Victory Capital Management Inc. Sells 42,423 Shares of MGM Resorts International (NYSE:MGM)

Victory Capital Management Inc. decreased its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 53.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,996 shares of the company's stock after selling 42,423 shares during the period. Victory Capital Management Inc.'s holdings in MGM Resorts International were worth $1,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGM. American Century Companies Inc. lifted its position in shares of MGM Resorts International by 1.9% during the 4th quarter. American Century Companies Inc. now owns 38,941 shares of the company's stock valued at $1,349,000 after acquiring an additional 708 shares during the last quarter. Norges Bank bought a new stake in shares of MGM Resorts International during the 4th quarter worth $88,033,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of MGM Resorts International by 1.2% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 73,758 shares of the company's stock worth $2,556,000 after acquiring an additional 909 shares in the last quarter. Pictet Asset Management Holding SA boosted its stake in shares of MGM Resorts International by 6.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 105,765 shares of the company's stock worth $3,665,000 after acquiring an additional 6,847 shares in the last quarter. Finally, Allstate Corp bought a new stake in shares of MGM Resorts International during the 4th quarter worth $223,000. Institutional investors own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MGM shares. Mizuho reduced their price objective on MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Thursday. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Stifel Nicolaus lifted their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday. UBS Group lifted their price objective on shares of MGM Resorts International from $37.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Finally, Citigroup upgraded shares of 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 research report on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, MGM Resorts International has a consensus rating of "Moderate Buy" and an average price target of $48.56.

Insiders Place Their Bets

In related news, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer directly owned 281,530 shares in the company, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock valued at $3,486,367 in the last quarter. Insiders own 3.06% of the company's stock.

MGM Resorts International Stock Performance

MGM Resorts International stock traded down $0.70 on Friday, reaching $35.75. 7,649,796 shares of the stock were exchanged, compared to its average volume of 4,643,809. The stock has a market cap of $9.73 billion, a PE ratio of 14.76, a PEG ratio of 2.36 and a beta of 1.81. The company has a current ratio of 1.22, a quick ratio of 1.26 and a debt-to-equity ratio of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The firm has a fifty day moving average price of $35.04 and a two-hundred day moving average price of $33.38.

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

MGM Resorts International announced that its board has authorized a share buyback plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

MGM Resorts International Company Profile

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.