Envestnet Asset Management Inc. Trims Holdings in MGM Resorts International (NYSE:MGM)

Envestnet Asset Management Inc. cut its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 17.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 367,697 shares of the company's stock after selling 79,125 shares during the quarter. Envestnet Asset Management Inc. owned 0.13% of MGM Resorts International worth $10,899,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Avantax Advisory Services Inc. lifted its holdings in shares of MGM Resorts International by 11.8% in the 4th quarter. Avantax Advisory Services Inc. now owns 10,114 shares of the company's stock worth $350,000 after acquiring an additional 1,071 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of MGM Resorts International by 0.3% in the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock worth $5,073,000 after acquiring an additional 469 shares during the last quarter. Royal London Asset Management Ltd. lifted its holdings in shares of MGM Resorts International by 19.1% in the 4th quarter. Royal London Asset Management Ltd. now owns 114,666 shares of the company's stock worth $3,973,000 after acquiring an additional 18,419 shares during the last quarter. Virtu Financial LLC lifted its holdings in shares of MGM Resorts International by 5.0% in the 4th quarter. Virtu Financial LLC now owns 17,215 shares of the company's stock worth $596,000 after acquiring an additional 814 shares during the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of MGM Resorts International by 1.9% in the 4th quarter. American Century Companies Inc. now owns 38,941 shares of the company's stock worth $1,349,000 after acquiring an additional 708 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MGM has been the subject of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price objective for the company. Susquehanna lifted their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research note on Thursday, May 1st. Truist Financial lifted their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and lifted their target price for the stock from $55.00 to $57.00 in a research note on Wednesday, July 9th. Finally, The Goldman Sachs Group initiated coverage on shares of MGM Resorts International in a research note on Monday, July 7th. They issued a "sell" rating and a $34.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $48.00.

MGM Resorts International Trading Down 2.5%

MGM Resorts International stock traded down $0.95 during mid-day trading on Thursday, reaching $37.38. 5,022,500 shares of the company traded hands, compared to its average volume of 4,029,879. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. The firm's 50 day moving average price is $34.53 and its 200 day moving average price is $33.20. The firm has a market capitalization of $10.17 billion, a price-to-earnings ratio of 16.69, a P/E/G ratio of 2.48 and a beta of 1.76. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $43.99.

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, beating analysts' consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The company's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 EPS. On average, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at MGM Resorts International

In other news, COO Corey Ian Sanders sold 40,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer directly owned 281,530 shares of the company's stock, valued at $9,693,077.90. This represents a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $183,766.73. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 105,261 shares of company stock valued at $3,486,367. 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.