Wealth Enhancement Advisory Services LLC Acquires 23,234 Shares of MGM Resorts International (NYSE:MGM)

Wealth Enhancement Advisory Services LLC increased its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 60.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,748 shares of the company's stock after buying an additional 23,234 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in MGM Resorts International were worth $1,830,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC increased its position in MGM Resorts International by 47.8% in the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after acquiring an additional 404 shares during the period. IFP Advisors Inc grew its stake in shares of MGM Resorts International by 17.0% in the fourth quarter. IFP Advisors Inc now owns 4,824 shares of the company's stock worth $167,000 after purchasing an additional 702 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of MGM Resorts International by 3.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company's stock valued at $45,876,000 after purchasing an additional 42,256 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of MGM Resorts International during the fourth quarter valued at about $2,053,000. Finally, Jones Financial Companies Lllp lifted its holdings in MGM Resorts International by 56.4% in the fourth quarter. Jones Financial Companies Lllp now owns 14,616 shares of the company's stock worth $506,000 after purchasing an additional 5,272 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, 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 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 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 sale, the director directly owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. This trade represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 105,261 shares of company stock valued at $3,486,367. Corporate insiders own 3.06% of the company's stock.

MGM Resorts International Stock Up 7.3%

Shares of MGM Resorts International stock traded up $2.51 during midday trading on Tuesday, hitting $36.90. The company's stock had a trading volume of 8,536,218 shares, compared to its average volume of 4,936,966. MGM Resorts International has a 1-year low of $25.30 and a 1-year 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. The firm has a market capitalization of $10.04 billion, a P/E ratio of 13.54, a PEG ratio of 2.28 and a beta of 1.76. The stock has a 50-day simple moving average of $32.61 and a 200-day simple moving average of $32.78.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates 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 last year, the company posted $0.74 EPS. As a group, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to repurchase up to 22.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

MGM has been the topic of several research analyst reports. Morgan Stanley lowered their target price on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Citizens Jmp cut shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Truist Financial dropped their target price on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Susquehanna upped their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a research report on Thursday, May 1st. Finally, JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.29.

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.