MGM Resorts International (NYSE:MGM) Receives Average Rating of "Hold" from Analysts

Key Points

• MGM Resorts International has a consensus analyst rating of “Hold” from 22 brokerages, with 4 sells, 6 holds, 11 buys, and 1 strong buy. The average 12-month price target is about $49.76.
• Recent analyst actions were mixed: Wells Fargo and Morgan Stanley kept cautious views, while Truist, KeyCorp, and Deutsche Bank all raised ratings or price targets on the stock. KeyCorp’s target was notably set at $117.
• The company recently reported Q1 earnings of $0.49 per share, missing estimates of $0.56, though revenue came in at $4.45 billion, above expectations and up 4.2% year over year. MGM also saw notable insider buying by major shareholder IAC, while some director selling was disclosed.

Shares of MGM Resorts International (NYSE:MGM - Get Free Report) have been assigned a consensus rating of "Hold" from the twenty-two brokerages that are presently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $49.7647.

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company upped their price target on shares of MGM Resorts International from $30.00 to $33.00 and gave the company an "underweight" rating in a report on Thursday, April 30th. Truist Financial upgraded MGM Resorts International from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $42.00 to $55.00 in a report on Wednesday, May 27th. Morgan Stanley restated an "underweight" rating on shares of MGM Resorts International in a report on Monday, June 1st. KeyCorp upgraded MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price objective on the stock in a report on Monday, April 27th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on MGM Resorts International from $48.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $47.10 on Wednesday. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The company has a market capitalization of $12.05 billion, a price-to-earnings ratio of 65.42 and a beta of 1.31. The firm has a 50-day moving average of $39.60 and a two-hundred day moving average of $37.05.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. During the same period in the previous year, the company posted $0.69 earnings per share. MGM Resorts International's revenue was up 4.2% compared to the same quarter last year. As a group, analysts expect that MGM Resorts International will post 2.06 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Iac Inc. acquired 450,000 shares of the business's stock in a transaction on Tuesday, March 24th. The shares were purchased at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the acquisition, the insider owned 66,822,350 shares in the company, valued at approximately $2,481,113,855.50. This represents a 0.68% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel J. Taylor sold 6,675 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The SEC filing for this sale provides additional information. 3.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of large investors have recently made changes to their positions in the business. Whittier Trust Co. increased its holdings in shares of MGM Resorts International by 2.5% in the 1st quarter. Whittier Trust Co. now owns 10,778 shares of the company's stock valued at $405,000 after purchasing an additional 262 shares during the period. Global Retirement Partners LLC increased 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 valued at $29,000 after purchasing an additional 281 shares during the period. Asset Management One Co. Ltd. increased its holdings in shares of MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock valued at $286,000 after purchasing an additional 313 shares during the period. Brown Brothers Harriman & Co. increased its holdings in shares of MGM Resorts International by 23.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company's stock valued at $69,000 after purchasing an additional 355 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock valued at $2,218,000 after purchasing an additional 397 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

About MGM Resorts International

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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