TD Private Client Wealth LLC Sells 6,673 Shares of MGM Resorts International (NYSE:MGM)

TD Private Client Wealth LLC reduced its stake in MGM Resorts International (NYSE:MGM) by 80.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,661 shares of the company’s stock after selling 6,673 shares during the quarter. TD Private Client Wealth LLC’s holdings in MGM Resorts International were worth $49,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. increased its stake in shares of MGM Resorts International by 22.5% during the fourth quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after purchasing an additional 1,063,707 shares during the period. Marshall Wace LLP grew its holdings in MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after buying an additional 1,090,533 shares in the last quarter. Norges Bank bought a new position in MGM Resorts International during the 4th quarter worth $88,033,000. Southeastern Asset Management Inc. TN lifted its holdings in shares of MGM Resorts International by 9.6% during the fourth quarter. Southeastern Asset Management Inc. TN now owns 2,409,147 shares of the company’s stock worth $83,477,000 after buying an additional 211,245 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of MGM Resorts International by 15.1% during the fourth quarter. Northern Trust Corp now owns 2,315,748 shares of the company’s stock worth $80,241,000 after buying an additional 303,711 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MGM. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $44.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday. UBS Group raised their target price on shares of MGM Resorts International from $37.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. JMP Securities reiterated a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Citizens Jmp downgraded MGM Resorts International from an “outperform” rating to a “market perform” rating in a research report on Thursday, June 26th. Finally, Susquehanna lifted their price objective on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $47.67.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $37.94 on Friday. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of 16.94, a P/E/G ratio of 2.58 and a beta of 1.76. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26. The company’s fifty day moving average is $33.73 and its 200 day moving average is $32.98. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the previous year, the company posted $0.74 EPS. The business’s revenue was down 2.4% on a year-over-year basis. Sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International declared that its board has authorized a stock buyback program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 22.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer owned 281,530 shares of the company’s stock, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the transaction, the director owned 5,627,478 shares in the company, valued at $180,585,769.02. This trade represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,261 shares of company stock worth $3,486,367 over the last ninety days. Insiders own 3.06% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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.