The price of MGM Resorts International (NYSE:MGM) shares last traded on Wall Street fell -0.02% to $42.54.
Based on available information, 17 analysts follow MGM Resorts International (NYSE:MGM). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $69.00 and a low of $46.00, we find $59.50. Given the previous closing price of $42.55, this indicates a potential upside of 39.84 percent. MGM stock price is now -6.58% away from the 50-day moving average and 2.45% away from the 200-day moving average. The market capitalization of the company currently stands at $14.93B.
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Among analysts, 5 rate the stock a hold while 10 rate it a buy. Brokers who have rated the stock have averaged $57.34 as their price target over the next twelve months.
With the price target enhanced from $47 to $48, Morgan Stanley maintained Equal-Weight rating for MGM Resorts International (NYSE: MGM).
In other news, McManus John, CHIEF LEGAL ADMIN OFC AND SECY sold 10,000 shares of the company’s stock on Aug 10. The stock was sold for $465,914 at an average price of $46.59. Upon completion of the transaction, the CHIEF LEGAL ADMIN OFC AND SECY now directly owns 32,283 shares in the company, valued at $1.37 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Aug 07, CHIEF OPERATING OFFICER SANDERS COREY IAN sold 25,000 shares of the business’s stock. A total of $1,130,300 was realized by selling the stock at an average price of $45.21. This leaves the insider owning 136,632 shares of the company worth $5.81 million. Insiders disposed of 836,320 shares of company stock worth roughly $35.58 million over the past 1 year. A total of 17.50% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MGM stock. A new stake in MGM Resorts International shares was purchased by JACOBS LEVY EQUITY MANAGEMENT, INC during the first quarter worth $60,272,000. SHELLBACK CAPITAL, LP invested $15,953,000 in shares of MGM during the first quarter. In the first quarter, QUBE RESEARCH & TECHNOLOGIES LTD acquired a new stake in MGM Resorts International valued at approximately $13,166,000. BOSTON PARTNERS acquired a new stake in MGM for approximately $10,943,000. SEGANTII CAPITAL MANAGEMENT LTD purchased a new stake in MGM valued at around $9,572,000 in the second quarter. In total, there are 939 active investors with 68.60% ownership of the company’s stock.
A candlestick chart of MGM Resorts International (NYSE: MGM) showed a price of $42.02 on Friday morning. During the past 12 months, MGM Resorts International has had a low of $29.20 and a high of $51.35. As of last week, the company has a debt-to-equity ratio of 1.55, a current ratio of 2.00, and a quick ratio of 2.00. The fifty day moving average price for MGM is $45.56 and a two-hundred day moving average price translates $41.56 for the stock.
The latest earnings results from MGM Resorts International (NYSE: MGM) was released for Jun, 2023. According to the Resorts & Casinos Company, earnings per share came in at $0.59, beating analysts’ expectations of $0.54 by 0.05. This compares to $3.85 EPS in the same period last year. The net profit margin was 2.50% and return on equity was 7.70% for MGM. The company reported revenue of $3.94 billion for the quarter, compared to $3.26 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 20.75 percent. For the current quarter, analysts expect MGM to generate $3.9B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 12/15/2022. Investors who held shares on 12/09/2022 were paid a $0.0025 dividend. On an annualized basis, this represents a $0.01 dividend and a 0.02% percent yield. There was an ex-dividend date of 12/08/2022 for this dividend. In terms of dividend payout ratio, MGM is presently at 0.50%.
MGM Resorts International(MGM) Company Profile
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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. The company’s casino operations include slots and table games, as well as online sports betting and iGaming through BetMGM. Its customers include premium gaming customers; leisure and wholesale travel customers; business travelers; and group customers, including conventions, trade associations, and small meetings. The company was formerly known as MGM MIRAGE and changed its name to MGM Resorts International in June 2010. MGM Resorts International was incorporated in 1986 and is based in Las Vegas, Nevada.
