After a brutal month and a half, shares of Las Vegas Sands Corp. (NYSE:LVS) are trading up today after comments made by the company’s CEO Sheldon Adelson about the future of their business in Macau. While the gaming market in Macau has been suffering, Adelson believes that a bottom will be hit soon, and a turnaround should begin some time in 2016. Gaming revenue in Macau, the only place in China where wagering is legal, has fallen each of the last 18 months. Overall gaming revenue fell 32.3% when comparing November 2015 to November 2014.
“We are at the beginning of the shift in the cycle from a recession-type economy to a bottoming out, and I think the economy and Macau’s fortunes will turn around,” Adelson said, according to Reuters.
The stock is currently trading higher by 1.60% or $0.66 following the positive news, hitting $41.83 per share at the time of us publishing this article. About 691,190 shares traded hands. LVS has declined 17.95% since May 15, 2015 and is downtrending. It has underperformed the S&P500 by 15.69%.
From a total of 6 analysts covering Las Vegas Sands (NYSE:LVS) stock, 3 rate it a “Buy”, 0 a “Sell”, and 3 a “Hold”. This means that 50% of the ratings are positive. The highest target price is $65 while the lowest target price is $45. The mean of all analyst targets is $52.89 which is 26.44% above today’s ($41.83) stock price. Las Vegas Sands was the topic of 12 analyst reports since July 23, 2015 according to the firm StockzIntelligence Inc. Gabelli initiated shares on October 27 with a “Buy” rating. Stifel Nicolaus maintained LVS stock in a recent report from October 22 with a “Hold” rating. Finally, Goldman Sachs maintained the stock with a “Neutral” rating in a report they issued on an August 18.
The institutional sentiment increased to 0.94 in Q2 2015. It’s up 0.14, from 0.8 in 2015Q2. The ratio improved, as 84 funds sold all their Las Vegas Sands Corp. shares they owned while 141 reduced their positions. 58 funds bought stakes while 154 increased their total positions. Institutions now own 294.10 million shares which is 8.67% less than the previous share count of 322.00 million in 2015Q2.
Northern Cross Llc holds 26.26% of its total portfolio in Las Vegas Sands Corp., equating to 26.29 million shares. Riverpark Advisors Llc owns 215,501 shares representing 3.92% of their total US portfolio. Moreover, Cwh Capital Management Inc. has 2.89% of their total portfolio invested in the company, equating to 113,410 shares. The New York-based Sandhill Capital Partners Llc has a total of 2.86% of their portfolio invested in the stock. Armistice Capital Llc, a New York-based fund reported 190,000 shares owned.
Since March 19, 2015, the stock had 0 buys, and 2 sales for a total of $9.63 million in net activity. Leven Michael A sold 21,000 shares worth $967,203. Goldstein Robert G sold 153,254 shares worth $8.66 million.
Las Vegas Sands Corp. is a developer of destination properties that offers accommodations, gaming, entertainment and retail, convention and exhibition facilities, celebrity chef restaurants and other amenities. The company has a market cap of $34.56 billion. The Company’s principal operating and developmental activities occur in three geographic areas: Macao, Singapore and the United States. It has 15.05 P/E ratio. In Macao, its operating divisions are The Venetian Macao; Sands Cotai Central; Four Seasons Macao; Sands Macao, and Other Asia (that includes its ferry activities and various other operations).