Raymond James Financial Inc. Purchases Shares of 578,736 MGM Resorts International (NYSE:MGM)

Raymond James Financial Inc. bought a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 578,736 shares of the company's stock, valued at approximately $20,053,000. Raymond James Financial Inc. owned approximately 0.19% of MGM Resorts International as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in MGM Resorts International during the 3rd quarter worth approximately $641,000. Wilmington Savings Fund Society FSB acquired a new position in MGM Resorts International during the third quarter worth $55,000. Tidal Investments LLC grew its position in MGM Resorts International by 269.7% in the third quarter. Tidal Investments LLC now owns 33,050 shares of the company's stock valued at $1,292,000 after purchasing an additional 24,111 shares in the last quarter. Synovus Financial Corp acquired a new stake in MGM Resorts International in the 3rd quarter valued at $309,000. Finally, Oddo BHF Asset Management Sas bought a new stake in MGM Resorts International during the 3rd quarter worth about $1,886,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

NYSE MGM traded up $0.48 during midday trading on Friday, hitting $31.90. The company had a trading volume of 1,898,535 shares, compared to its average volume of 5,706,316. The company has a market capitalization of $9.03 billion, a PE ratio of 13.29, a P/E/G ratio of 0.98 and a beta of 1.96. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The firm has a 50-day moving average price of $31.46 and a 200-day moving average price of $34.66.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company's stock, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the business's stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the transaction, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 3.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MGM. Wells Fargo & Company raised their price objective on MGM Resorts International from $44.00 to $46.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. BTIG Research downgraded MGM Resorts International from a "buy" rating to a "neutral" rating in a research note on Monday, February 3rd. Leerink Partners cut MGM Resorts International to a "market perform" rating in a research note on Thursday, February 13th. Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a report on Friday, February 14th. Finally, Mizuho boosted their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a report on Thursday, February 13th. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $50.06.

MGM Resorts International 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.