Wellington Management Group LLP Invests $5.38 Million in MGM Resorts International $MGM

Wellington Management Group LLP bought a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 112,543 shares of the company's stock, valued at approximately $5,381,000.

Several other large investors have also recently added to or reduced their stakes in the business. Rakuten Investment Management Inc. lifted its holdings in shares of MGM Resorts International by 7.7% during the 2nd quarter. Rakuten Investment Management Inc. now owns 20,344 shares of the company's stock worth $1,011,000 after acquiring an additional 1,447 shares during the period. Fulcrum Asset Management LLP purchased a new stake in MGM Resorts International in the second quarter valued at approximately $224,000. Liontrust Investment Partners LLP acquired a new position in MGM Resorts International during the second quarter worth approximately $640,000. Jefferies Financial Group Inc. acquired a new position in MGM Resorts International during the second quarter worth approximately $15,864,000. Finally, Corient Private Wealth LP purchased a new position in MGM Resorts International during the second quarter worth approximately $13,009,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on MGM. UBS Group set a $48.00 price objective on shares of MGM Resorts International in a research note on Thursday, July 2nd. Citigroup lifted their target price on MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a report on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on MGM Resorts International from $48.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Stifel Nicolaus restated a "hold" rating and set a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Finally, Weiss Ratings upgraded MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus price target of $53.37.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $40.63 on Thursday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The company has a market cap of $10.22 billion, a PE ratio of 24.62, a P/E/G ratio of 2.08 and a beta of 1.28. The company's fifty day simple moving average is $44.46 and its 200-day simple moving average is $41.62. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The firm had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.42 billion. During the same period in the prior year, the company earned $0.79 EPS. The firm's revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that MGM Resorts International will post 1.96 EPS for the current year.

About MGM Resorts International

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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