California Public Employees Retirement System Acquires 25,266 Shares of MGM Resorts International $MGM

California Public Employees Retirement System boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 6.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 424,481 shares of the company’s stock after buying an additional 25,266 shares during the quarter. California Public Employees Retirement System’s holdings in MGM Resorts International were worth $15,710,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Bessemer Group Inc. raised its stake in shares of MGM Resorts International by 319.6% in the first quarter. Bessemer Group Inc. now owns 18,108 shares of the company’s stock valued at $671,000 after buying an additional 13,792 shares during the period. Bastion Asset Management Inc. purchased a new stake in MGM Resorts International during the first quarter valued at about $6,212,000. Wealthfront Advisers LLC boosted its position in MGM Resorts International by 9.8% during the first quarter. Wealthfront Advisers LLC now owns 15,611 shares of the company’s stock worth $578,000 after purchasing an additional 1,397 shares during the period. Bank of New York Mellon Corp boosted its position in MGM Resorts International by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 1,552,263 shares of the company’s stock worth $57,449,000 after purchasing an additional 22,823 shares during the period. Finally, Checchi Capital Advisers LLC purchased a new position in shares of MGM Resorts International in the first quarter worth about $214,000. 68.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MGM shares. Stifel Nicolaus restated a “hold” rating and set a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 target price on the stock in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft increased their target price on MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Weiss Ratings raised MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 15th. Finally, Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and lifted their price target for the company from $42.00 to $55.00 in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.31.

MGM Resorts International Stock Down 1.1%

Shares of NYSE:MGM opened at $44.98 on Friday. The firm has a fifty day moving average price of $45.44 and a two-hundred day moving average price of $39.57. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The company has a market cap of $11.51 billion, a price-to-earnings ratio of 62.47 and a beta of 1.29.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share 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 during the quarter, compared to the consensus estimate of $4.37 billion. During the same period in the previous year, the company posted $0.69 EPS. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. Analysts anticipate that MGM Resorts International will post 1.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 3.38% of the stock is owned by corporate insiders.

MGM Resorts International 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.