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

Key Points

• Susquehanna raised its price target on MGM Resorts International from $45 to $50 and kept a positive rating, implying only slight upside from the current share price.
• Other analysts are mixed on MGM: recent target changes ranged from underweight to buy, while MarketBeat’s consensus view remains Hold with an average target of $48.47.
• MGM shares jumped to about $49.78 after the report, near their 52-week high of $50.10, even though the company recently missed EPS estimates while posting revenue above expectations.

MGM Resorts International (NYSE:MGM - Get Free Report) had its target price lifted by Susquehanna from $45.00 to $50.00 in a report released on Monday,MarketScreener reports. The firm presently has a "positive" rating on the stock. Susquehanna's target price points to a potential upside of 0.44% from the stock's current price.

Several other research analysts also recently commented on MGM. Wells Fargo & Company lifted their price target on MGM Resorts International from $30.00 to $33.00 and gave the stock an "underweight" rating in a research report on Thursday, April 30th. Barclays raised their price objective on shares of MGM Resorts International from $37.00 to $39.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Morgan Stanley upped their target price on shares of MGM Resorts International from $34.00 to $35.00 and gave the company an "underweight" rating in a research note on Wednesday, April 8th. Truist Financial upgraded shares of MGM Resorts International from a "hold" rating to a "buy" rating and raised their price target for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. Finally, Stifel Nicolaus reduced their target price on shares of MGM Resorts International from $50.00 to $48.00 and set a "buy" rating for the company in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $48.47.

MGM Resorts International Stock Performance

MGM traded up $6.11 on Monday, hitting $49.78. The company had a trading volume of 7,339,840 shares, compared to its average volume of 4,919,389. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of 69.26 and a beta of 1.31. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The company's fifty day moving average price is $38.01 and its 200 day moving average price is $36.27. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $50.10.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.MGM Resorts International's quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Equities analysts predict that MGM Resorts International will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the transaction, the director directly owned 5,347,978 shares of the company's stock, valued at approximately $183,275,206.06. This trade represents a 0.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel J. Taylor sold 6,675 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The disclosure for this sale is available in the SEC filing. Company insiders own 3.38% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of MGM. Whittier Trust Co. increased its stake in shares of MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company's stock valued at $405,000 after buying an additional 262 shares in the last quarter. Global Retirement Partners LLC raised its stake in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after acquiring an additional 281 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in shares of MGM Resorts International by 4.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock worth $286,000 after purchasing an additional 313 shares in the last quarter. Brown Brothers Harriman & Co. boosted its position in 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 buying an additional 355 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in MGM Resorts International by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock worth $2,218,000 after purchasing an additional 397 shares during the period. Institutional investors 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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