Northwestern Mutual Wealth Management Co. Makes New Investment in MGM Resorts International $MGM

Key Points

• Northwestern Mutual Wealth Management Co. acquired 27,657 MGM Resorts shares during the second quarter, valued at approximately $1.32 million. Other investors also added positions, with institutional investors and hedge funds holding 68.11% of the company.
• MGM reported quarterly EPS of $0.59, beating estimates of $0.56, while revenue reached $4.45 billion, up 2.2% year over year and slightly above expectations.
• Analyst sentiment remains cautiously positive: MGM has a “Moderate Buy” consensus rating and an average price target of $53.37, compared with shares trading at $43.37.

Northwestern Mutual Wealth Management Co. bought a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 27,657 shares of the company's stock, valued at approximately $1,322,000.

A number of other large investors also recently made changes to their positions in the business. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth approximately $25,000. Global Retirement Partners LLC grew its position in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock valued at $29,000 after purchasing an additional 281 shares in the last quarter. International Assets Investment Management LLC acquired a new position in MGM Resorts International in the 1st quarter valued at approximately $30,000. Optiver Holding B.V. purchased a new stake in MGM Resorts International in the 1st quarter worth approximately $35,000. Finally, Elyxium Wealth LLC purchased a new stake in MGM Resorts International in the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $43.37 on Wednesday. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The business has a 50-day moving average of $45.78 and a two-hundred day moving average of $41.18. The stock has a market capitalization of $10.91 billion, a P/E ratio of 26.29, a P/E/G ratio of 2.23 and a beta of 1.31. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.03. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm's revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.79 EPS. On average, equities research analysts predict that MGM Resorts International will post 1.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MGM. Morgan Stanley restated an "underweight" rating on shares of MGM Resorts International in a report on Wednesday, July 22nd. Wells Fargo & Company upgraded MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. Barclays boosted their target price 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. Citigroup upped their target price on MGM Resorts International from $40.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday, July 2nd. Finally, Stifel Nicolaus reaffirmed a "hold" rating and set a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and an average target price of $53.37.

About MGM Resorts International

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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