MGM Resorts International (NYSE:MGM) had its price objective increased by UBS Group from $30.00 to $31.00 in a research report sent to investors on Wednesday morning, BenzingaRatingsTable reports. UBS Group currently has a neutral rating on the stock.
A number of other analysts also recently issued reports on the company. Citigroup started coverage on MGM Resorts International in a research note on Wednesday, July 24th. They issued a $23.00 target price for the company. Susquehanna Bancshares started coverage on MGM Resorts International in a research note on Wednesday, July 24th. They issued a negative rating and a $23.00 target price for the company. Deutsche Bank set a $32.00 target price on MGM Resorts International and gave the stock a hold rating in a research note on Friday, July 26th. Bank of America downgraded MGM Resorts International from a buy rating to a neutral rating in a research note on Friday, August 2nd. Finally, ValuEngine downgraded MGM Resorts International from a buy rating to a hold rating in a research note on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $31.00.
Shares of MGM opened at $27.78 on Wednesday. MGM Resorts International has a 52-week low of $21.61 and a 52-week high of $31.68. The company has a market capitalization of $14.87 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 4.23 and a beta of 1.42. The stock has a fifty day simple moving average of $28.98 and a two-hundred day simple moving average of $27.49. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 1.39.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 10th will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Monday, September 9th. MGM Resorts International’s dividend payout ratio is presently 52.53%.
In other MGM Resorts International news, Director Keith A. Meister purchased 209,136 shares of the stock in a transaction dated Thursday, June 27th. The stock was acquired at an average cost of $27.99 per share, for a total transaction of $5,853,716.64. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Keith A. Meister purchased 2,874,578 shares of the stock in a transaction dated Friday, June 7th. The shares were acquired at an average price of $26.18 per share, with a total value of $75,256,452.04. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 5,317,360 shares of company stock valued at $140,880,100. Company insiders own 3.47% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its stake in MGM Resorts International by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after buying an additional 366,980 shares in the last quarter. Retirement Systems of Alabama grew its stake in MGM Resorts International by 0.8% in the 1st quarter. Retirement Systems of Alabama now owns 237,509 shares of the company’s stock worth $6,094,000 after buying an additional 1,852 shares in the last quarter. Meeder Asset Management Inc. grew its stake in MGM Resorts International by 1,334.2% in the 1st quarter. Meeder Asset Management Inc. now owns 7,171 shares of the company’s stock worth $184,000 after buying an additional 6,671 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in MGM Resorts International by 16.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 55,639 shares of the company’s stock worth $1,428,000 after buying an additional 7,900 shares in the last quarter. Finally, IFM Investors Pty Ltd grew its stake in MGM Resorts International by 14.0% in the 1st quarter. IFM Investors Pty Ltd now owns 35,119 shares of the company’s stock worth $901,000 after buying an additional 4,318 shares in the last quarter. Institutional investors and hedge funds own 81.27% of the company’s stock.
About MGM Resorts International
MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.
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