MGM Resorts International (NYSE:MGM) Given New $46.00 Price Target at Wells Fargo & Company

MGM Resorts International (NYSE:MGM) had its price objective lifted by Wells Fargo & Company from $44.00 to $46.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also commented on MGM. Truist Financial reduced their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Morgan Stanley upped their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Barclays upped their price target on shares of MGM Resorts International from $45.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday. Jefferies Financial Group reduced their price target on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. Finally, Susquehanna Bancshares upped their price target on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $51.47.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $40.38 on Thursday. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. The business has a 50-day simple moving average of $34.32 and a two-hundred day simple moving average of $36.83. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The firm has a market cap of $12.02 billion, a price-to-earnings ratio of 14.42, a price-to-earnings-growth ratio of 2.94 and a beta of 2.20.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. On average, analysts expect that MGM Resorts International will post 2.37 earnings per share for the current year.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the transaction, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGM. Norges Bank bought a new position in MGM Resorts International in the 4th quarter worth approximately $88,033,000. HG Vora Capital Management LLC bought a new position in MGM Resorts International in the 3rd quarter worth approximately $97,725,000. Goldentree Asset Management LP boosted its stake in MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after purchasing an additional 1,390,599 shares during the period. Marshall Wace LLP boosted its stake in MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock worth $112,048,000 after purchasing an additional 1,090,533 shares during the period. Finally, Invesco Ltd. boosted its stake in MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after purchasing an additional 1,063,707 shares during the period. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Company Profile

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.