Todd Asset Management LLC Increases Holdings in MGM Resorts International $MGM

Key Points

• Todd Asset Management increased its MGM Resorts International stake by 9.2% in the fourth quarter, bringing its holdings to 709,520 shares valued at about $25.9 million.
• MGM reported mixed quarterly results: earnings came in at $0.49 per share, below estimates, while revenue of $4.45 billion slightly beat expectations and rose 4.2% year over year.
• Analyst sentiment is cautious overall, with the stock carrying a Hold consensus rating and an average price target of $47.12, even as some firms adjusted targets and ratings after earnings.

Todd Asset Management LLC grew its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 9.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 709,520 shares of the company's stock after buying an additional 59,691 shares during the quarter. Todd Asset Management LLC owned 0.26% of MGM Resorts International worth $25,890,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of MGM Resorts International by 1.5% during the third quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company's stock valued at $817,175,000 after buying an additional 340,629 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of MGM Resorts International by 109.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company's stock worth $4,276,000 after acquiring an additional 67,542 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of MGM Resorts International by 146.9% during the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company's stock worth $3,222,000 after acquiring an additional 55,300 shares during the last quarter. Savant Capital LLC boosted its holdings in MGM Resorts International by 100.0% during the 3rd quarter. Savant Capital LLC now owns 62,892 shares of the company's stock valued at $2,180,000 after acquiring an additional 31,446 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in MGM Resorts International by 423.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 42,594 shares of the company's stock valued at $1,476,000 after acquiring an additional 34,463 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

Shares of MGM stock opened at $38.44 on Monday. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $40.94. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The stock has a fifty day simple moving average of $37.55 and a two-hundred day simple moving average of $35.95. The stock has a market capitalization of $9.84 billion, a price-to-earnings ratio of 53.39 and a beta of 1.28.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The firm had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The business's quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.69 EPS. On average, analysts predict that MGM Resorts International will post 1.99 EPS for the current fiscal year.

Analyst Ratings Changes

MGM has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered MGM Resorts International from a "buy" rating to a "hold" rating and reduced their target price for the stock from $50.00 to $44.00 in a research note on Friday, May 1st. Barclays upped their price target on shares of MGM Resorts International from $37.00 to $39.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of MGM Resorts International in a research note on Friday, May 1st. JPMorgan Chase & Co. decreased their price objective on shares of MGM Resorts International from $42.00 to $41.00 and set a "neutral" rating for the company in a report on Thursday, April 30th. Finally, The Goldman Sachs Group boosted their price objective on shares of MGM Resorts International from $34.00 to $38.00 and gave the company a "sell" rating in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $47.12.

Insider Activity

In other news, major shareholder Iac Inc. acquired 450,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 24th. The stock was purchased at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the acquisition, the insider directly owned 66,822,350 shares of the company's stock, valued at $2,481,113,855.50. The trade was a 0.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the sale, the director owned 5,347,978 shares of the company's stock, valued at $183,275,206.06. The trade was a 0.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 3.38% of the company's stock.

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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