CIBC Asset Management Inc Reduces Holdings in MGM Resorts International (NYSE:MGM) (2024)

Posted by Defense World Staff on Jun 9th, 2024

CIBC Asset Management Inc cut its stake in MGM Resorts International (NYSE:MGM – Free Report) by 7.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,766 shares of the company’s stock after selling 2,944 shares during the period. CIBC Asset Management Inc’s holdings in MGM Resorts International were worth $1,732,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. CVA Family Office LLC acquired a new position in MGM Resorts International during the fourth quarter worth approximately $28,000. Massmutual Trust Co. FSB ADV raised its position in shares of MGM Resorts International by 49.7% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock worth $49,000 after purchasing an additional 367 shares during the last quarter. Sandy Spring Bank lifted its position in shares of MGM Resorts International by 33.7% in the fourth quarter. Sandy Spring Bank now owns 1,143 shares of the company’s stock valued at $51,000 after acquiring an additional 288 shares in the last quarter. Sunbelt Securities Inc. lifted its stake in shares of MGM Resorts International by 510.2% during the third quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock valued at $44,000 after buying an additional 1,000 shares during the period. Finally, RIA Advisory Group LLC acquired a new stake in MGM Resorts International in the 4th quarter worth about $83,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now directly owns 6,098,778 shares in the company, valued at $261,637,576.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Keith A. Meister sold 325,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the transaction, the director now directly owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alexis Herman sold 4,344 shares of MGM Resorts International stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The disclosure for this sale can be found here. Insiders have sold a total of 333,688 shares of company stock worth $14,300,967 over the last quarter. Corporate insiders own 2.13% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Morgan Stanley boosted their target price on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. StockNews.com lowered MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. JPMorgan Chase & Co. boosted their price objective on shares of MGM Resorts International from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. Bank Of America (Bofa) increased their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Finally, Mizuho lifted their price target on MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $54.83.

Check Out Our Latest Research Report on MGM

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $40.69 on Friday. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The company’s 50-day moving average is $41.83 and its 200 day moving average is $42.77. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The company has a market capitalization of $12.76 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 0.87 and a beta of 2.24.

MGM Resorts International (NYSE:MGM – Get Free Report) last announced its earnings results on Wednesday, May 1st. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.18. The company had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 earnings per share. On average, equities research analysts forecast that MGM Resorts International will post 2.9 earnings per share for the current year.

MGM Resorts International Company Profile

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