MGM Resorts International $MGM Stock Position Cut by Legal & General Group Plc

Key Points

• Legal & General Group Plc cut its MGM Resorts stake by 9.1% in the fourth quarter, selling 39,197 shares and leaving it with 392,766 shares worth about $14.3 million.
• Several analysts updated their views on MGM, with Deutsche Bank raising its price target to $55 and reaffirming a buy rating. Overall, the stock has a consensus rating of Hold with an average price target of $49.12.
• MGM’s latest earnings showed revenue growth but lower-than-expected profit: quarterly EPS came in at $0.49 versus the $0.56 estimate, while revenue rose 4.2% year over year to $4.45 billion.

Legal & General Group Plc trimmed its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 9.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 392,766 shares of the company's stock after selling 39,197 shares during the quarter. Legal & General Group Plc owned about 0.14% of MGM Resorts International worth $14,332,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Global Retirement Partners LLC boosted its holdings in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock valued at $29,000 after acquiring an additional 281 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in MGM Resorts International by 4.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock worth $286,000 after purchasing an additional 313 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in MGM Resorts International by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock worth $2,218,000 after purchasing an additional 397 shares during the period. New York Life Investment Management LLC lifted its position in MGM Resorts International by 1.5% in the fourth quarter. New York Life Investment Management LLC now owns 27,750 shares of the company's stock worth $1,013,000 after purchasing an additional 399 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock valued at $115,000 after purchasing an additional 421 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International News Roundup

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

• Positive Sentiment: Deutsche Bank raised its price target on MGM Resorts International to $55 and reiterated a buy rating, signaling more upside if the deal process or fundamentals improve.
• Positive Sentiment: Industry coverage highlighted improving gaming trends, including strong online betting demand and Macau revenue, which could support MGM’s business even if the buyout does not proceed. Article: 4 Gaming Stocks Worth Watching Despite Industry Headwinds
• Positive Sentiment: BetMGM announced a new sweepstakes partnership with Marriott Bonvoy, adding another marketing push for its sports betting and iGaming platform. Article: BetMGM and Marriott Bonvoy Launch World's Game Sweepstakes
• Neutral Sentiment: Johnson Fistel launched an investigation into whether MGM’s board breached fiduciary duties in connection with the potential go-private deal, which adds uncertainty but does not yet change the deal outcome. Article: Johnson Fistel Investigates Potential Board Fiduciary Duty Breaches

Analysts Set New Price Targets

A number of analysts have recently commented on MGM shares. Capital One Financial boosted their price objective on MGM Resorts International from $46.00 to $51.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Weiss Ratings raised MGM Resorts International from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, May 15th. Jefferies Financial Group lowered MGM Resorts International from a "buy" rating to a "hold" rating and lowered their target price for the stock from $50.00 to $44.00 in a report on Friday, May 1st. Barclays boosted their price target on shares of MGM Resorts International from $37.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, MGM Resorts International has an average rating of "Hold" and a consensus price target of $49.12.

Insiders Place Their Bets

In other news, Director Daniel J. Taylor sold 6,675 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Iac Inc. purchased 550,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, March 23rd. The stock was purchased at an average price of $37.30 per share, with a total value of $20,515,000.00. Following the transaction, the insider owned 66,372,350 shares in the company, valued at $2,475,688,655. This represents a 0.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 3.38% of the company's stock.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $48.29 on Wednesday. The stock's fifty day simple moving average is $38.28 and its 200 day simple moving average is $36.39. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 67.08 and a beta of 1.31. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.69 EPS. As a group, sell-side analysts forecast that MGM Resorts International will post 1.99 earnings per share for the current fiscal year.

MGM Resorts International 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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