Morgan Stanley Issues Positive Forecast for MGM Resorts International (NYSE:MGM) Stock Price

Key Points

• Morgan Stanley raised the price target for MGM Resorts International from $41.00 to $43.00, suggesting a potential upside of 19.53% from the current stock price.
• Multiple brokerages have updated their ratings for MGM, with Citigroup upgrading it to a "strong-buy" rating and raising their price target to $57.00.
• MGM reported a quarterly earnings per share of $0.79, exceeding estimates by $0.21, with revenue climbing to $4.40 billion for the quarter.

MGM Resorts International (NYSE:MGM - Get Free Report) had its price target lifted by equities research analysts at Morgan Stanley from $41.00 to $43.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 19.53% from the stock's current price.

Several other brokerages have also recently issued reports on MGM. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. JMP Securities reaffirmed a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Truist Financial upped their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. UBS Group set a $39.00 target price on shares of MGM Resorts International in a research report on Thursday. Finally, Citigroup upgraded shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their price objective for the company from $55.00 to $57.00 in a research report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $48.67.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $35.98 on Thursday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The stock has a market cap of $9.79 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.52 and a beta of 1.69. The business has a 50-day simple moving average of $37.16 and a 200-day simple moving average of $33.74. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53.

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

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.06% of the company's stock.

Institutional Investors Weigh In On MGM Resorts International

Institutional investors have recently modified their holdings of the business. CYBER HORNET ETFs LLC bought a new stake in shares of MGM Resorts International during the 2nd quarter valued at about $25,000. Mascagni Wealth Management Inc. acquired a new position in shares of MGM Resorts International during the fourth quarter valued at $28,000. Golden State Wealth Management LLC boosted its holdings in shares of 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 acquiring an additional 455 shares during the period. CX Institutional acquired a new position in shares of MGM Resorts International during the first quarter valued at $36,000. Finally, Bayforest Capital Ltd acquired a new position in shares of MGM Resorts International during the first quarter valued at $43,000. Institutional investors own 68.11% of the company's stock.

About MGM Resorts International

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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