MGM Resorts International (NYSE:MGM) Shares Sold by Focus Partners Wealth

Focus Partners Wealth lowered its position in MGM Resorts International (NYSE:MGM - Free Report) by 70.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm 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 have also modified their holdings of the company. Global Trust Asset Management LLC acquired a new position in shares of MGM Resorts International during the 4th quarter worth about $28,000. Assetmark Inc. increased its holdings in shares of 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 purchasing an additional 411 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after purchasing an additional 404 shares during the last quarter. Quarry LP grew its position in MGM Resorts International by 750.6% in the fourth quarter. Quarry LP now owns 1,446 shares of the company's stock worth $50,000 after acquiring an additional 1,276 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in MGM Resorts International by 74.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company's stock worth $51,000 after acquiring an additional 633 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGM shares. JMP Securities lowered their price objective on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company lifted their target price on MGM Resorts International from $44.00 to $46.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Truist Financial cut their price target on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Barclays raised their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Finally, Argus upgraded MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Friday, February 14th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $48.94.

MGM Resorts International Stock Performance

MGM traded up $0.02 during trading on Friday, reaching $31.37. The company's stock had a trading volume of 2,979,621 shares, compared to its average volume of 4,770,523. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The company's fifty day moving average price is $30.94 and its 200-day moving average price is $33.58. The company has a market capitalization of $8.54 billion, a price-to-earnings ratio of 13.07, 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 quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.74 EPS. On average, equities analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction on 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 transaction, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company's stock.

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.