MGM Resorts International (NYSE:MGM) PT Raised to $58.00 at Wells Fargo & Company

MGM Resorts International (NYSE:MGMGet Rating) had its target price lifted by analysts at Wells Fargo & Company from $49.00 to $58.00 in a report released on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 67.10% from the company’s current price.

A number of other research firms also recently issued reports on MGM. JMP Securities started coverage on shares of MGM Resorts International in a report on Tuesday, June 28th. They set an “outperform” rating and a $55.00 price objective for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of MGM Resorts International from $52.00 to $48.00 in a report on Friday, May 20th. Truist Financial reduced their target price on shares of MGM Resorts International from $48.00 to $35.00 and set a “hold” rating for the company in a research note on Wednesday, July 20th. JPMorgan Chase & Co. began coverage on shares of MGM Resorts International in a research note on Tuesday, May 3rd. They issued an “overweight” rating and a $53.00 target price for the company. Finally, UBS Group reduced their target price on shares of MGM Resorts International to $40.00 in a research note on Thursday, June 9th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.18.

MGM Resorts International Stock Performance

NYSE MGM opened at $34.71 on Thursday. MGM Resorts International has a 52-week low of $26.41 and a 52-week high of $51.17. The company has a 50-day simple moving average of $31.05 and a 200 day simple moving average of $37.47. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.23 and a current ratio of 1.65. The company has a market capitalization of $13.64 billion, a PE ratio of 4.86 and a beta of 2.14.

Insider Buying and Selling at MGM Resorts International

In related news, Director Paul J. Salem bought 3,500 shares of the company’s stock in a transaction on Wednesday, May 25th. The stock was acquired at an average cost of $31.25 per share, for a total transaction of $109,375.00. Following the completion of the transaction, the director now directly owns 1,520,500 shares in the company, valued at approximately $47,515,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Paul J. Salem bought 3,500 shares of the company’s stock in a transaction on Wednesday, May 25th. The stock was acquired at an average cost of $31.25 per share, for a total transaction of $109,375.00. Following the completion of the transaction, the director now directly owns 1,520,500 shares in the company, valued at approximately $47,515,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul J. Salem acquired 34,500 shares of the stock in a transaction dated Monday, June 13th. The stock was acquired at an average price of $28.92 per share, with a total value of $997,740.00. Following the completion of the acquisition, the director now owns 1,555,000 shares in the company, valued at approximately $44,970,600. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MGM Resorts International

A number of hedge funds have recently made changes to their positions in the business. Allianz Asset Management GmbH increased its stake in shares of MGM Resorts International by 71.2% in the fourth quarter. Allianz Asset Management GmbH now owns 4,272,794 shares of the company’s stock worth $191,762,000 after buying an additional 1,777,519 shares during the period. Marshall Wace LLP increased its stake in shares of MGM Resorts International by 148.1% in the fourth quarter. Marshall Wace LLP now owns 2,930,320 shares of the company’s stock worth $131,513,000 after buying an additional 1,749,408 shares during the period. Samlyn Capital LLC purchased a new position in shares of MGM Resorts International in the fourth quarter worth $65,783,000. Candlestick Capital Management LP increased its stake in shares of MGM Resorts International by 116.7% in the fourth quarter. Candlestick Capital Management LP now owns 1,625,171 shares of the company’s stock worth $72,938,000 after buying an additional 875,171 shares during the period. Finally, Millennium Management LLC increased its stake in shares of MGM Resorts International by 1,475.0% in the fourth quarter. Millennium Management LLC now owns 881,375 shares of the company’s stock worth $39,556,000 after buying an additional 825,416 shares during the period. 85.76% of the stock is currently owned by institutional investors.

About MGM Resorts International

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MGM Resorts International, through its subsidiaries, owns and operates 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.

Further Reading

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Analyst Recommendations for MGM Resorts International (NYSE:MGM)

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