NewEdge Advisors LLC Purchases 34,183 Shares of MGM Resorts International $MGM

Key Points

• NewEdge Advisors LLC increased its MGM Resorts position by 1,989.7% in the second quarter, purchasing 34,183 additional shares for a total holding of 35,901 shares valued at approximately $1.72 million.
• MGM reported quarterly revenue of $4.45 billion and adjusted earnings of $0.59 per share, exceeding analyst expectations, while revenue grew 2.2% year over year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $53.25, compared with the stock’s reported price of $37.81.

NewEdge Advisors LLC grew its position in MGM Resorts International (NYSE:MGM - Free Report) by 1,989.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,901 shares of the company's stock after purchasing an additional 34,183 shares during the quarter. NewEdge Advisors LLC's holdings in MGM Resorts International were worth $1,716,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in MGM Resorts International during the 1st quarter worth approximately $30,000. Optiver Holding B.V. acquired a new position in MGM Resorts International in the 1st quarter valued at $35,000. Fiduciary Financial Advisors bought a new position in MGM Resorts International during the 2nd quarter worth $48,000. Covestor Ltd lifted its holdings in shares of MGM Resorts International by 120.3% during the fourth quarter. Covestor Ltd now owns 1,441 shares of the company's stock worth $53,000 after buying an additional 787 shares in the last quarter. Finally, Global Retirement Partners LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth $53,000. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $37.81 on Friday. The company has a 50 day moving average of $43.39 and a 200-day moving average of $41.73. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The company has a market cap of $9.51 billion, a PE ratio of 22.92, a price-to-earnings-growth ratio of 1.96 and a beta of 1.28.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $4.42 billion. During the same period last year, the firm posted $0.79 earnings per share. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MGM has been the topic of several research reports. The Goldman Sachs Group restated a "sell" rating and issued a $43.00 price target on shares of MGM Resorts International in a research note on Wednesday, July 15th. Citigroup increased their target price on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday, July 2nd. Argus raised their target price on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, August 17th. JPMorgan Chase & Co. lifted their price target on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Finally, Barclays boosted their price target on MGM Resorts International from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.25.

MGM Resorts International Profile

MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.

The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.

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