MGM Resorts International (NYSE:MGM) Receives $53.37 Average Price Target from Analysts

Shares of MGM Resorts International (NYSE:MGM) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-two brokerages that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $53.3706.

MGM has been the topic of several analyst reports. Wells Fargo & Company raised MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $33.00 to $48.30 in a research report on Tuesday, July 7th. UBS Group set a $48.00 target price on shares of MGM Resorts International in a research note on Thursday, July 2nd. The Goldman Sachs Group reiterated a “sell” rating and set a $43.00 price target on shares of MGM Resorts International in a report on Wednesday, July 15th. Argus increased their price objective on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd.

Hedge Funds Weigh In On MGM Resorts International

A number of large investors have recently bought and sold shares of MGM. Whittier Trust Co. lifted its position in MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after acquiring an additional 262 shares during the last quarter. Global Retirement Partners LLC boosted its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares in the last quarter. Tema ETFs LLC grew its holdings in MGM Resorts International by 10.6% in the second quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock worth $144,000 after purchasing an additional 290 shares during the last quarter. Brown Brothers Harriman & Co. increased its position in shares of MGM Resorts International by 23.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock worth $69,000 after purchasing an additional 355 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of MGM Resorts International by 0.6% during 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 last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $42.39 on Monday. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The firm’s fifty day moving average is $45.53 and its 200 day moving average is $41.30. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.16 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.79 EPS. Sell-side analysts forecast that MGM Resorts International will post 1.96 EPS for the current fiscal year.

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.