Wealth Enhancement Advisory Services LLC Reduces Stake in MGM Resorts International $MGM

Key Points

• Wealth Enhancement Advisory Services LLC reduced its stake in MGM by 33.3% in Q4, selling 42,950 shares and ending the period with 86,165 shares worth about $3.08 million.
• Insider activity was notable: IAC purchased 450,000 shares for roughly $16.7 million (raising its holding to 66,822,350 shares), while director Keith A. Meister sold 37,500 shares.
• Analyst and performance snapshot: MGM carries an average "Hold" rating with a $41.94 target, a $9.45 billion market cap, and recently posted a quarterly EPS beat of $1.60 vs. $0.64 on $4.61 billion in revenue.

Wealth Enhancement Advisory Services LLC lowered its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 33.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 86,165 shares of the company's stock after selling 42,950 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in MGM Resorts International were worth $3,078,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC increased its position in MGM Resorts International by 0.8% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company's stock worth $1,378,000 after buying an additional 328 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of MGM Resorts International by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock valued at $2,218,000 after buying an additional 397 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock worth $115,000 after acquiring an additional 421 shares during the period. Hantz Financial Services Inc. increased its holdings in MGM Resorts International by 22.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,432 shares of the company's stock worth $84,000 after acquiring an additional 446 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in MGM Resorts International by 7.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 7,387 shares of the company's stock valued at $256,000 after acquiring an additional 543 shares during the period. Institutional investors own 68.11% of the company's stock.

Insiders Place Their Bets

In other MGM Resorts International news, major shareholder Iac Inc. bought 450,000 shares of the firm's stock in a transaction on Tuesday, March 24th. The shares were acquired at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the purchase, the insider directly owned 66,822,350 shares of the company's stock, valued at $2,481,113,855.50. The trade was a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the sale, the director owned 5,347,978 shares of the company's stock, valued at approximately $183,275,206.06. This trade represents a 0.70% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 3.06% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on MGM. The Goldman Sachs Group reaffirmed a "sell" rating and set a $33.00 price objective on shares of MGM Resorts International in a report on Monday, December 15th. JPMorgan Chase & Co. boosted their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the company a "neutral" rating in a research report on Friday, February 6th. Wells Fargo & Company raised their price objective on shares of MGM Resorts International from $29.00 to $31.00 and gave the stock an "underweight" rating in a report on Friday, January 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company a "buy" rating in a research note on Thursday, February 12th. Finally, Stifel Nicolaus boosted their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, MGM Resorts International currently has an average rating of "Hold" and an average price target of $41.94.

MGM Resorts International Price Performance

MGM stock opened at $36.94 on Wednesday. The firm has a 50 day moving average of $35.73 and a 200-day moving average of $34.82. The firm has a market capitalization of $9.45 billion, a P/E ratio of 49.26 and a beta of 1.38. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $40.16. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The business had revenue of $4.61 billion for the quarter, compared to analysts' expectations of $4.42 billion. During the same period in the prior year, the company posted $0.45 EPS. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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