Cibc World Markets Corp Raises Stock Position in MGM Resorts International (NYSE:MGM) (2024)

Cibc World Markets Corp lifted its stake in shares of MGM Resorts International (NYSE:MGM – Free Report) by 37.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,134 shares of the company’s stock after buying an additional 18,679 shares during the quarter. Cibc World Markets Corp’s holdings in MGM Resorts International were worth $3,089,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of MGM. CVA Family Office LLC purchased a new stake in MGM Resorts International in the 4th quarter valued at $28,000. Sunbelt Securities Inc. raised its position in MGM Resorts International by 510.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock valued at $44,000 after purchasing an additional 1,000 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its position in MGM Resorts International by 49.7% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock valued at $49,000 after purchasing an additional 367 shares during the last quarter. Sandy Spring Bank raised its position in MGM Resorts International by 33.7% in the 4th quarter. Sandy Spring Bank now owns 1,143 shares of the company’s stock valued at $51,000 after purchasing an additional 288 shares during the last quarter. Finally, Huntington National Bank raised its position in MGM Resorts International by 46.7% in the 3rd quarter. Huntington National Bank now owns 1,999 shares of the company’s stock valued at $73,000 after purchasing an additional 636 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity at MGM Resorts International

In related news, Director Daniel J. Taylor sold 4,344 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $41.02, for a total value of $178,190.88. Following the sale, the director now directly owns 5,250 shares of the company’s stock, valued at approximately $215,355. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $41.02, for a total transaction of $178,190.88. Following the sale, the director now directly owns 5,250 shares of the company’s stock, valued at approximately $215,355. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction dated 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 disclosure for this sale can be found here. In the last three months, insiders have sold 333,688 shares of company stock valued at $14,300,967. Insiders own 2.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. Barclays upped their price objective on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Mizuho upped their price objective on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Finally, Macquarie restated an “outperform” rating and set a $58.00 price objective on shares of MGM Resorts International in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.83.

Check Out Our Latest Report on MGM

MGM Resorts International Stock Performance

NYSE:MGM opened at $40.69 on Friday. The stock has a market cap of $12.76 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 0.89 and a beta of 2.24. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The firm’s fifty day simple moving average is $41.83 and its 200-day simple moving average is $42.77. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56.

MGM Resorts International (NYSE:MGM – Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. The firm had revenue of $4.38 billion for the quarter, compared to analysts’ expectations 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 revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 EPS. Analysts expect that MGM Resorts International will post 2.9 earnings per share for the current fiscal year.

About MGM Resorts International

(Free Report)

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.

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