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

MGM Resorts International (NYSE:MGM) was upgraded by analysts at Truist Financial from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $55.00 price objective on the stock. Truist Financial’s target price suggests a potential upside of 43.04% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. Wells Fargo & Company increased their target price on shares of MGM Resorts International from $30.00 to $33.00 and gave the company an “underweight” rating in a research note on Thursday, April 30th. Capital One Financial increased their target price on shares of MGM Resorts International from $46.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. Mizuho reduced their target price on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. JPMorgan Chase & Co. reduced their target price on shares of MGM Resorts International from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of MGM Resorts International in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $48.18.

MGM Resorts International Trading Up 0.1%

MGM Resorts International stock 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’s fifty day moving average price is $37.63 and its two-hundred day moving average price is $36.05. MGM Resorts International has a one year low of $29.18 and a one year high of $40.94. 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 (NYSE:MGM) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.69 earnings per share. On average, analysts forecast that MGM Resorts International will post 1.99 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In related news, major shareholder Iac Inc. purchased 450,000 shares of the stock in a transaction that occurred on Tuesday, March 24th. The stock was acquired at an average price of $37.13 per share, with a total value of $16,708,500.00. Following the completion of the acquisition, the insider directly owned 66,822,350 shares in the company, valued at approximately $2,481,113,855.50. This trade represents a 0.68% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Keith A. Meister sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the sale, the director directly owned 5,347,978 shares of the company’s stock, valued at approximately $183,275,206.06. This represents a 0.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 3.38% of the company’s stock.

Institutional Trading of MGM Resorts International

A number of institutional investors have recently bought and sold shares of the business. Glenmede Trust Co. NA grew its holdings in MGM Resorts International by 122.1% during the 1st quarter. Glenmede Trust Co. NA now owns 12,690 shares of the company’s stock worth $470,000 after acquiring an additional 6,976 shares during the period. Janus Henderson Group PLC grew its holdings in MGM Resorts International by 8.3% during the 1st quarter. Janus Henderson Group PLC now owns 96,100 shares of the company’s stock worth $3,556,000 after acquiring an additional 7,334 shares during the period. Bull Harbor Capital LLC bought a new position in shares of MGM Resorts International during the first quarter worth $371,000. Amundi boosted its position in shares of MGM Resorts International by 7.9% during the first quarter. Amundi now owns 721,462 shares of the company’s stock worth $26,701,000 after purchasing an additional 52,728 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in shares of MGM Resorts International by 23.2% during the first quarter. California State Teachers Retirement System now owns 236,707 shares of the company’s stock worth $8,761,000 after purchasing an additional 44,556 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

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.