MGM Resorts International (NYSE:MGM) Declares Dividend Increase – $0.00 Per Share

MGM Resorts International (NYSE:MGM) announced a quarterly dividend on Thursday, July 30th, RTT News reports. Investors of record on Thursday, September 10th will be paid a dividend of 0.0025 per share on Tuesday, September 15th. This represents a $0.01 dividend on an annualized basis and a yield of 0.06%. The ex-dividend date of this dividend is Wednesday, September 9th. This is a boost from MGM Resorts International’s previous quarterly dividend of $0.002.

MGM Resorts International has a payout ratio of -0.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect MGM Resorts International to earn ($0.69) per share next year, which means the company may not be able to cover its $0.01 annual dividend with an expected future payout ratio of -1.4%.

Shares of MGM stock opened at $16.09 on Friday. The stock’s fifty day moving average price is $16.96 and its two-hundred day moving average price is $19.82. MGM Resorts International has a fifty-two week low of $5.90 and a fifty-two week high of $34.63. The company has a quick ratio of 2.85, a current ratio of 2.89 and a debt-to-equity ratio of 1.51.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, April 30th. The company reported ($0.45) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.13). The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $2.26 billion. MGM Resorts International had a net margin of 21.28% and a negative return on equity of 6.66%. The company’s revenue for the quarter was down 29.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 EPS. As a group, analysts forecast that MGM Resorts International will post -3.62 earnings per share for the current year.

A number of brokerages have weighed in on MGM. Morgan Stanley reduced their target price on MGM Resorts International from $19.00 to $18.00 and set an “equal weight” rating on the stock in a report on Friday. Bank of America downgraded MGM Resorts International from a “neutral” rating to an “underperform” rating and set a $15.00 target price on the stock. in a report on Thursday, May 21st. Deutsche Bank reaffirmed a “hold” rating and issued a $13.00 target price on shares of MGM Resorts International in a report on Friday, May 1st. Jefferies Financial Group downgraded MGM Resorts International from a “buy” rating to a “hold” rating and reduced their target price for the company from $22.00 to $17.00 in a report on Thursday, May 21st. Finally, UBS Group dropped their price target on MGM Resorts International from $35.00 to $18.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Hold” and a consensus target price of $18.54.

MGM Resorts International Company Profile

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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Dividend History for MGM Resorts International (NYSE:MGM)

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