Raymond James Financial Inc. Purchases 155,709 Shares of MGM Resorts International $MGM

Key Points

• Raymond James Financial Inc. increased its stake in MGM Resorts International by 26.9% during the first quarter, owning approximately 0.27% of the company's shares valued at $21.77 million.
• MGM Resorts International's quarterly earnings report showed an earnings per share (EPS) of $0.79, exceeding analysts' expectations of $0.58, with revenues reaching $4.40 billion.
• As of the latest data, various brokerages have raised their price targets for MGM, with expectations ranging from $38.00 to $60.00, reflecting a consensus rating of Moderate Buy.

Raymond James Financial Inc. grew its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 26.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 734,445 shares of the company's stock after acquiring an additional 155,709 shares during the quarter. Raymond James Financial Inc. owned about 0.27% of MGM Resorts International worth $21,769,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Amalgamated Bank increased its holdings in MGM Resorts International by 0.8% in the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company's stock valued at $1,302,000 after acquiring an additional 329 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in MGM Resorts International by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock valued at $776,000 after acquiring an additional 410 shares during the last quarter. Golden State Wealth Management LLC increased its holdings in MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after acquiring an additional 455 shares during the last quarter. Northeast Financial Consultants Inc increased its holdings in MGM Resorts International by 4.7% in the 4th quarter. Northeast Financial Consultants Inc now owns 11,250 shares of the company's stock valued at $390,000 after acquiring an additional 500 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in MGM Resorts International by 3.6% in the 1st quarter. Fifth Third Bancorp now owns 15,328 shares of the company's stock valued at $454,000 after acquiring an additional 535 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International 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 approximately $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.06% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Macquarie lowered their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Citigroup upgraded shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and increased their price objective for the company from $55.00 to $57.00 in a research report on Wednesday, July 9th. Morgan Stanley increased their price objective on shares of MGM Resorts International from $38.00 to $41.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. assumed coverage on shares of MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $48.83.

MGM Resorts International Trading Up 0.4%

MGM stock traded up $0.14 during mid-day trading on Friday, reaching $39.73. 2,985,837 shares of the stock traded hands, compared to its average volume of 4,100,804. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53. The stock has a market capitalization of $10.82 billion, a PE ratio of 21.83, a PEG ratio of 1.87 and a beta of 1.81. The business has a 50-day moving average price of $36.76 and a two-hundred day moving average price of $33.79. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same period last year, the company earned $0.86 earnings per share. The business's revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

About MGM Resorts International

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.