JPMorgan Chase & Co. Raises MGM Resorts International (NYSE:MGM) Price Target to $41.00

MGM Resorts International (NYSE:MGMGet Free Report) had its price target lifted by investment analysts at JPMorgan Chase & Co. from $39.00 to $41.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 9.51% from the company’s current price.

Several other research analysts also recently issued reports on the company. Truist Financial upped their price objective on MGM Resorts International from $38.00 to $39.00 and gave the company a “hold” rating in a research note on Friday. Capital One Financial reduced their target price on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. Mizuho set a $62.00 price target on shares of MGM Resorts International in a research note on Thursday, October 30th. Barclays set a $37.00 price objective on shares of MGM Resorts International in a research note on Friday. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $33.00 target price on shares of MGM Resorts International in a research report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Hold” and a consensus target price of $44.26.

Read Our Latest Stock Analysis on MGM

MGM Resorts International Price Performance

Shares of NYSE:MGM traded up $1.16 during trading on Friday, hitting $37.44. 4,898,263 shares of the company were exchanged, compared to its average volume of 5,199,732. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32. The company has a market capitalization of $10.24 billion, a P/E ratio of 234.00 and a beta of 1.44. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. The business’s 50 day moving average is $35.57 and its 200-day moving average is $35.03.

MGM Resorts International (NYSE:MGMGet Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported $1.60 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.97. MGM Resorts International had a return on equity of 17.23% and a net margin of 0.40%.The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter last year, the business posted $0.45 EPS. Equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Iac Inc. acquired 1,098,748 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were purchased at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the acquisition, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.06% of the company’s stock.

Institutional Trading of MGM Resorts International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in MGM Resorts International by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after buying an additional 951 shares during the period. NewEdge Advisors LLC raised its position in shares of MGM Resorts International by 12.1% during the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares during the period. Woodline Partners LP raised its position in shares of MGM Resorts International by 39.1% during the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after purchasing an additional 5,312 shares during the period. Valeo Financial Advisors LLC bought a new position in shares of MGM Resorts International in the 2nd quarter worth $236,000. Finally, Callan Family Office LLC acquired a new stake in MGM Resorts International in the 2nd quarter valued at $545,000. 68.11% of the stock is owned by institutional investors.

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MGM Resorts International Company Profile

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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.

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Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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