Achmea Investment Management B.V. Purchases 11,152 Shares of MGM Resorts International (NYSE:MGM)

Achmea Investment Management B.V. boosted its stake in MGM Resorts International (NYSE:MGM - Free Report) by 46.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,227 shares of the company's stock after acquiring an additional 11,152 shares during the period. Achmea Investment Management B.V.'s holdings in MGM Resorts International were worth $1,045,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Assetmark Inc. increased its stake in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after acquiring an additional 411 shares during the period. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International during the fourth quarter worth about $28,000. True Wealth Design LLC acquired a new position in MGM Resorts International during the fourth quarter worth about $33,000. Golden State Wealth Management LLC grew its position in MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after buying an additional 455 shares during the period. Finally, CX Institutional acquired a new position in MGM Resorts International during the first quarter worth about $36,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock traded up $0.56 during mid-day trading on Friday, reaching $34.35. 4,993,120 shares of the stock were exchanged, compared to its average volume of 4,920,349. The company has a market cap of $9.35 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 2.37 and a beta of 1.76. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The firm has a 50-day simple moving average of $32.50 and a 200 day simple moving average of $32.82. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.74 EPS. On average, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director now owns 5,627,478 shares of the company's stock, valued at $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. In the last three months, insiders have sold 105,261 shares of company stock worth $3,486,367. Company insiders own 3.06% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on MGM shares. Truist Financial lowered their target price on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Macquarie lowered their target price on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. JPMorgan Chase & Co. started coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 target price on the stock. Barclays upped their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Finally, Susquehanna upped their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research report on Thursday, May 1st. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.29.

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.