MGM Resorts International (NYSE:MGM) Shares Sold by TD Private Client Wealth LLC

TD Private Client Wealth LLC lessened its position in MGM Resorts International (NYSE:MGM - Free Report) by 80.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,661 shares of the company's stock after selling 6,673 shares during the period. TD Private Client Wealth LLC's holdings in MGM Resorts International were worth $49,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in MGM. Assetmark Inc. lifted its stake in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after acquiring an additional 411 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of MGM Resorts International in the 4th quarter worth $2,053,000. Raymond James Financial Inc. acquired a new stake in shares of MGM Resorts International in the 4th quarter worth $20,053,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of MGM Resorts International by 2.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 54,581 shares of the company's stock worth $1,891,000 after acquiring an additional 1,381 shares during the period. Finally, Daiwa Securities Group Inc. lifted its stake in shares of MGM Resorts International by 5.3% in the 4th quarter. Daiwa Securities Group Inc. now owns 29,969 shares of the company's stock worth $1,038,000 after acquiring an additional 1,503 shares during the period. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Trading Down 2.3%

Shares of NYSE MGM traded down $0.90 during midday trading on Friday, reaching $37.94. 4,342,604 shares of the stock were exchanged, compared to its average volume of 4,965,157. The company has a market capitalization of $10.33 billion, a P/E ratio of 16.94, a P/E/G ratio of 2.58 and a beta of 1.76. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The stock has a 50 day moving average price of $33.73 and a 200-day moving average price of $32.98.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly 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. The business had revenue of $4.28 billion during 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 posted $0.74 earnings per share. Equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction that occurred on 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 approximately $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the firm's stock in a transaction that occurred on 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. Over the last three months, insiders have sold 105,261 shares of company stock valued at $3,486,367. Insiders own 3.06% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on MGM shares. The Goldman Sachs Group started coverage on shares of MGM Resorts International in a report on Monday, July 7th. They issued a "sell" rating and a $34.00 price target for the company. Susquehanna increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a report on Thursday, May 1st. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Finally, JMP Securities restated a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $47.67.

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.