MGM Resorts International (NYSE:MGM) had its price target upped by J P Morgan Chase & Co from $39.00 to $40.00 in a report released on Wednesday, November 1st. They currently have an overweight rating on the stock.
A number of other analysts have also weighed in on the company. Bank of America Corporation reaffirmed a buy rating and set a $40.00 price objective (up previously from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Zacks Investment Research lowered MGM Resorts International from a hold rating to a sell rating in a research report on Wednesday, October 18th. Morgan Stanley reissued an overweight rating and issued a $34.00 target price (up previously from $33.00) on shares of MGM Resorts International in a report on Monday, July 10th. UBS AG reissued a buy rating on shares of MGM Resorts International in a report on Monday, July 10th. Finally, Deutsche Bank AG reissued a buy rating and issued a $36.00 target price (up previously from $34.00) on shares of MGM Resorts International in a report on Sunday, July 30th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $36.50.
Shares of MGM Resorts International (NYSE:MGM) opened at $32.88 on Wednesday. MGM Resorts International has a 52-week low of $25.15 and a 52-week high of $34.65. The stock has a market capitalization of $18,614.63, a P/E ratio of 29.10, a PEG ratio of 7.47 and a beta of 1.42. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.02 and a quick ratio of 0.98.
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MGM Resorts International declared that its Board of Directors has approved a share 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be issued a $0.11 dividend. The ex-dividend date is Friday, December 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.34%. MGM Resorts International’s dividend payout ratio is currently 43.14%.
In related news, CAO Robert Selwood sold 40,325 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $33.86, for a total transaction of $1,365,404.50. Following the completion of the sale, the chief accounting officer now owns 197,993 shares of the company’s stock, valued at approximately $6,704,042.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James Murren sold 259,760 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $34.19, for a total transaction of $8,881,194.40. Following the sale, the chief executive officer now directly owns 71,442 shares of the company’s stock, valued at approximately $2,442,601.98. The disclosure for this sale can be found here. Insiders sold a total of 698,548 shares of company stock worth $23,770,532 in the last quarter. 12.20% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of MGM Resorts International by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock worth $1,289,156,000 after acquiring an additional 1,354,902 shares during the period. Capital Research Global Investors lifted its stake in MGM Resorts International by 1.9% during the second quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock valued at $1,010,104,000 after purchasing an additional 600,000 shares during the last quarter. Canyon Capital Advisors LLC lifted its stake in MGM Resorts International by 8.9% during the second quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock valued at $607,099,000 after purchasing an additional 1,583,585 shares during the last quarter. State Street Corp lifted its stake in MGM Resorts International by 1.0% during the second quarter. State Street Corp now owns 8,934,495 shares of the company’s stock valued at $279,564,000 after purchasing an additional 92,329 shares during the last quarter. Finally, PointState Capital LP acquired a new stake in MGM Resorts International during the second quarter valued at approximately $239,347,000. 76.63% of the stock is 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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