Corient Private Wealth LLC Acquires 32,885 Shares of MGM Resorts International $MGM

Corient Private Wealth LLC raised its holdings in MGM Resorts International (NYSE:MGM) by 11.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 311,167 shares of the company’s stock after purchasing an additional 32,885 shares during the quarter. Corient Private Wealth LLC’s holdings in MGM Resorts International were worth $11,355,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. CYBER HORNET ETFs LLC bought a new stake in shares of MGM Resorts International during the 2nd quarter worth $25,000. Global Retirement Partners LLC boosted its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares in the last quarter. Elyxium Wealth LLC bought a new position in MGM Resorts International in the fourth quarter valued at about $42,000. City Holding Co. bought a new position in MGM Resorts International in the fourth quarter valued at about $44,000. Finally, Stance Capital LLC acquired a new position in MGM Resorts International during the third quarter worth about $46,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.4%

Shares of NYSE:MGM opened at $47.12 on Thursday. The firm has a market cap of $12.06 billion, a P/E ratio of 65.45 and a beta of 1.31. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59. The business has a fifty day simple moving average of $41.89 and a 200 day simple moving average of $38.07.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The company had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.37 billion. During the same period in the previous year, the firm posted $0.69 earnings per share. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. Analysts predict that MGM Resorts International will post 1.95 earnings per share for the current year.

Insider Activity

In related news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.38% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently commented on MGM. Jefferies Financial Group cut shares of MGM Resorts International from a “buy” rating to a “hold” rating and dropped their target price for the stock from $50.00 to $44.00 in a report on Friday, May 1st. Mizuho decreased their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. UBS Group set a $49.00 price objective on shares of MGM Resorts International in a research report on Monday, June 15th. Barclays increased their price objective on shares of MGM Resorts International from $37.00 to $39.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Finally, Citigroup cut their target price on shares of MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $50.18.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.