MGM Resorts International (NYSE:MGM) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC lessened its stake in MGM Resorts International (NYSE:MGMFree Report) by 7.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,594 shares of the company’s stock after selling 3,183 shares during the period. New York Life Investment Management LLC’s holdings in MGM Resorts International were worth $1,492,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tyler Stone Wealth Management purchased a new stake in MGM Resorts International during the second quarter valued at about $26,000. Mendota Financial Group LLC acquired a new position in MGM Resorts International during the third quarter valued at approximately $27,000. International Assets Investment Management LLC acquired a new position in MGM Resorts International during the third quarter valued at approximately $28,000. ICA Group Wealth Management LLC acquired a new position in MGM Resorts International during the fourth quarter valued at approximately $28,000. Finally, ST Germain D J Co. Inc. acquired a new position in MGM Resorts International during the second quarter valued at approximately $31,000. Institutional investors own 66.46% of the company’s stock.

Insider Activity

In other news, COO Corey Ian Sanders sold 30,000 shares of the company’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $44.82, for a total value of $1,344,600.00. Following the completion of the sale, the chief operating officer now directly owns 227,674 shares of the company’s stock, valued at approximately $10,204,348.68. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider John Mcmanus sold 10,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the sale, the insider now directly owns 63,695 shares of the company’s stock, valued at approximately $2,866,275. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Corey Ian Sanders sold 30,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $44.82, for a total value of $1,344,600.00. Following the sale, the chief operating officer now directly owns 227,674 shares of the company’s stock, valued at $10,204,348.68. The disclosure for this sale can be found here. Insiders sold a total of 50,000 shares of company stock valued at $2,229,100 in the last ninety days. 2.39% of the stock is owned by insiders.

MGM Resorts International Stock Up 0.4 %

Shares of NYSE MGM opened at $44.70 on Wednesday. The company has a market cap of $15.27 billion, a price-to-earnings ratio of 15.20 and a beta of 2.19. MGM Resorts International has a 12-month low of $34.12 and a 12-month high of $51.35. The company has a quick ratio of 1.73, a current ratio of 1.78 and a debt-to-equity ratio of 1.47. The firm’s 50-day simple moving average is $43.27 and its 200 day simple moving average is $41.62.

MGM Resorts International (NYSE:MGMGet Free Report) last announced its quarterly earnings data on Wednesday, November 8th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $3.86 billion. MGM Resorts International had a return on equity of 18.04% and a net margin of 7.23%. The company’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.39) EPS. On average, research analysts expect that MGM Resorts International will post 2.26 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has authorized a share repurchase program on Wednesday, November 8th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to buy up to 14.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have commented on MGM. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, October 13th. Stifel Nicolaus lowered their price objective on shares of MGM Resorts International from $59.00 to $55.00 and set a “buy” rating on the stock in a research note on Thursday, November 9th. Morgan Stanley reduced their target price on MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating for the company in a research report on Monday, November 13th. Truist Financial reaffirmed a “buy” rating and issued a $55.00 target price on shares of MGM Resorts International in a research report on Tuesday, December 5th. Finally, Wells Fargo & Company reduced their target price on MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, November 9th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.12.

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About MGM Resorts International

(Free Report)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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