Osborne Partners Capital Management LLC Increases Holdings in MGM Resorts International (NYSE:MGM)

Osborne Partners Capital Management LLC boosted its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 326,197 shares of the company's stock after purchasing an additional 12,833 shares during the period. Osborne Partners Capital Management LLC owned about 0.12% of MGM Resorts International worth $9,668,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Davis Selected Advisers boosted its position in MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after purchasing an additional 882,417 shares during the last quarter. Invesco Ltd. boosted its position in 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 boosted its position in 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 purchased a new position in MGM Resorts International in the fourth quarter worth $88,033,000. Finally, Southeastern Asset Management Inc. TN boosted its position in 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. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JMP Securities cut their price objective on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating on the stock in a research report on Thursday, April 17th. Susquehanna boosted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research report on Thursday, May 1st. Barclays upped their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Thursday, May 1st. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Truist Financial dropped their price target on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, MGM Resorts International has an average rating of "Moderate Buy" and an average price target of $48.29.

MGM Resorts International Price Performance

MGM traded down $0.47 during trading on Monday, reaching $33.30. 6,023,556 shares of the company were exchanged, compared to its average volume of 4,905,510. The company's 50-day moving average is $32.09 and its two-hundred day moving average is $32.86. The company has a market cap of $9.06 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 2.33 and a beta of 1.76. 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 12-month low of $25.30 and a 12-month high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.74 EPS. Research analysts forecast 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 share buyback plan on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 22.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director now directly owns 5,627,478 shares in the company, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was 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 have sold 105,261 shares of company stock worth $3,486,367 in the last ninety days. 3.06% of the stock is currently owned by insiders.

MGM Resorts International 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.