Macquarie Cuts MGM Resorts International (NYSE:MGM) Price Target to $48.00

MGM Resorts International (NYSE:MGM) had its target price lowered by Macquarie from $50.00 to $48.00 in a research note issued to investors on Friday morning,Benzinga reports. Macquarie currently has an outperform rating on the stock.

MGM has been the topic of several other research reports. Mizuho upped their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Morgan Stanley cut their price target on MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Capital One Financial boosted their price objective on MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday, February 12th. Jefferies Financial Group cut their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, January 3rd. Finally, Leerink Partners downgraded shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.94.

MGM Resorts International Stock Up 3.6 %

Shares of NYSE MGM opened at $31.96 on Friday. The company has a 50 day simple moving average of $30.81 and a 200 day simple moving average of $34.24. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The firm has a market cap of $8.70 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The business’s quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.74 earnings per share. On average, research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its board has approved a share buyback program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Insiders own 3.06% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Global Trust Asset Management LLC bought a new position in MGM Resorts International during the 4th quarter worth approximately $28,000. Assetmark Inc. increased its stake in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after buying an additional 411 shares during the period. Mascagni Wealth Management Inc. bought a new stake in MGM Resorts International during the 4th quarter valued at $28,000. Golden State Wealth Management LLC boosted its position in MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock valued at $30,000 after buying an additional 455 shares during the period. Finally, True Wealth Design LLC purchased a new position in shares of MGM Resorts International in the fourth quarter valued at about $33,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.