271,950 Shares in MGM Resorts International $MGM Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 271,950 MGM Resorts shares in the second quarter, valued at approximately $13.0 million. Institutional investors collectively own 68.11% of the company.
• Analyst sentiment is broadly positive, with MGM carrying a consensus “Moderate Buy” rating and an average price target of $53.37, above its reported share price of $42.39.
• MGM exceeded quarterly expectations, reporting $0.59 in earnings per share versus the $0.56 consensus estimate and $4.45 billion in revenue, up 2.2% year over year.

Corient Private Wealth LP acquired a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 271,950 shares of the company's stock, valued at approximately $13,009,000. Corient Private Wealth LP owned about 0.11% of MGM Resorts International at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Davis Selected Advisers raised its stake in shares of MGM Resorts International by 12.0% during the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company's stock worth $978,669,000 after purchasing an additional 2,866,750 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of MGM Resorts International by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company's stock valued at $867,805,000 after buying an additional 205,127 shares in the last quarter. AQR Capital Management LLC increased its holdings in MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company's stock worth $292,772,000 after buying an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company's stock worth $264,874,000 after buying an additional 3,429,946 shares during the last quarter. Finally, State Street Corp raised its position in MGM Resorts International by 0.4% during the fourth quarter. State Street Corp now owns 7,517,622 shares of the company's stock valued at $274,318,000 after acquiring an additional 30,962 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on MGM. Susquehanna raised their price target on shares of MGM Resorts International from $52.00 to $53.00 and gave the company a "positive" rating in a report on Wednesday, July 29th. Wells Fargo & Company upgraded shares of MGM Resorts International from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. HSBC raised shares of MGM Resorts International to a "strong-buy" rating in a research report on Thursday, July 30th. Argus boosted their price target on MGM Resorts International from $45.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, August 17th. Finally, Barclays upped their price target on MGM Resorts International from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average target price of $53.37.

MGM Resorts International Trading Down 1.3%

MGM Resorts International stock opened at $42.39 on Friday. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The firm has a market capitalization of $10.66 billion, a PE ratio of 25.69, a PEG ratio of 2.16 and a beta of 1.31. The business's 50-day simple moving average is $45.53 and its 200-day simple moving average is $41.28.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.79 EPS. Equities research analysts forecast that MGM Resorts International will post 1.96 earnings per share for the current year.

About MGM Resorts International

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.

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