MGM Resorts International (NYSE:MGM) announced a quarterly dividend on Thursday, July 25th, Zacks reports. Shareholders of record on Tuesday, September 10th will be paid a dividend of 0.13 per share on Monday, September 16th. This represents a $0.52 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Monday, September 9th.
MGM Resorts International has a payout ratio of 44.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect MGM Resorts International to earn $1.54 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 33.8%.
Shares of MGM stock opened at $28.30 on Friday. The stock has a market cap of $14.59 billion, a P/E ratio of 38.33, a P/E/G ratio of 4.10 and a beta of 1.49. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.73 and a quick ratio of 0.69. The company has a fifty day moving average price of $28.65 and a two-hundred day moving average price of $27.42. MGM Resorts International has a one year low of $21.61 and a one year high of $31.68.
In other MGM Resorts International news, insider Atif Rafiq purchased 8,761 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were acquired at an average cost of $28.55 per share, with a total value of $250,126.55. Following the completion of the transaction, the insider now owns 8,761 shares in the company, valued at $250,126.55. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Keith A. Meister purchased 165,093 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average cost of $27.79 per share, for a total transaction of $4,587,934.47. The disclosure for this purchase can be found here. Insiders bought 1,312,405 shares of company stock worth $36,461,232 over the last three months. Insiders own 3.47% of the company’s stock.
MGM has been the topic of several research analyst reports. Nomura increased their price objective on shares of MGM Resorts International from $36.00 to $37.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Bank of America lowered shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Citigroup initiated coverage on shares of MGM Resorts International in a research report on Wednesday, July 24th. They issued a $23.00 price objective on the stock. ValuEngine lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Finally, Morgan Stanley increased their price objective on shares of MGM Resorts International from $31.00 to $32.00 and gave the company an “equal weight” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $30.91.
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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