MGM Resorts International (MGM) Price Target Increased to $40.00 by Analysts at J P Morgan Chase & Co
MGM Resorts International (NYSE:MGM) had its price objective boosted by J P Morgan Chase & Co from $39.00 to $40.00 in a research note released on Wednesday. J P Morgan Chase & Co currently has an overweight rating on the stock.
A number of other equities research analysts also recently issued reports on the company. Nomura decreased their price objective on MGM Resorts International from $38.00 to $37.00 and set a buy rating on the stock in a research report on Wednesday. Roth Capital assumed coverage on MGM Resorts International in a research report on Wednesday, October 25th. They set a buy rating and a $38.00 price objective on the stock. Zacks Investment Research downgraded MGM Resorts International from a hold rating to a sell rating in a research report on Wednesday, October 18th. Stifel Nicolaus downgraded MGM Resorts International from a buy rating to a hold rating and decreased their price objective for the company from $38.00 to $33.00 in a research report on Wednesday, October 18th. Finally, Morgan Stanley set a $34.00 price objective on MGM Resorts International and gave the company a buy rating in a research report on Friday, October 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the stock. MGM Resorts International presently has a consensus rating of Buy and a consensus target price of $35.75.
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MGM Resorts International declared that its Board of Directors has initiated a stock repurchase program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Mary Christine Gay sold 3,000 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $31.88, for a total value of $95,640.00. Following the transaction, the director now owns 11,208 shares of the company’s stock, valued at $357,311.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Robert Selwood sold 40,325 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $33.86, for a total value of $1,365,404.50. Following the completion of the transaction, the chief accounting officer now directly owns 197,993 shares in the company, valued at approximately $6,704,042.98. The disclosure for this sale can be found here. In the last three months, insiders sold 758,817 shares of company stock worth $25,672,436. 12.20% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in MGM. Spirit of America Management Corp NY bought a new position in MGM Resorts International in the third quarter worth approximately $104,000. Pacad Investment Ltd. bought a new position in MGM Resorts International in the second quarter worth approximately $169,000. Toronto Dominion Bank grew its stake in MGM Resorts International by 12.4% in the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after purchasing an additional 624 shares in the last quarter. Colony Group LLC bought a new position in MGM Resorts International in the second quarter worth approximately $203,000. Finally, Cigna Investments Inc. New bought a new position in MGM Resorts International in the second quarter worth approximately $206,000. 75.85% of the stock is currently owned by institutional investors.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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