Hsbc Holdings PLC Acquires 26,832 Shares of MGM Resorts International $MGM

Hsbc Holdings PLC boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 8.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 352,761 shares of the company’s stock after buying an additional 26,832 shares during the period. Hsbc Holdings PLC owned 0.14% of MGM Resorts International worth $12,876,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of MGM. CYBER HORNET ETFs LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth $25,000. Global Retirement Partners LLC grew its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares during the last quarter. Elyxium Wealth LLC bought a new position in MGM Resorts International in the fourth quarter worth about $42,000. City Holding Co. bought a new position in MGM Resorts International in the fourth quarter worth about $44,000. Finally, Stance Capital LLC purchased a new stake in shares of MGM Resorts International during the third quarter valued at about $46,000. Institutional investors own 68.11% of the company’s stock.

Insider Activity

In related news, Director Daniel J. Taylor sold 6,675 shares of the firm’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.38% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MGM. Susquehanna raised their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a report on Monday, June 1st. Citigroup decreased their target price on shares of MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Jefferies Financial Group downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating and lowered their target price for the company from $50.00 to $44.00 in a research note on Friday, May 1st. Morgan Stanley reaffirmed an “underweight” rating on shares of MGM Resorts International in a report on Monday, June 1st. Finally, The Goldman Sachs Group upped their price target on MGM Resorts International from $34.00 to $38.00 and gave the stock a “sell” rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International has a consensus rating of “Hold” and an average target price of $50.18.

MGM Resorts International Stock Performance

MGM opened at $47.17 on Friday. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The company has a market cap of $12.07 billion, a P/E ratio of 65.51 and a beta of 1.31. The firm’s 50-day moving average price is $42.10 and its 200-day moving average price is $38.15.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 earnings per share. As a group, equities analysts anticipate that MGM Resorts International will post 1.95 EPS for the current fiscal year.

About MGM Resorts International

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.