MGM Resorts International $MGM Shares Purchased by Royal Bank of Canada

Key Points

• Royal Bank of Canada increased its MGM Resorts stake by 2.2% in the first quarter, bringing its holdings to 1.11 million shares worth approximately $41.1 million. Institutional investors collectively own 68.11% of the company.
• MGM reported quarterly revenue of $4.45 billion, up 2.2% year over year, and earnings of $0.59 per share, beating the stated consensus estimate of $0.56. However, earnings declined from $0.79 per share a year earlier.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $52.49, although ratings range from “Strong Buy” to “Sell.” MGM shares recently traded at $44.58, below the consensus target.

Royal Bank of Canada grew its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 2.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,110,977 shares of the company's stock after purchasing an additional 23,951 shares during the period. Royal Bank of Canada owned about 0.43% of MGM Resorts International worth $41,117,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC lifted its holdings in MGM Resorts International by 70.8% during the 1st quarter. Empowered Funds LLC now owns 25,819 shares of the company's stock worth $956,000 after buying an additional 10,705 shares in the last quarter. Quantinno Capital Management LP grew its stake in shares of MGM Resorts International by 76.0% in the first quarter. Quantinno Capital Management LP now owns 353,320 shares of the company's stock worth $13,076,000 after acquiring an additional 152,529 shares in the last quarter. Clough Capital Partners L P purchased a new stake in shares of MGM Resorts International during the first quarter worth $15,857,000. SummitTX Capital L.P. purchased a new stake in shares of MGM Resorts International during the first quarter worth $1,613,000. Finally, Delta Global Management LP acquired a new stake in shares of MGM Resorts International in the first quarter valued at $2,493,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insiders Place Their Bets

In related news, Director Daniel J. Taylor sold 6,675 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.38% of the stock is currently owned by company insiders.

MGM Resorts International Price Performance

MGM stock opened at $44.58 on Monday. The business has a 50 day moving average price of $46.47 and a 200 day moving average price of $40.02. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The stock has a market cap of $11.22 billion, a price-to-earnings ratio of 27.02 and a beta of 1.29. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the previous year, the firm earned $0.79 EPS. The company's revenue was up 2.2% compared to the same quarter last year. Equities research analysts anticipate that MGM Resorts International will post 1.97 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on MGM. JPMorgan Chase & Co. boosted their target price on MGM Resorts International from $46.00 to $53.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. The Goldman Sachs Group restated a "sell" rating and set a $43.00 target price on shares of MGM Resorts International in a research note on Wednesday, July 15th. KeyCorp raised shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 target price on the stock in a report on Monday, April 27th. Citigroup raised their price objective on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a report on Thursday, July 2nd. Finally, Weiss Ratings raised shares of MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $52.49.

Key MGM Resorts International News

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: HSBC upgraded MGM Resorts International to “strong buy,” providing a fresh bullish signal for the casino operator. Zacks.com
• Positive Sentiment: MGM reported record second-quarter consolidated revenue of approximately $4.45 billion, with Las Vegas Strip revenue rising 3% to $2.2 billion. Regional operations posted record same-store quarterly revenue, while MGM Digital revenue increased 20% year over year. MGM Resorts second-quarter results
• Positive Sentiment: Management described continued growth momentum, supported by Las Vegas demand, iGaming strength and potential value from MGM’s digital business, share repurchases and scarce casino assets. MGM Resorts earnings call highlights
• Neutral Sentiment: Susquehanna raised its price target to $53 from $52 while maintaining a positive rating, suggesting additional upside but not a major change in its investment view. Susquehanna price target update
• Negative Sentiment: Adjusted quarterly earnings of $0.59 per share were below at least one consensus estimate of $0.63 and declined from $0.79 a year earlier. Analysts cited China-related weakness and regional margin pressure as offsets to Las Vegas and digital growth. MGM Resorts second-quarter earnings analysis

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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