McKinney Capital Management LLC Acquires New Stake in Las Vegas Sands Corp. $LVS

McKinney Capital Management LLC acquired a new stake in shares of Las Vegas Sands Corp. (NYSE:LVS) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 31,529 shares of the casino operator’s stock, valued at approximately $1,192,000.

A number of other hedge funds have also made changes to their positions in LVS. Bamco Inc. NY bought a new stake in Las Vegas Sands during the second quarter worth approximately $174,796,000. The Manufacturers Life Insurance Company bought a new position in Las Vegas Sands during the 2nd quarter valued at $107,407,000. Legal & General Group Plc bought a new position in Las Vegas Sands during the 2nd quarter valued at $83,696,000. Amundi boosted its stake in Las Vegas Sands by 157.2% during the 1st quarter. Amundi now owns 2,864,789 shares of the casino operator’s stock valued at $154,355,000 after purchasing an additional 1,750,758 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Las Vegas Sands during the 2nd quarter valued at $67,068,000. Institutional investors and hedge funds own 39.16% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LVS. Jefferies Financial Group cut their price objective on Las Vegas Sands from $40.00 to $37.00 and set a “hold” rating for the company in a report on Thursday, October 22nd. Argus lowered Las Vegas Sands from a “buy” rating to a “hold” rating in a report on Thursday, July 30th. The Goldman Sachs Group set a $41.00 price target on shares of Las Vegas Sands in a research report on Thursday, October 22nd. Wolfe Research assumed coverage on shares of Las Vegas Sands in a research report on Wednesday, September 2nd. They issued a “peer perform” rating on the stock. Finally, Stifel Nicolaus cut their price target on shares of Las Vegas Sands from $54.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Ten equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $53.28.

Las Vegas Sands Trading Up 2.6%

Shares of NYSE:LVS traded up $1.02 during mid-day trading on Friday, hitting $40.35. The stock had a trading volume of 4,506,664 shares, compared to its average volume of 6,839,518. The company has a debt-to-equity ratio of 15.27, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market cap of $25.30 billion, a PE ratio of 16.54, a P/E/G ratio of 0.93 and a beta of 0.78. Las Vegas Sands Corp. has a 12-month low of $35.03 and a 12-month high of $70.45. The company’s 50 day moving average is $38.86 and its 200-day moving average is $48.05.

Las Vegas Sands (NYSE:LVS) last posted its quarterly earnings data on Wednesday, October 21st. The casino operator reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.14). Las Vegas Sands had a return on equity of 177.43% and a net margin of 11.85%. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period in the prior year, the business posted $0.78 EPS. The company’s revenue for the quarter was down 3.5% on a year-over-year basis. On average, sell-side analysts predict that Las Vegas Sands Corp. will post 2.81 EPS for the current year.

Las Vegas Sands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 10th. Stockholders of record on Monday, November 2nd were issued a $0.30 dividend. The ex-dividend date was Monday, November 2nd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. Las Vegas Sands’s dividend payout ratio is presently 49.18%.

About Las Vegas Sands

Las Vegas Sands is a global developer and operator of integrated resorts, combining casino gaming with hotels, dining, shopping, entertainment and convention facilities. The company’s properties include Marina Bay Sands in Singapore and several resorts in Macau, such as The Venetian Macao, The Londoner Macao and The Parisian Macao. Founded by Sheldon Adelson, the company helped popularize the integrated-resort model with The Venetian Resort in Las Vegas, which opened in 1999. Las Vegas Sands sold its Las Vegas properties in 2022 and now focuses its resort operations on Macau and Singapore.