Vanguard Group Inc. Acquires 340,629 Shares of MGM Resorts International $MGM

Vanguard Group Inc. raised its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 23,576,877 shares of the company’s stock after acquiring an additional 340,629 shares during the period. Vanguard Group Inc. owned approximately 8.62% of MGM Resorts International worth $817,175,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth $25,000. Mendota Financial Group LLC bought a new position in MGM Resorts International during the third quarter worth about $27,000. Mather Group LLC. bought a new position in MGM Resorts International during the third quarter worth about $33,000. Employees Retirement System of Texas acquired a new position in shares of MGM Resorts International during the 2nd quarter worth about $45,000. Finally, Assetmark Inc. increased its stake in shares of MGM Resorts International by 120.3% in the 2nd quarter. Assetmark Inc. now owns 1,813 shares of the company’s stock valued at $62,000 after acquiring an additional 990 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Activity

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were bought at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the acquisition, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This trade represents a 1.70% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on MGM shares. The Goldman Sachs Group reissued a “sell” rating and set a $33.00 price objective on shares of MGM Resorts International in a research note on Monday, December 15th. Morgan Stanley reiterated an “underweight” rating and issued a $34.00 target price on shares of MGM Resorts International in a report on Wednesday, February 11th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Berenberg Bank restated a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. Finally, Zacks Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International has an average rating of “Hold” and an average price target of $41.94.

MGM Resorts International Stock Up 1.0%

MGM Resorts International stock opened at $36.84 on Monday. The company has a 50 day moving average of $35.58 and a 200-day moving average of $34.92. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $40.16. The stock has a market capitalization of $9.42 billion, a PE ratio of 49.12 and a beta of 1.44.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same period last year, the business posted $0.45 earnings per share. On average, equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.