6,057 Shares in MGM Resorts International (MGM) Acquired by Steward Partners Investment Advisory LLC
Steward Partners Investment Advisory LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,057 shares of the company’s stock, valued at approximately $197,000.
Several other hedge funds have also recently made changes to their positions in MGM. Spirit of America Management Corp NY purchased a new stake in MGM Resorts International in the 3rd quarter valued at about $104,000. Sun Life Financial INC purchased a new stake in MGM Resorts International in the 3rd quarter valued at about $124,000. Pacad Investment Ltd. purchased a new stake in MGM Resorts International in the 2nd quarter valued at about $169,000. Toronto Dominion Bank increased its stake in MGM Resorts International by 12.4% during the second quarter. Toronto Dominion Bank now owns 5,644 shares of the company’s stock worth $177,000 after purchasing an additional 624 shares during the period. Finally, Colony Group LLC purchased a new stake in MGM Resorts International during the second quarter worth about $203,000. 82.96% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have issued reports on the stock. Barclays reiterated an “overweight” rating on shares of MGM Resorts International in a research note on Monday, October 2nd. UBS lowered shares of MGM Resorts International from a “positive” rating to a “neutral” rating in a research note on Tuesday, October 3rd. Instinet reiterated a “buy” rating and set a $40.00 price target on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Susquehanna Bancshares reiterated a “neutral” rating and set a $33.00 price target (down from $38.00) on shares of MGM Resorts International in a research note on Tuesday, October 3rd. Finally, J P Morgan Chase & Co boosted their price objective on MGM Resorts International from $39.00 to $40.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 1st. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $36.50.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Monday, December 11th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date was Friday, December 8th. MGM Resorts International’s dividend payout ratio (DPR) is 43.14%.
MGM Resorts International announced that its board has approved a stock buyback program on Tuesday, September 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 5.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, EVP John Mcmanus sold 10,000 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $33.35, for a total value of $333,500.00. Following the completion of the sale, the executive vice president now directly owns 54,337 shares of the company’s stock, valued at $1,812,138.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sean Charland acquired 25,000 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was purchased at an average cost of $22.50 per share, with a total value of $562,500.00. Insiders sold 96,877 shares of company stock valued at $3,187,002 over the last ninety days. 12.20% of the stock is currently owned by corporate insiders.
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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