KBC Group NV Purchases 35,138 Shares of MGM Resorts International (MGM)
KBC Group NV increased its position in MGM Resorts International (NYSE:MGM) by 8.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 458,993 shares of the company’s stock after buying an additional 35,138 shares during the quarter. KBC Group NV owned 0.08% of MGM Resorts International worth $14,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of MGM Resorts International by 3.4% in the second quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock valued at $1,289,156,000 after buying an additional 1,354,902 shares during the period. Capital Research Global Investors boosted its holdings in MGM Resorts International by 1.9% in the second quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock valued at $1,010,104,000 after acquiring an additional 600,000 shares during the last quarter. Canyon Capital Advisors LLC boosted its holdings in MGM Resorts International by 8.9% in the second quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock valued at $607,099,000 after acquiring an additional 1,583,585 shares during the last quarter. State Street Corp boosted its holdings in MGM Resorts International by 1.0% in the second quarter. State Street Corp now owns 8,934,495 shares of the company’s stock valued at $279,564,000 after acquiring an additional 92,329 shares during the last quarter. Finally, PointState Capital LP bought a new stake in MGM Resorts International in the second quarter valued at approximately $239,347,000. 83.01% of the stock is owned by institutional investors.
In other MGM Resorts International news, insider Phyllis James sold 19,149 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $33.64, for a total transaction of $644,172.36. Following the transaction, the insider now directly owns 8,961 shares in the company, valued at approximately $301,448.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William A. Bible sold 6,128 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $33.23, for a total value of $203,633.44. Following the transaction, the director now owns 27,081 shares in the company, valued at $899,901.63. The disclosure for this sale can be found here. Insiders have sold a total of 795,425 shares of company stock worth $26,957,534 over the last 90 days. Company insiders own 12.20% of the company’s stock.
MGM Resorts International declared that its Board of Directors has initiated a share repurchase program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Monday, December 11th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s payout ratio is 43.14%.
Several analysts recently commented on MGM shares. Roth Capital started coverage on MGM Resorts International in a report on Wednesday, October 25th. They issued a “buy” rating and a $38.00 target price on the stock. Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a report on Friday, September 1st. Zacks Investment Research cut MGM Resorts International from a “hold” rating to a “sell” rating in a report on Wednesday, October 18th. Morgan Stanley set a $35.00 target price on MGM Resorts International and gave the company a “buy” rating in a report on Friday, October 6th. Finally, Deutsche Bank cut MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price on the stock. in a report on Monday, September 11th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $36.50.
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MGM Resorts International 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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