LPL Financial LLC Decreases Holdings in MGM Resorts International (NYSE:MGM)

LPL Financial LLC cut its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 38.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 261,428 shares of the company's stock after selling 160,472 shares during the period. LPL Financial LLC owned 0.10% of MGM Resorts International worth $7,749,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MGM. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International during the fourth quarter worth $28,000. True Wealth Design LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter worth $33,000. Golden State Wealth Management LLC increased its position in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock worth $30,000 after acquiring an additional 455 shares during the period. CX Institutional purchased a new position in MGM Resorts International in the first quarter valued at $36,000. Finally, Quarry LP increased its holdings in MGM Resorts International by 750.6% in the fourth quarter. Quarry LP now owns 1,446 shares of the company's stock valued at $50,000 after buying an additional 1,276 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGM has been the topic of several recent analyst reports. Barclays increased their target price on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Macquarie dropped their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Truist Financial raised their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Stifel Nicolaus raised their price objective on MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Finally, Citizens Jmp lowered MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, MGM Resorts International has an average rating of "Moderate Buy" and a consensus price target of $48.72.

MGM Resorts International Price Performance

Shares of MGM traded up $1.05 during mid-day trading on Wednesday, reaching $36.45. 4,423,216 shares of the company's stock were exchanged, compared to its average volume of 5,410,894. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 1.62 and a beta of 1.81. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The company has a 50-day simple moving average of $35.58 and a two-hundred day simple moving average of $33.49.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.58 by $0.21. The firm had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.28 billion. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. MGM Resorts International's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.86 EPS. On average, sell-side analysts predict 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 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 Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.06% of the stock is currently owned by 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.