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.
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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.
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.
