MGM Resorts International (NYSE:MGM) Shares Bought by Markel Group Inc.

Markel Group Inc. lifted its holdings in shares of MGM Resorts International (NYSE:MGM) by 113.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,500 shares of the company’s stock after purchasing an additional 45,500 shares during the period. Markel Group Inc.’s holdings in MGM Resorts International were worth $2,534,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MGM. ArrowMark Colorado Holdings LLC grew its stake in shares of MGM Resorts International by 42.8% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 937,175 shares of the company’s stock valued at $32,473,000 after buying an additional 280,700 shares during the period. Korea Investment CORP grew its stake in shares of MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company’s stock valued at $5,034,000 after buying an additional 131,636 shares during the period. Vontobel Holding Ltd. grew its stake in shares of MGM Resorts International by 74.6% during the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock valued at $646,000 after buying an additional 9,304 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of MGM Resorts International by 60.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company’s stock valued at $1,830,000 after buying an additional 23,234 shares during the period. Finally, Allianz SE purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at $1,166,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGM has been the topic of several recent research reports. Wall Street Zen upgraded shares of MGM Resorts International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. The Goldman Sachs Group initiated coverage on shares of MGM Resorts International in a report on Monday, July 7th. They set a “sell” rating and a $34.00 target price on the stock. JMP Securities restated a “market perform” rating on shares of MGM Resorts International in a report on Thursday, June 26th. Stifel Nicolaus lifted their target price on shares of MGM Resorts International from $44.00 to $48.00 and gave the company a “buy” rating in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. started coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They issued a “neutral” rating and a $38.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and a consensus price target of $47.94.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the firm’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 sale, the chief operating officer owned 281,530 shares of the company’s stock, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel J. Taylor sold 5,261 shares of the company’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total transaction of $183,766.73. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock valued at $3,486,367 over the last quarter. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $37.59 on Friday. The company’s 50-day moving average is $34.19 and its 200 day moving average is $33.08. The company has a debt-to-equity ratio of 1.79, a quick ratio of 1.26 and a current ratio of 1.31. The company has a market capitalization of $10.23 billion, a P/E ratio of 16.78, a price-to-earnings-growth ratio of 2.40 and a beta of 1.76. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $46.88.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter in the prior year, the company earned $0.74 earnings per share. The firm’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its board has approved a stock repurchase program on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 22.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.