MGM Resorts International $MGM Shares Sold by Gerber Kawasaki Wealth & Investment Management

Gerber Kawasaki Wealth & Investment Management lessened its stake in MGM Resorts International (NYSE:MGM) by 14.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 107,279 shares of the company’s stock after selling 18,245 shares during the quarter. Gerber Kawasaki Wealth & Investment Management’s holdings in MGM Resorts International were worth $3,915,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MGM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of MGM Resorts International by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after purchasing an additional 951 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after purchasing an additional 421 shares during the last quarter. Woodline Partners LP increased its stake in shares of MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after purchasing an additional 5,312 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of MGM Resorts International by 57.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock worth $112,000 after purchasing an additional 1,182 shares during the last quarter. Finally, Jump Financial LLC increased its stake in shares of MGM Resorts International by 221.9% during the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company’s stock worth $921,000 after purchasing an additional 18,463 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

NYSE MGM opened at $48.91 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93. The company has a fifty day simple moving average of $40.27 and a 200 day simple moving average of $37.35. The company has a market cap of $12.51 billion, a P/E ratio of 67.93 and a beta of 1.31. MGM Resorts International has a 1 year low of $29.18 and a 1 year high of $51.59.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share (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 firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same period in the prior year, the company posted $0.69 earnings per share. MGM Resorts International’s quarterly revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts predict that MGM Resorts International will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Iac Inc. purchased 450,000 shares of MGM Resorts International stock in a transaction on Tuesday, March 24th. The stock was bought at an average cost of $37.13 per share, with a total value of $16,708,500.00. Following the completion of the acquisition, the insider owned 66,822,350 shares in the company, valued at approximately $2,481,113,855.50. This trade represents a 0.68% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 3.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MGM has been the topic of several analyst reports. The Goldman Sachs Group increased their price target on shares of MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a research note on Thursday, April 30th. Stifel Nicolaus dropped their price target on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, April 7th. Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research note on Monday, June 1st. Finally, KeyCorp upgraded shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target on the stock in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus 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.