Royal London Asset Management Ltd. Sells 2,296 Shares of MGM Resorts International (NYSE:MGM) (2024)

Posted by Defense World Staff on Jun 9th, 2024

Royal London Asset Management Ltd. lessened its stake in MGM Resorts International (NYSE:MGM – Free Report) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 107,761 shares of the company’s stock after selling 2,296 shares during the quarter. Royal London Asset Management Ltd.’s holdings in MGM Resorts International were worth $4,815,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Fisher Asset Management LLC lifted its stake in MGM Resorts International by 4.9% during the 4th quarter. Fisher Asset Management LLC now owns 4,346,250 shares of the company’s stock valued at $194,190,000 after acquiring an additional 202,434 shares in the last quarter. Westfield Capital Management Co. LP boosted its holdings in MGM Resorts International by 21.0% during the fourth quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock worth $107,295,000 after purchasing an additional 416,911 shares during the last quarter. RB Capital Management LLC grew its position in MGM Resorts International by 6.6% in the 4th quarter. RB Capital Management LLC now owns 17,040 shares of the company’s stock worth $761,000 after purchasing an additional 1,060 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in MGM Resorts International in the 4th quarter valued at about $2,012,000. Finally, Bamco Inc. NY boosted its stake in shares of MGM Resorts International by 4.5% in the 3rd quarter. Bamco Inc. NY now owns 1,912,447 shares of the company’s stock worth $70,302,000 after buying an additional 82,134 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 1.5 %

MGM opened at $40.69 on Friday. The firm has a market capitalization of $12.76 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 0.89 and a beta of 2.24. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. The company has a fifty day moving average price of $41.83 and a 200-day moving average price of $42.77. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.46.

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

Insider Buying and Selling at MGM Resorts International

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

Analyst Ratings Changes

A number of analysts recently commented on MGM shares. Susquehanna raised MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price target for the company from $46.00 to $54.00 in a research report on Thursday, May 2nd. JPMorgan Chase & Co. lifted their target price on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. JMP Securities raised their price objective on shares of MGM Resorts International from $57.00 to $58.00 and gave the stock a “market outperform” rating in a report on Monday, May 6th. StockNews.com cut shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Finally, Morgan Stanley raised their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.83.

Get Our Latest Stock Analysis on MGM

MGM Resorts International Company Profile

(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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