MGM Resorts International (NYSE:MGM) Given a $34.00 Price Target at Deutsche Bank

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Deutsche Bank set a $34.00 target price on MGM Resorts International (NYSE:MGM) in a report published on Tuesday, TipRanks reports. The brokerage currently has a hold rating on the stock.

MGM has been the topic of a number of other reports. JPMorgan Chase & Co. decreased their price target on MGM Resorts International from $37.00 to $36.00 and set an overweight rating on the stock in a research note on Friday, September 6th. Morgan Stanley decreased their price target on MGM Resorts International from $32.00 to $31.00 and set an equal weight rating on the stock in a research note on Tuesday. Argus lifted their price objective on MGM Resorts International to $35.00 and gave the company a buy rating in a research note on Monday, July 29th. Nomura boosted their price objective on MGM Resorts International from $36.00 to $37.00 and gave the company a buy rating in a research report on Friday, July 26th. Finally, Bank of America lowered MGM Resorts International from a buy rating to a neutral rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average target price of $31.00.

NYSE:MGM traded down $0.21 during mid-day trading on Tuesday, reaching $28.85. The company’s stock had a trading volume of 4,437,574 shares, compared to its average volume of 6,663,813. The company’s fifty day simple moving average is $28.51 and its two-hundred day simple moving average is $27.50. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.73 and a quick ratio of 0.69. MGM Resorts International has a twelve month low of $21.61 and a twelve month high of $31.68. The stock has a market cap of $15.11 billion, a P/E ratio of 29.14, a P/E/G ratio of 4.34 and a beta of 1.49.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.02). MGM Resorts International had a return on equity of 3.77% and a net margin of 1.56%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same period in the previous year, the business posted $0.26 earnings per share. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. Sell-side analysts expect that MGM Resorts International will post 0.85 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 10th were given a dividend of $0.13 per share. The ex-dividend date was Monday, September 9th. This represents a $0.52 dividend on an annualized basis and a yield of 1.80%. MGM Resorts International’s dividend payout ratio is currently 52.53%.

In related news, insider Atif Rafiq acquired 8,761 shares of MGM Resorts International stock in a transaction that occurred on Thursday, August 22nd. The stock was acquired at an average price of $28.55 per share, for a total transaction of $250,126.55. Following the transaction, the insider now directly owns 8,761 shares of the company’s stock, valued at approximately $250,126.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mary Christine Gay sold 5,200 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $29.20, for a total value of $151,840.00. Following the transaction, the director now owns 17,716 shares of the company’s stock, valued at approximately $517,307.20. The disclosure for this sale can be found here. Insiders have purchased a total of 299,146 shares of company stock valued at $8,378,003 in the last 90 days. Insiders own 3.47% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in MGM Resorts International by 7.2% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 56,685,971 shares of the company’s stock worth $1,619,519,000 after acquiring an additional 3,806,520 shares during the period. Corvex Management LP boosted its position in MGM Resorts International by 31.0% during the 2nd quarter. Corvex Management LP now owns 20,563,696 shares of the company’s stock worth $587,505,000 after acquiring an additional 4,870,924 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in MGM Resorts International by 5.8% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,112,250 shares of the company’s stock worth $231,767,000 after acquiring an additional 441,381 shares during the period. Geode Capital Management LLC boosted its position in MGM Resorts International by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 6,387,824 shares of the company’s stock worth $154,688,000 after acquiring an additional 366,980 shares during the period. Finally, Primecap Management Co. CA boosted its position in MGM Resorts International by 19.8% during the 2nd quarter. Primecap Management Co. CA now owns 5,347,700 shares of the company’s stock worth $152,784,000 after acquiring an additional 883,500 shares during the period. Institutional investors and hedge funds own 82.58% of the company’s stock.

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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Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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