MGM Resorts International (NYSE:MGM) Shares Purchased by Osborne Partners Capital Management LLC

Osborne Partners Capital Management LLC boosted its holdings in MGM Resorts International (NYSE:MGM) by 4.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 326,197 shares of the company’s stock after acquiring an additional 12,833 shares during the period. Osborne Partners Capital Management LLC owned about 0.12% of MGM Resorts International worth $9,668,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Assetmark Inc. raised its position in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the period. Mascagni Wealth Management Inc. acquired a new stake in MGM Resorts International in the fourth quarter worth $28,000. True Wealth Design LLC bought a new stake in MGM Resorts International in the fourth quarter valued at $33,000. CX Institutional acquired a new position in shares of MGM Resorts International during the first quarter valued at $36,000. Finally, Global Retirement Partners LLC grew its position in shares of 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 during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Macquarie cut their price target on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Morgan Stanley decreased their price objective on MGM Resorts International from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Wednesday, April 16th. Stifel Nicolaus lowered their target price on MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Finally, Susquehanna boosted their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research report on Thursday, May 1st. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.94.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $33.98 on Friday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The stock has a market cap of $9.25 billion, a PE ratio of 15.17, a price-to-earnings-growth ratio of 2.34 and a beta of 1.76. The company’s 50-day moving average price is $31.93 and its two-hundred day moving average price is $32.97.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. MGM Resorts International’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 earnings per share. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has approved a stock repurchase plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the company’s stock in a transaction on Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director now directly owns 5,627,478 shares of the company’s stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction 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 company’s stock in a transaction dated 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 transaction, the chief operating officer now directly owns 281,530 shares in the company, valued at approximately $9,693,077.90. The trade was a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 105,261 shares of company stock valued at $3,486,367. Company insiders own 3.06% of the company’s stock.

About MGM Resorts International

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.