Trade Report: Today, MGM Resorts International (MGM) Price Target Raised to $33.00 at Telsey Advisory Group

Today, MGM Resorts International (MGM) Price Target Raised to $33.00 at Telsey Advisory Group

MGM Resorts International (NYSE:MGM) had its price objective raised by equities research analysts at Telsey Advisory Group from $29.00 to $33.00 in a report released on Tuesday. The brokerage presently has an “outperform” rating on the stock. Telsey Advisory Group’s target price would indicate a potential upside of 15.10% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Buckingham Research initiated coverage on shares of MGM Resorts International in a research report on Thursday, August 11th. They set a “buy” rating and a $31.00 price target on the stock. Zacks Investment Research cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Gabelli reaffirmed a “buy” rating on shares of MGM Resorts International in a research report on Monday, October 17th. Nomura reaffirmed a “buy” rating and set a $32.00 price target (up previously from $28.00) on shares of MGM Resorts International in a research report on Wednesday, October 5th. Finally, Susquehanna reaffirmed a “positive” rating and set a $30.00 price target on shares of MGM Resorts International in a research report on Thursday, September 8th. Twenty-three analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $30.63.

MGM Resorts International (NYSE:MGM) traded up 0.70% during midday trading on Tuesday, hitting $28.67. The company had a trading volume of 1,660,346 shares. MGM Resorts International has a 12-month low of $16.18 and a 12-month high of $29.35. The company’s 50 day moving average is $26.92 and its 200 day moving average is $24.72. The stock has a market cap of $16.44 billion, a price-to-earnings ratio of 54.92 and a beta of 1.79.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Monday, November 7th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.11 by $0.47. MGM Resorts International had a net margin of 3.15% and a return on equity of 6.45%. The business had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same quarter last year, the company posted $0.15 earnings per share. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. On average, equities analysts anticipate that MGM Resorts International will post $1.16 EPS for the current fiscal year.

In other MGM Resorts International news, insider Corey Ian Sanders sold 26,540 shares of MGM Resorts International stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $29.10, for a total value of $772,314.00. Following the transaction, the insider now owns 213,912 shares in the company, valued at $6,224,839.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John Mcmanus sold 12,363 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $24.44, for a total transaction of $302,151.72. Following the completion of the transaction, the executive vice president now owns 40,071 shares in the company, valued at approximately $979,335.24. The disclosure for this sale can be found here. 16.90% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. raised its position in MGM Resorts International by 1.5% in the first quarter. Prudential Financial Inc. now owns 27,061 shares of the company’s stock valued at $580,000 after buying an additional 400 shares during the period. Credit Agricole S A raised its position in MGM Resorts International by 67.7% in the first quarter. Credit Agricole S A now owns 91,528 shares of the company’s stock valued at $1,963,000 after buying an additional 36,959 shares during the period. State Street Corp raised its position in MGM Resorts International by 2.2% in the first quarter. State Street Corp now owns 7,836,892 shares of the company’s stock valued at $168,028,000 after buying an additional 168,059 shares during the period. Pictet Asset Management Ltd. raised its position in MGM Resorts International by 1.2% in the first quarter. Pictet Asset Management Ltd. now owns 151,350 shares of the company’s stock valued at $2,865,000 after buying an additional 1,800 shares during the period. Finally, Geode Capital Management LLC raised its position in MGM Resorts International by 4.1% in the first quarter. Geode Capital Management LLC now owns 2,854,644 shares of the company’s stock valued at $61,171,000 after buying an additional 111,720 shares during the period. Hedge funds and other institutional investors own 72.54% of the company’s stock.

MGM Resorts International Company Profile

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