Vontobel Holding Ltd. Increases Stock Holdings in MGM Resorts International (NYSE:MGM)

Vontobel Holding Ltd. increased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 74.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,778 shares of the company's stock after acquiring an additional 9,304 shares during the quarter. Vontobel Holding Ltd.'s holdings in MGM Resorts International were worth $646,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. lifted its position in MGM Resorts International by 8.9% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,190 shares of the company's stock valued at $111,000 after buying an additional 261 shares during the period. Amalgamated Bank lifted its position in MGM Resorts International by 0.8% during the first quarter. Amalgamated Bank now owns 43,933 shares of the company's stock valued at $1,302,000 after buying an additional 329 shares during the period. State of Alaska Department of Revenue lifted its position in MGM Resorts International by 1.6% during the first quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company's stock valued at $776,000 after buying an additional 410 shares during the period. Assetmark Inc. lifted its position in MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after buying an additional 411 shares during the period. Finally, Golden State Wealth Management LLC lifted its position in MGM Resorts International by 83.5% during the first 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 during the period. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insider Activity

In other news, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the transaction, the chief operating officer directly owned 281,530 shares of the company's stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith A. Meister sold 60,000 shares of MGM Resorts International 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 transaction, the director directly owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock valued at $3,486,367 in the last ninety days. Corporate insiders own 3.06% of the company's stock.

MGM Resorts International Trading Down 0.6%

MGM Resorts International stock opened at $37.45 on Monday. The business has a 50-day simple moving average of $33.11 and a two-hundred day simple moving average of $32.86. The company has a market cap of $10.19 billion, a P/E ratio of 16.72, a P/E/G ratio of 2.59 and a beta of 1.76. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79.

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

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MGM shares. Stifel Nicolaus reduced their price target on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. Morgan Stanley reduced their price objective on 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. Wall Street Zen upgraded MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Macquarie reduced their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Nine equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average price target of $48.06.

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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