Markel Group Inc. Increases Stake in MGM Resorts International (NYSE:MGM)

Markel Group Inc. grew its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 113.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 85,500 shares of the company's stock after purchasing an additional 45,500 shares during the quarter. Markel Group Inc.'s holdings in MGM Resorts International were worth $2,534,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Invesco Ltd. grew its holdings in shares of MGM Resorts International by 22.5% in the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock worth $200,462,000 after purchasing an additional 1,063,707 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of MGM Resorts International by 50.9% in the fourth quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after purchasing an additional 1,090,533 shares during the last quarter. Norges Bank bought a new position in shares of MGM Resorts International in the fourth quarter worth about $88,033,000. Southeastern Asset Management Inc. TN grew its holdings in shares of MGM Resorts International by 9.6% in the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company's stock worth $83,477,000 after purchasing an additional 211,245 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of MGM Resorts International by 15.1% in the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company's stock worth $80,241,000 after purchasing an additional 303,711 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock traded down $0.33 on Friday, reaching $37.24. 4,114,019 shares of the stock were exchanged, compared to its average volume of 4,981,197. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $45.56. The firm has a market capitalization of $10.13 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 2.43 and a beta of 1.76. The business has a 50 day moving average price of $34.29 and a two-hundred day moving average price of $33.10.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company's revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently commented on MGM. Susquehanna raised their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research note on Thursday, May 1st. Truist Financial raised their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research note on Wednesday. Stifel Nicolaus raised their price target on MGM Resorts International from $44.00 to $48.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Barclays raised their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday. Finally, UBS Group raised their price target on MGM Resorts International from $37.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $48.00.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock valued at $3,486,367 over the last quarter. 3.06% of the stock is currently owned by company insiders.

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.