Hsbc Holdings PLC Purchases 60,340 Shares of MGM Resorts International $MGM

Hsbc Holdings PLC boosted its position in MGM Resorts International (NYSE:MGM) by 31.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 254,801 shares of the company’s stock after purchasing an additional 60,340 shares during the period. Hsbc Holdings PLC’s holdings in MGM Resorts International were worth $9,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. CYBER HORNET ETFs LLC bought a new position in shares of MGM Resorts International during the 2nd quarter worth $25,000. Global Retirement Partners LLC increased its holdings in MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after acquiring an additional 281 shares during the last quarter. Elyxium Wealth LLC bought a new stake in MGM Resorts International in the 4th quarter valued at about $42,000. City Holding Co. purchased a new stake in MGM Resorts International during the fourth quarter valued at about $44,000. Finally, Advisory Services Network LLC bought a new position in MGM Resorts International during the third quarter worth about $52,000. 68.11% of the stock is currently owned by institutional investors.

Insider Activity at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.38% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Stifel Nicolaus reissued a “hold” rating and issued a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Jefferies Financial Group reissued a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Barclays raised their price target on MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Morgan Stanley reiterated an “underweight” rating on shares of MGM Resorts International in a research note on Wednesday. Finally, Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and raised their target price for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of “Hold” and an average target price of $52.31.

MGM Resorts International Trading Down 0.4%

MGM Resorts International stock opened at $45.47 on Thursday. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The stock has a market cap of $11.63 billion, a P/E ratio of 63.16 and a beta of 1.29. The firm’s fifty day moving average price is $45.27 and its 200-day moving average price is $39.51.

MGM Resorts International (NYSE:MGM) last posted 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). The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.MGM Resorts International’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Equities research analysts forecast that MGM Resorts International will post 1.97 earnings per share for the current fiscal year.

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.