Focus Partners Wealth Sells 40,462 Shares of MGM Resorts International (NYSE:MGM)

Focus Partners Wealth lessened its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 70.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,008 shares of the company's stock after selling 40,462 shares during the period. Focus Partners Wealth's holdings in MGM Resorts International were worth $592,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Global Trust Asset Management LLC bought a new stake in MGM Resorts International in the fourth quarter worth $28,000. Assetmark Inc. increased its position in MGM Resorts International by 104.1% during 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. Global Retirement Partners LLC increased its position in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after acquiring an additional 404 shares during the last quarter. Quarry LP increased its position in MGM Resorts International by 750.6% during the fourth quarter. Quarry LP now owns 1,446 shares of the company's stock valued at $50,000 after acquiring an additional 1,276 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in MGM Resorts International by 74.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company's stock valued at $51,000 after acquiring an additional 633 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Capital One Financial boosted their price objective on shares of MGM Resorts International from $52.00 to $56.00 and gave the company an "overweight" rating in a research report on Wednesday, February 12th. Canaccord Genuity Group reiterated a "buy" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. JMP Securities cut their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a research report on Thursday, April 17th. Susquehanna boosted their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research report on Thursday, May 1st. Finally, Macquarie cut their price objective 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. Four analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.94.

MGM Resorts International Stock Down 0.9%

NYSE:MGM opened at $33.68 on Tuesday. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The company has a 50-day moving average of $30.92 and a 200 day moving average of $33.72. The firm has a market cap of $9.17 billion, a PE ratio of 14.03, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same period in the prior year, the firm earned $0.74 earnings per share. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, research analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were 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. Insiders sold a total of 51,261 shares of company stock valued at $1,788,007 over the last three months. 3.06% of the stock is owned by company insiders.

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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