tuesday, April 7th. Berenberg Bank restated a "buy" rating on shares of MGM Resorts International in a research note on Wednesday, February 11th. Weiss Ratings reiterated a "sell (d)" rating on shares of MGM Resorts International in a research report on Monday, December 29th. Finally, Barclays set a $37.00 price objective on MGM Resorts International in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $42.00.

MGM Resorts International Price Performance

NYSE MGM opened at $38.21 on Thursday. The stock has a 50-day simple moving average of $36.43 and a 200 day simple moving average of $34.97. MGM Resorts International has a twelve month low of $28.36 and a twelve month high of $40.16. The stock has a market capitalization of $9.78 billion, a PE ratio of 50.88 and a beta of 1.35. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping the consensus estimate of $0.64 by $0.96. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period in the previous year, the business posted $0.45 EPS. Research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Iac Inc. bought 550,000 shares of the business's stock in a transaction that occurred on Monday, March 23rd. The stock was acquired at an average price of $37.30 per share, for a total transaction of $20,515,000.00. Following the transaction, the insider directly owned 66,372,350 shares of the company's stock, valued at $2,475,688,655. This represents a 0.84% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the business's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the sale, the director directly owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. This represents a 0.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.38% of the company's stock.

Institutional Investors Weigh In On MGM Resorts International

A number of hedge funds have recently made changes to their positions in the company. CYBER HORNET ETFs LLC bought a new stake in MGM Resorts International during the second quarter worth about $25,000. Mendota Financial Group LLC acquired a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $27,000. Global Retirement Partners LLC boosted its holdings in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after acquiring an additional 281 shares in the last quarter. Mather Group LLC. acquired a new stake in MGM Resorts International during the 3rd quarter valued at $33,000. Finally, Elyxium Wealth LLC acquired a new stake in MGM Resorts International during the 4th quarter valued at $42,000. Institutional investors and hedge funds own 68.11% of the company's stock.

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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