UniSuper Management Pty Ltd Purchases 7,215 Shares of MGM Resorts International $MGM

Key Points

• UniSuper Management Pty Ltd increased its stake in MGM Resorts International by 14.8%, acquiring an additional 7,215 shares during the first quarter, bringing its total holdings to 55,911 shares valued at approximately $1.66 million.
• MGM Resorts reported a quarterly earnings per share (EPS) of $0.79, exceeding analyst expectations of $0.58, alongside a revenue of $4.40 billion, which also surpassed estimates.
• Institutional investors now hold approximately 68.11% of MGM's stock, indicating strong institutional interest and confidence in the company's performance.

UniSuper Management Pty Ltd grew its position in MGM Resorts International (NYSE:MGM - Free Report) by 14.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,911 shares of the company's stock after purchasing an additional 7,215 shares during the quarter. UniSuper Management Pty Ltd's holdings in MGM Resorts International were worth $1,657,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MGM. Vontobel Holding Ltd. grew its holdings in MGM Resorts International by 74.6% in the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company's stock valued at $646,000 after buying an additional 9,304 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of MGM Resorts International by 60.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock valued at $1,830,000 after buying an additional 23,234 shares during the period. Achmea Investment Management B.V. lifted its stake in shares of MGM Resorts International by 46.3% in the first quarter. Achmea Investment Management B.V. now owns 35,227 shares of the company's stock valued at $1,045,000 after buying an additional 11,152 shares during the period. Osborne Partners Capital Management LLC lifted its stake in shares of MGM Resorts International by 4.1% in the first quarter. Osborne Partners Capital Management LLC now owns 326,197 shares of the company's stock valued at $9,668,000 after buying an additional 12,833 shares during the period. Finally, D.A. Davidson & CO. lifted its stake in shares of MGM Resorts International by 3.7% in the first quarter. D.A. Davidson & CO. now owns 303,470 shares of the company's stock valued at $8,995,000 after buying an additional 10,690 shares during the period. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

Shares of MGM stock opened at $35.98 on Thursday. The stock's fifty day simple moving average is $37.16 and its 200 day simple moving average is $33.74. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The firm has a market cap of $9.79 billion, a price-to-earnings ratio of 19.77, a P/E/G ratio of 1.52 and a beta of 1.69. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.MGM Resorts International's quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.86 EPS. On average, analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MGM. Mizuho decreased their price objective on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Truist Financial lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Morgan Stanley lifted their price objective on MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Citizens Jmp lowered MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Finally, Citigroup raised MGM Resorts International from a "hold" rating to a "strong-buy" rating and lifted their price objective for the stock from $55.00 to $57.00 in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $48.83.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 3.06% of the company's stock.

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.

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