MGM Resorts International (MGM) Shares Bought by California Public Employees Retirement System
California Public Employees Retirement System grew its stake in MGM Resorts International (NYSE:MGM) by 4.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,013,962 shares of the company’s stock after buying an additional 40,217 shares during the quarter. California Public Employees Retirement System owned 0.18% of MGM Resorts International worth $33,045,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in MGM. PointState Capital LP bought a new stake in shares of MGM Resorts International in the second quarter worth $239,347,000. Maverick Capital Ltd. bought a new stake in shares of MGM Resorts International in the second quarter worth $215,381,000. Iridian Asset Management LLC CT bought a new stake in shares of MGM Resorts International in the second quarter worth $192,055,000. FMR LLC lifted its position in shares of MGM Resorts International by 66.7% in the second quarter. FMR LLC now owns 7,242,214 shares of the company’s stock worth $226,609,000 after purchasing an additional 2,897,242 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in shares of MGM Resorts International in the third quarter worth $87,164,000. Institutional investors own 83.01% of the company’s stock.
A number of analysts have recently commented on the stock. Deutsche Bank lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price objective on the stock. in a research report on Monday, September 11th. Bank of America reissued a “buy” rating and issued a $40.00 price objective (up previously from $38.00) on shares of MGM Resorts International in a research report on Friday, September 8th. Stifel Nicolaus reaffirmed a “hold” rating and set a $36.00 price target (up from $33.00) on shares of MGM Resorts International in a research report on Thursday, November 9th. Zacks Investment Research raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Finally, Barclays reaffirmed an “overweight” rating on shares of MGM Resorts International in a research report on Monday, October 2nd. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $36.50.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Monday, December 11th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.34%. The ex-dividend date of this dividend was Friday, December 8th. MGM Resorts International’s payout ratio is presently 43.14%.
MGM Resorts International announced that its Board of Directors has initiated a share repurchase program on Tuesday, September 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 5.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In other news, Director William A. Bible sold 6,128 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $33.23, for a total value of $203,633.44. Following the transaction, the director now directly owns 27,081 shares of the company’s stock, valued at $899,901.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Mcmanus sold 10,000 shares of the stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $33.35, for a total transaction of $333,500.00. Following the completion of the transaction, the executive vice president now directly owns 54,337 shares in the company, valued at $1,812,138.95. The disclosure for this sale can be found here. Insiders sold 96,877 shares of company stock worth $3,187,002 over the last three months. Insiders own 12.20% of the company’s stock.
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About MGM Resorts International
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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