MGM Resorts International (NYSE:MGM) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of MGM Resorts International (NYSE:MGM - Get Free Report) have earned an average rating of "Moderate Buy" from the twenty-one brokerages that are currently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and sixteen have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $48.29.

MGM has been the subject of several recent analyst reports. JMP Securities cut their price objective on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a report on Thursday, April 17th. Morgan Stanley cut their price objective 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. Stifel Nicolaus dropped their target price on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. JPMorgan Chase & Co. started coverage on MGM Resorts International in a research report on Monday. They issued a "neutral" rating and a $38.00 target price for the company. Finally, Truist Financial dropped their target price on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd.

Insider Activity

In other news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the transaction, the director now directly owns 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock valued at $3,486,367 in the last ninety days. Corporate insiders own 3.06% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. TD Waterhouse Canada Inc. lifted its holdings in MGM Resorts International by 8.9% in the 4th quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock worth $111,000 after purchasing an additional 261 shares in the last quarter. Amalgamated Bank lifted its holdings in MGM Resorts International by 0.8% in the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company's stock worth $1,302,000 after purchasing an additional 329 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in MGM Resorts International by 1.7% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock worth $684,000 after purchasing an additional 333 shares in the last quarter. Quarry LP lifted its holdings in MGM Resorts International by 24.1% in the 1st quarter. Quarry LP now owns 1,795 shares of the company's stock worth $53,000 after purchasing an additional 349 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after purchasing an additional 404 shares in the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Up 2.9%

MGM stock opened at $34.22 on Wednesday. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The firm has a market capitalization of $9.31 billion, a PE ratio of 15.28, a PEG ratio of 2.29 and a beta of 1.76. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26. The stock has a 50-day simple moving average of $32.18 and a two-hundred day simple moving average of $32.87.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the firm earned $0.74 earnings per share. MGM Resorts International's revenue was down 2.4% on a year-over-year basis. On average, equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its board has authorized a share buyback 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 generally an indication that the company's leadership believes its shares are 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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