California Public Employees Retirement System Buys 25,266 Shares of MGM Resorts International $MGM

Key Points

• CalPERS increased its MGM Resorts stake by 6.3% in the first quarter, buying 25,266 shares and bringing its total holdings to 424,481 shares worth about $15.7 million.
• MGM’s latest earnings were mixed: quarterly EPS came in at $0.49, below the $0.56 analyst estimate, while revenue rose 4.2% year over year to $4.45 billion and slightly beat expectations.
• Analyst sentiment remains cautious overall, with MGM carrying a consensus “Hold” rating and an average price target of $52.31, though several firms recently raised targets or upgraded the stock.

California Public Employees Retirement System grew its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 6.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 424,481 shares of the company's stock after purchasing an additional 25,266 shares during the quarter. California Public Employees Retirement System owned about 0.17% of MGM Resorts International worth $15,710,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. CYBER HORNET ETFs LLC acquired a new position in MGM Resorts International during the second quarter worth $25,000. Global Retirement Partners LLC lifted its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock valued at $29,000 after acquiring an additional 281 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of MGM Resorts International in the 1st quarter valued at about $30,000. Elyxium Wealth LLC acquired a new position in shares of MGM Resorts International during the 4th quarter worth about $42,000. Finally, City Holding Co. bought a new stake in shares of MGM Resorts International in the 4th quarter valued at about $44,000. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $44.98 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The company has a market cap of $11.51 billion, a PE ratio of 62.47 and a beta of 1.29. The company has a 50 day moving average of $45.44 and a 200-day moving average of $39.57.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The firm's revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.69 earnings per share. As a group, equities research analysts forecast that MGM Resorts International will post 1.97 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In related news, Director Daniel J. Taylor sold 6,675 shares of the company's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.38% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of research analyst reports. Jefferies Financial Group reiterated a "hold" rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Truist Financial upgraded MGM Resorts International from a "hold" rating to a "buy" rating and lifted their target price for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. KeyCorp upgraded MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price target on the stock in a research note on Monday, April 27th. Barclays lifted their price objective on shares of MGM Resorts International from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. Finally, Stifel Nicolaus reissued a "hold" rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, MGM Resorts International currently has a consensus rating of "Hold" and an average target price of $52.31.

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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