Union Bancaire Privee UBP SA Purchases 849 Shares of MGM Resorts International (NYSE:MGM)

Union Bancaire Privee UBP SA raised its stake in MGM Resorts International (NYSE:MGM) by 16.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,935 shares of the company’s stock after buying an additional 849 shares during the quarter. Union Bancaire Privee UBP SA’s holdings in MGM Resorts International were worth $180,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assetmark Inc. increased its holdings in MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after buying an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. bought a new stake in shares of MGM Resorts International in the fourth quarter valued at about $28,000. True Wealth Design LLC bought a new stake in MGM Resorts International during the fourth quarter worth about $33,000. CX Institutional bought a new stake in MGM Resorts International during the first quarter worth about $36,000. Finally, Global Retirement Partners LLC raised its stake in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after acquiring an additional 404 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on MGM shares. Barclays boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Truist Financial lowered their price objective on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Friday, February 14th. Susquehanna increased their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Finally, Wall Street Zen upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.94.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the sale, the director now owns 5,627,478 shares in the company, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the sale, the chief operating officer now owns 281,530 shares of the company’s stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,261 shares of company stock worth $3,486,367 in the last quarter. 3.06% of the stock is owned by company insiders.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $31.68 on Friday. 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 stock’s fifty day simple moving average is $31.50 and its two-hundred day simple moving average is $33.08. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The stock has a market cap of $8.62 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the firm posted $0.74 EPS. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 22.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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.