Truist Financial Upgrades MGM Resorts International (NYSE:MGM) to "Buy"

Key Points

• Truist Financial upgraded MGM Resorts International to “Buy” from “Hold” and set a $55 price target, implying about 43% upside from the prior close.
• Analyst sentiment remains mixed overall: while several firms have recent ratings changes, the consensus rating is still “Hold” with a $48.18 consensus target.
• MGM recently reported Q1 EPS of $0.49, missing estimates, though revenue came in at $4.45 billion and rose 4.2% year over year.

MGM Resorts International (NYSE:MGM - Get Free Report) was upgraded by Truist Financial from a "hold" rating to a "buy" rating in a research report issued on Wednesday, Marketbeat reports. The brokerage presently has a $55.00 price objective on the stock. Truist Financial's target price points to a potential upside of 43.04% from the stock's previous close.

A number of other equities research analysts also recently commented on the company. Morgan Stanley increased their price objective on MGM Resorts International from $34.00 to $35.00 and gave the company an "underweight" rating in a research report on Wednesday, April 8th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of MGM Resorts International in a research report on Friday, May 1st. Jefferies Financial Group lowered MGM Resorts International from a "buy" rating to a "hold" rating and reduced their target price for the company from $50.00 to $44.00 in a report on Friday, May 1st. Citigroup reduced their target price on MGM Resorts International from $41.00 to $40.00 and set a "neutral" rating for the company in a report on Thursday, April 30th. Finally, Wells Fargo & Company increased their target price on MGM Resorts International from $30.00 to $33.00 and gave the company an "underweight" rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $48.18.

MGM Resorts International Stock Performance

MGM opened at $38.45 on Wednesday. The company has a market capitalization of $9.84 billion, a price-to-earnings ratio of 53.40 and a beta of 1.28. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $40.94. The business has a 50 day moving average price of $37.63 and a two-hundred day moving average price of $36.05.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS 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 company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same quarter last year, the company posted $0.69 EPS. MGM Resorts International's revenue was up 4.2% on a year-over-year basis. Research analysts predict that MGM Resorts International will post 1.99 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In related news, major shareholder Iac Inc. purchased 550,000 shares of the company's stock in a transaction dated Monday, March 23rd. The shares were acquired at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the completion of the purchase, the insider owned 66,372,350 shares of the company's stock, valued at $2,475,688,655. The trade was a 0.84% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 37,500 shares of the company's 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 in the company, valued at $183,275,206.06. This trade represents a 0.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 3.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently modified their holdings of MGM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of MGM Resorts International by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company's stock worth $582,000 after acquiring an additional 951 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock worth $115,000 after acquiring an additional 421 shares during the last quarter. Woodline Partners LP increased its stake in shares of MGM Resorts International by 39.1% in the first quarter. Woodline Partners LP now owns 18,901 shares of the company's stock worth $560,000 after acquiring an additional 5,312 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of MGM Resorts International by 57.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company's stock worth $112,000 after acquiring an additional 1,182 shares during the last quarter. Finally, Jump Financial LLC increased its position in MGM Resorts International by 221.9% during the second quarter. Jump Financial LLC now owns 26,782 shares of the company's stock worth $921,000 after buying an additional 18,463 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.