Truist Securities Lowers MGM Resorts International (NYSE:MGM) Price Target to $50.00

MGM Resorts International (NYSE:MGM) had its price objective decreased by Truist Securities from $56.00 to $50.00 in a research report issued on Thursday, Stock Target Advisor reports. The brokerage currently has a “hold” rating on the stock. Truist Securities’ price target suggests a potential upside of 12.44% from the stock’s current price. Truist Securities also issued estimates for MGM Resorts International’s Q2 2022 earnings at $0.31 EPS and Q3 2022 earnings at $0.12 EPS.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $45.00 to $54.00 and gave the company a “hold” rating in a report on Thursday, November 4th. They noted that the move was a valuation call. Susquehanna Bancshares downgraded shares of MGM Resorts International to a “negative” rating and lifted their price target for the company from $10.00 to $36.00 in a report on Friday, October 1st. Wells Fargo & Company lifted their price target on shares of MGM Resorts International from $55.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, November 4th. They noted that the move was a valuation call. TheStreet raised shares of MGM Resorts International from a “c” rating to a “b-” rating in a report on Wednesday, November 3rd. Finally, Credit Suisse Group lifted their price target on shares of MGM Resorts International from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Thursday, January 6th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $49.64.

NYSE:MGM opened at $44.47 on Thursday. The company has a 50-day moving average of $43.65 and a 200-day moving average of $42.95. The company has a market capitalization of $20.85 billion, a price-to-earnings ratio of 34.21 and a beta of 2.39. MGM Resorts International has a 52 week low of $27.81 and a 52 week high of $51.17. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.93 and a current ratio of 1.96.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, November 3rd. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.07. The company had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.41 billion. MGM Resorts International had a net margin of 8.33% and a negative return on equity of 6.80%. During the same period last year, the firm earned ($1.08) EPS. Sell-side analysts forecast that MGM Resorts International will post -0.75 EPS for the current year.

In related news, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $50.14, for a total transaction of $300,840.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexis Herman sold 3,200 shares of the business’s stock in a transaction that occurred on Monday, November 8th. The shares were sold at an average price of $50.67, for a total transaction of $162,144.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,200 shares of company stock valued at $5,311,864. 5.09% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Stonebridge Capital Advisors LLC grew its holdings in MGM Resorts International by 147.5% during the second quarter. Stonebridge Capital Advisors LLC now owns 755 shares of the company’s stock valued at $32,000 after purchasing an additional 450 shares during the period. Ossiam acquired a new position in MGM Resorts International during the second quarter valued at approximately $30,000. Larson Financial Group LLC grew its holdings in MGM Resorts International by 53.3% during the second quarter. Larson Financial Group LLC now owns 966 shares of the company’s stock valued at $41,000 after purchasing an additional 336 shares during the period. Dark Forest Capital Management LP acquired a new position in MGM Resorts International during the third quarter valued at approximately $44,000. Finally, Liberty Wealth Management LLC grew its holdings in MGM Resorts International by 2,535.0% during the second quarter. Liberty Wealth Management LLC now owns 1,054 shares of the company’s stock valued at $25,000 after purchasing an additional 1,014 shares during the period. Hedge funds and other institutional investors own 64.77% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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