Beverly Hills Private Wealth LLC Makes New Investment in MGM Resorts International (NYSE:MGM)

Beverly Hills Private Wealth LLC bought a new stake in MGM Resorts International (NYSE:MGM - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 44,235 shares of the company's stock, valued at approximately $1,311,000.

Other institutional investors have also added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after acquiring an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. bought a new position in shares of MGM Resorts International during the 4th quarter worth approximately $28,000. True Wealth Design LLC bought a new position in shares of MGM Resorts International during the 4th quarter worth approximately $33,000. Golden State Wealth Management LLC boosted its holdings in shares of MGM Resorts International by 83.5% during the 1st 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 in the last quarter. Finally, CX Institutional bought a new position in shares of MGM Resorts International during the 1st quarter worth approximately $36,000. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction dated 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 completion of the sale, the director owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer directly owned 281,530 shares of the company's stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is owned by insiders.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock traded up $1.17 during trading hours on Thursday, hitting $38.86. 4,041,155 shares of the company's stock traded hands, compared to its average volume of 4,946,863. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The stock has a market capitalization of $10.58 billion, a price-to-earnings ratio of 17.35, a PEG ratio of 2.58 and a beta of 1.76. The company has a fifty day simple moving average of $33.45 and a 200-day simple moving average of $32.94. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced 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. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period last year, the firm posted $0.74 EPS. The business's revenue was down 2.4% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a stock repurchase program on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. UBS Group increased their price target on MGM Resorts International from $37.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday. The Goldman Sachs Group assumed coverage on MGM Resorts International in a report on Monday. They set a "sell" rating and a $34.00 price target on the stock. Citigroup upgraded MGM Resorts International from a "hold" rating to a "strong-buy" rating and increased their price target for the stock from $55.00 to $57.00 in a report on Wednesday. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Truist Financial cut their target price on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.33.

MGM Resorts International Profile

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.