Vontobel Holding Ltd. Buys 9,304 Shares of MGM Resorts International (NYSE:MGM)

Vontobel Holding Ltd. lifted its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 74.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 21,778 shares of the company's stock after acquiring an additional 9,304 shares during the period. Vontobel Holding Ltd.'s holdings in MGM Resorts International were worth $646,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Assetmark Inc. grew its position in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after buying an additional 411 shares in the last quarter. Mascagni Wealth Management Inc. bought a new position in MGM Resorts International in the 4th quarter valued at about $28,000. True Wealth Design LLC bought a new position in MGM Resorts International in the 4th quarter valued at about $33,000. Golden State Wealth Management LLC grew its position in MGM Resorts International by 83.5% in the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after buying an additional 455 shares in the last quarter. Finally, CX Institutional bought a new position in MGM Resorts International in the 1st quarter valued at about $36,000. Institutional investors own 68.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MGM. The Goldman Sachs Group began coverage on shares of MGM Resorts International in a report on Monday. They issued a "sell" rating and a $34.00 price target for the company. JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Morgan Stanley cut their price target on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Macquarie cut their price target on shares of MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Stifel Nicolaus cut their price target on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.33.

MGM Resorts International Stock Up 3.1%

NYSE:MGM traded up $1.17 during mid-day trading on Thursday, reaching $38.86. The stock had a trading volume of 4,040,076 shares, compared to its average volume of 4,946,860. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $47.26. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26. The business's 50 day moving average is $33.45 and its 200 day moving average is $32.94. The stock has a market cap of $10.58 billion, a P/E ratio of 17.35, a PEG ratio of 2.58 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same period in the prior year, the business earned $0.74 earnings per share. MGM Resorts International's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its board has initiated a share buyback plan on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase 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.

Insider Activity

In related news, Director Keith A. Meister sold 60,000 shares of the stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the transaction, the director directly owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Taylor sold 5,261 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock worth $3,486,367 over the last ninety days. 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.