US Bancorp DE Grows Stock Position in MGM Resorts International (NYSE:MGM)

US Bancorp DE lifted its stake in MGM Resorts International (NYSE:MGM) by 6.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,525 shares of the company’s stock after buying an additional 1,200 shares during the period. US Bancorp DE’s holdings in MGM Resorts International were worth $608,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MGM. ArrowMark Colorado Holdings LLC increased its holdings in MGM Resorts International by 42.8% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company’s stock valued at $32,473,000 after purchasing an additional 280,700 shares during the period. Vontobel Holding Ltd. increased its holdings in MGM Resorts International by 74.6% during the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock valued at $646,000 after purchasing an additional 9,304 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in MGM Resorts International by 60.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company’s stock valued at $1,830,000 after purchasing an additional 23,234 shares during the period. Achmea Investment Management B.V. increased its holdings in MGM Resorts International by 46.3% during the 1st quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company’s stock valued at $1,045,000 after purchasing an additional 11,152 shares during the period. Finally, Osborne Partners Capital Management LLC increased its holdings in MGM Resorts International by 4.1% during the 1st quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company’s stock valued at $9,668,000 after purchasing an additional 12,833 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

MGM has been the topic of a number of research analyst reports. Citizens Jmp downgraded MGM Resorts International from an “outperform” rating to a “market perform” rating in a report on Thursday, June 26th. UBS Group boosted their price target on MGM Resorts International from $37.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Barclays boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, July 18th. Truist Financial upped their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, July 16th. Finally, The Goldman Sachs Group assumed coverage on MGM Resorts International in a report on Monday, July 7th. They set a “sell” rating and a $34.00 target price on the stock. One analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.72.

MGM Resorts International Stock Performance

Shares of MGM opened at $34.37 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The business’s 50 day moving average price is $35.51 and its 200-day moving average price is $33.48. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The stock has a market cap of $9.36 billion, a P/E ratio of 18.89, a P/E/G ratio of 1.61 and a beta of 1.81.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same period in the previous year, the firm posted $0.86 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its Board of Directors has authorized a share repurchase plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director directly owned 5,627,478 shares of the company’s stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.06% of the company’s stock.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.