45,012 Shares in MGM Resorts International $MGM Bought by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board initiated a position in MGM Resorts International, purchasing 45,012 shares valued at approximately $2.15 million during the second quarter. Institutional investors and hedge funds collectively own 68.11% of MGM’s outstanding shares.
• MGM reported quarterly earnings of $0.59 per share, exceeding analyst estimates of $0.56, while revenue rose 2.2% year over year to $4.45 billion. Analysts expect full-year earnings of approximately $1.96 per share.
• Analyst sentiment remains moderately bullish, with a consensus “Moderate Buy” rating and an average price target of $53.37, compared with the stock’s reported price of $42.39.

Canada Pension Plan Investment Board purchased 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 and Exchange Commission (SEC). The fund purchased 45,012 shares of the company's stock, valued at approximately $2,152,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at about $25,000. Global Retirement Partners LLC increased its position in MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after purchasing an additional 281 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in MGM Resorts International during the 1st quarter worth approximately $30,000. Optiver Holding B.V. purchased a new position in MGM Resorts International in the first quarter valued at approximately $35,000. Finally, Elyxium Wealth LLC purchased a new position in MGM Resorts International in the fourth quarter valued at approximately $42,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Up 0.3%

NYSE MGM opened at $42.39 on Monday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The business has a 50 day moving average price of $45.53 and a two-hundred day moving average price of $41.30. The stock has a market cap of $10.66 billion, a PE ratio of 25.69, a P/E/G ratio of 2.16 and a beta of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the firm posted $0.79 earnings per share. The business's quarterly revenue was up 2.2% on a year-over-year basis. As a group, sell-side analysts predict that MGM Resorts International will post 1.96 EPS for the current fiscal year.

Analyst Ratings Changes

MGM has been the subject of several research reports. Morgan Stanley reiterated an "underweight" rating on shares of MGM Resorts International in a research note on Wednesday, July 22nd. Wells Fargo & Company raised shares of MGM Resorts International from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $33.00 to $48.30 in a research note on Tuesday, July 7th. Barclays lifted their target price on shares of MGM Resorts International from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 9th. UBS Group set a $48.00 price target on shares of MGM Resorts International in a research report on Thursday, July 2nd. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $43.00 price target on shares of MGM Resorts International in a report on Wednesday, July 15th. Two equities research 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, MGM Resorts International currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.37.

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.

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