Todd Asset Management LLC Sells 85,126 Shares of MGM Resorts International $MGM

Key Points

• Todd Asset Management reduced its MGM Resorts stake by 12.4%, selling 85,126 shares and retaining 599,485 shares valued at approximately $28.7 million. Institutional investors collectively own 68.11% of MGM’s outstanding stock.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $52.49. Recent upgrades included Deutsche Bank, HSBC and Capital One Financial.
• MGM reported quarterly EPS of $0.59, exceeding estimates by $0.03, while revenue rose 2.2% year over year to $4.45 billion. The stock opened at $44.03, below its 52-week high of $51.59.

Todd Asset Management LLC trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 12.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 599,485 shares of the company's stock after selling 85,126 shares during the quarter. Todd Asset Management LLC owned about 0.24% of MGM Resorts International worth $28,661,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of MGM. AQR Capital Management LLC lifted its position in shares of MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company's stock worth $292,772,000 after buying an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of MGM Resorts International by 81.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company's stock valued at $264,874,000 after acquiring an additional 3,429,946 shares during the last quarter. Davis Selected Advisers increased its holdings in shares of MGM Resorts International by 12.0% during the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company's stock valued at $978,669,000 after acquiring an additional 2,866,750 shares during the last quarter. Norges Bank bought a new position in shares of MGM Resorts International in the 4th quarter valued at approximately $82,348,000. Finally, Samlyn Capital LLC bought a new position in shares of MGM Resorts International in the 3rd quarter valued at approximately $62,787,000. 68.11% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upped their target price on MGM Resorts International from $48.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Weiss Ratings raised shares of MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a research report on Thursday, July 30th. HSBC upgraded shares of MGM Resorts International to a "strong-buy" rating in a research note on Thursday, July 30th. Citigroup raised their target price on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a research note on Thursday, July 2nd. Finally, Capital One Financial lifted their target price on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an "overweight" rating in a report on Friday, April 17th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $52.49.

MGM Resorts International Stock Down 0.1%

MGM opened at $44.03 on Friday. 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 stock has a market capitalization of $11.08 billion, a price-to-earnings ratio of 26.69 and a beta of 1.31. The business has a 50 day moving average of $46.37 and a 200-day moving average of $40.67.

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, topping the consensus estimate of $0.56 by $0.03. The business had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. MGM Resorts International's quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $0.79 earnings per share. As a group, sell-side analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current year.

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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