Dai Ichi Life Insurance Company Ltd Cuts Holdings in MGM Resorts International (MGM)
Dai Ichi Life Insurance Company Ltd lessened its stake in MGM Resorts International (NYSE:MGM) by 27.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,528 shares of the company’s stock after selling 2,523 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in MGM Resorts International were worth $204,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Financial Counselors Inc. grew its stake in MGM Resorts International by 4.2% in the 2nd quarter. Financial Counselors Inc. now owns 91,201 shares of the company’s stock worth $2,854,000 after buying an additional 3,648 shares in the last quarter. Aberdeen Asset Management PLC UK grew its stake in MGM Resorts International by 94.1% in the 2nd quarter. Aberdeen Asset Management PLC UK now owns 51,254 shares of the company’s stock worth $1,604,000 after buying an additional 24,848 shares in the last quarter. Covey Capital Advisors LLC purchased a new position in MGM Resorts International in the 2nd quarter worth approximately $1,009,000. Private Advisor Group LLC grew its stake in MGM Resorts International by 8.7% in the 2nd quarter. Private Advisor Group LLC now owns 17,092 shares of the company’s stock worth $533,000 after buying an additional 1,375 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in MGM Resorts International by 94.8% in the 2nd quarter. Schroder Investment Management Group now owns 1,610,944 shares of the company’s stock worth $52,984,000 after buying an additional 783,844 shares in the last quarter. 75.17% of the stock is owned by institutional investors and hedge funds.
In other MGM Resorts International news, CEO James Murren sold 57,269 shares of MGM Resorts International stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $31.54, for a total transaction of $1,806,264.26. Following the completion of the transaction, the chief executive officer now directly owns 969,111 shares of the company’s stock, valued at $30,565,760.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Corey Ian Sanders sold 16,446 shares of MGM Resorts International stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $33.63, for a total transaction of $553,078.98. Following the transaction, the insider now directly owns 198,058 shares of the company’s stock, valued at $6,660,690.54. The disclosure for this sale can be found here. Insiders have sold 819,831 shares of company stock valued at $27,686,927 over the last ninety days. 12.20% of the stock is owned by insiders.
Shares of MGM Resorts International (NYSE MGM) opened at 31.92 on Monday. The company has a market capitalization of $18.36 billion, a price-to-earnings ratio of 18.90 and a beta of 1.48. The company’s 50-day moving average is $32.03 and its 200-day moving average is $30.60. MGM Resorts International has a 12-month low of $24.78 and a 12-month high of $34.65.
MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.28 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.67 billion. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. MGM Resorts International’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.29 earnings per share. Analysts predict that MGM Resorts International will post $1.29 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Monday, September 11th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend was Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.
MGM Resorts International declared that its board has approved a stock repurchase program on Tuesday, September 5th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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A number of research firms have commented on MGM. Zacks Investment Research cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. BidaskClub raised shares of MGM Resorts International from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 25th. Instinet reissued a “buy” rating and issued a $40.00 price target on shares of MGM Resorts International in a research note on Monday, July 3rd. UBS AG cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $33.00 to $36.00 in a research note on Tuesday, August 1st. Finally, Stifel Nicolaus reissued a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $35.12.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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