Shares of casino company Las Vegas Sands (NYSE:LVS) fell in after-hours trading despite it reporting solid first-quarter results for Fiscal Year 2024. Earnings per share came in at $0.75, which beat analysts’ consensus estimate of $0.62 per share.
Sales increased by 39.6% year-over-year, with revenue hitting $2.96 billion. This beat analysts’ expectations by $20 million. In addition, consolidated adjusted property EBITDA came in at $1.21 billion versus the $1.19 billion that was forecast.
LVS also bought back $450 million worth of shares during the quarter. This was on top of its current dividend payment of $0.20 per share.
Is LVS Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on LVS stock based on 12 Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 14% decline in its share price over the past year, the average LVS price target of $63.92 per share implies 27.25% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
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Is LVS the Right Stock to Buy for Passive Income?
Before you hurry to invest in LVS, think about the following:
TipRanks’ team has built a Smart Dividend Stock Portfolio for investors, and Las Vegas Sands is not included. Our portfolio highlights companies that have been hand-picked for their potential to deliver significant passive income for years to come.