Research Analysts Issue Forecasts for MGM Resorts International’s FY2023 Earnings (NYSE:MGM)

MGM Resorts International (NYSE:MGM) – Zacks Research dropped their FY2023 earnings per share estimates for shares of MGM Resorts International in a note issued to investors on Thursday, September 7th. Zacks Research analyst M. Kaushik now forecasts that the company will earn $2.37 per share for the year, down from their previous estimate of $2.38. The consensus estimate for MGM Resorts International’s current full-year earnings is $2.44 per share. Zacks Research also issued estimates for MGM Resorts International’s Q4 2023 earnings at $0.72 EPS.

MGM has been the subject of several other reports. JMP Securities reiterated a “market outperform” rating and set a $60.00 target price on shares of MGM Resorts International in a research report on Tuesday, July 18th. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. TheStreet downgraded MGM Resorts International from a “b” rating to a “c+” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus lifted their target price on MGM Resorts International from $56.00 to $59.00 in a research report on Thursday, August 3rd. Finally, Morgan Stanley decreased their target price on MGM Resorts International from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.95.

MGM Resorts International Stock Performance

NYSE:MGM opened at $43.74 on Monday. The stock’s fifty day moving average is $45.76 and its 200 day moving average is $43.82. MGM Resorts International has a fifty-two week low of $29.20 and a fifty-two week high of $51.35. The firm has a market capitalization of $15.35 billion, a PE ratio of 42.47 and a beta of 2.10. The company has a debt-to-equity ratio of 1.38, a quick ratio of 2.00 and a current ratio of 2.04.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.06. MGM Resorts International had a return on equity of 2.10% and a net margin of 2.53%. The company had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the prior year, the firm posted $0.03 EPS. MGM Resorts International’s quarterly revenue was up 20.7% compared to the same quarter last year.

Institutional Investors Weigh In On MGM Resorts International

Large investors have recently modified their holdings of the business. Tyler Stone Wealth Management purchased a new stake in shares of MGM Resorts International during the second quarter worth about $26,000. ICA Group Wealth Management LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter worth about $28,000. James Investment Research Inc. purchased a new stake in shares of MGM Resorts International during the first quarter worth about $29,000. ST Germain D J Co. Inc. purchased a new stake in shares of MGM Resorts International during the second quarter worth about $31,000. Finally, VitalStone Financial LLC boosted its position in MGM Resorts International by 108.9% in the first quarter. VitalStone Financial LLC now owns 729 shares of the company’s stock valued at $33,000 after buying an additional 380 shares during the last quarter. Hedge funds and other institutional investors own 66.46% of the company’s stock.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 250,000 shares of MGM Resorts International stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total value of $10,947,500.00. Following the transaction, the director now owns 6,423,778 shares in the company, valued at $281,297,238.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,454 shares of MGM Resorts International stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $45.25, for a total value of $201,543.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Keith A. Meister sold 250,000 shares of MGM Resorts International stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $43.79, for a total value of $10,947,500.00. Following the completion of the transaction, the director now owns 6,423,778 shares in the company, valued at approximately $281,297,238.62. The disclosure for this sale can be found here. Insiders sold 309,454 shares of company stock worth $13,636,494 over the last three months. 2.13% of the stock is owned by corporate insiders.

About MGM Resorts International

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.