Empirical Financial Services LLC d.b.a. Empirical Wealth Management Sells 11,858 Shares of MGM Resorts International $MGM

Key Points

• Empirical Financial Services LLC reduced its stake in MGM Resorts International by 60.9%, selling 11,858 shares and leaving them with 7,626 shares valued at approximately $262,000.
• Several institutional investors have recently increased their stakes in MGM, with Golden State Wealth Management boosting its position by 83.5% in the first quarter.
• Wall Street analysts are mixed on MGM, with target price adjustments ranging from $34.00 to $50.00, and an average consensus rating of “Moderate Buy” with a target price of $48.50.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lessened its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 60.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,626 shares of the company's stock after selling 11,858 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in MGM Resorts International were worth $262,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in MGM. Golden State Wealth Management LLC lifted its stake 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 purchasing an additional 455 shares during the last quarter. CX Institutional bought a new position in MGM Resorts International in the first quarter worth about $36,000. Bayforest Capital Ltd purchased a new stake in shares of MGM Resorts International during the first quarter valued at about $43,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of MGM Resorts International by 66.9% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company's stock valued at $45,000 after buying an additional 529 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of MGM Resorts International by 91.0% in the 1st quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock valued at $48,000 after buying an additional 770 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MGM. Morgan Stanley boosted their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 11th. Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Truist Financial increased their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. The Goldman Sachs Group dropped their target price on MGM Resorts International from $37.00 to $34.00 and set a "sell" rating on the stock in a research note on Wednesday, October 1st. Finally, Macquarie reduced their target price on MGM Resorts International from $48.00 to $46.00 and set an "outperform" rating on the stock in a research report on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, MGM Resorts International currently has an average rating of "Moderate Buy" and a consensus target price of $48.50.

Insider Activity at MGM Resorts International

In other news, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider owned 31,521 shares in the company, valued at $1,138,538.52. This represents a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Price Performance

NYSE MGM opened at $33.92 on Tuesday. The company has a market cap of $9.23 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 1.44 and a beta of 1.67. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The stock's fifty day moving average price is $36.17 and its 200 day moving average price is $34.04. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The firm's revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.86 EPS. As a group, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International Company 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.

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