Corient Private Wealth LLC Purchases 412,767 Shares of MGM Resorts International $MGM

Corient Private Wealth LLC raised its holdings in MGM Resorts International (NYSE:MGM) by 356.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 528,526 shares of the company’s stock after buying an additional 412,767 shares during the quarter. Corient Private Wealth LLC’s holdings in MGM Resorts International were worth $18,176,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of MGM. XML Financial LLC increased its holdings in shares of MGM Resorts International by 0.9% during the 2nd quarter. XML Financial LLC now owns 30,884 shares of the company’s stock worth $1,062,000 after purchasing an additional 287 shares during the period. Concurrent Investment Advisors LLC grew its position in MGM Resorts International by 4.1% during the second quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock worth $274,000 after buying an additional 315 shares in the last quarter. Quarry LP increased its stake in MGM Resorts International by 24.1% during the first quarter. Quarry LP now owns 1,795 shares of the company’s stock valued at $53,000 after acquiring an additional 349 shares during the period. DekaBank Deutsche Girozentrale increased its stake in MGM Resorts International by 0.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock valued at $1,917,000 after acquiring an additional 399 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in MGM Resorts International by 12.1% in the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after acquiring an additional 421 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Insider Activity

In related news, major shareholder Iac Inc. purchased 1,098,748 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 5th. The shares were acquired at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the transaction, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MGM has been the topic of several recent research reports. Truist Financial decreased their price objective on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, October 30th. Wells Fargo & Company initiated coverage on shares of MGM Resorts International in a research note on Tuesday, November 18th. They set an “underweight” rating and a $29.00 price target on the stock. UBS Group dropped their price objective on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday, November 17th. Morgan Stanley lifted their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a research report on Thursday, September 11th. Finally, JPMorgan Chase & Co. lowered their target price on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a research note on Thursday, October 30th. Twelve research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, MGM Resorts International currently has an average rating of “Hold” and a consensus price target of $45.31.

MGM Resorts International Stock Performance

NYSE:MGM opened at $36.20 on Thursday. The stock has a market capitalization of $9.90 billion, a P/E ratio of 226.27, a price-to-earnings-growth ratio of 2.73 and a beta of 1.48. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $41.32. The firm has a 50 day moving average of $33.40 and a 200-day moving average of $34.92.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the business earned $0.54 earnings per share. The company’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International 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.