Royal Bank of Canada Grows Holdings in MGM Resorts International $MGM

Royal Bank of Canada increased its holdings in shares of MGM Resorts International (NYSE:MGM) by 2.2% in the first quarter, Holdings Channel reports. The firm owned 1,110,977 shares of the company’s stock after buying an additional 23,951 shares during the quarter. Royal Bank of Canada’s holdings in MGM Resorts International were worth $41,117,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of MGM Resorts International by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock valued at $582,000 after buying an additional 951 shares during the last quarter. NewEdge Advisors LLC grew its holdings in shares of MGM Resorts International by 12.1% during the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock worth $115,000 after buying an additional 421 shares during the last quarter. Woodline Partners LP grew its holdings in shares of MGM Resorts International by 39.1% during the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock worth $560,000 after buying an additional 5,312 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in MGM Resorts International by 57.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock valued at $112,000 after acquiring an additional 1,182 shares during the period. Finally, Jump Financial LLC grew its stake in shares of MGM Resorts International by 221.9% in the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company’s stock valued at $921,000 after purchasing an additional 18,463 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

MGM stock opened at $44.58 on Monday. The firm has a 50 day moving average of $46.47 and a 200-day moving average of $40.02. The company has a market cap of $11.22 billion, a price-to-earnings ratio of 27.02 and a beta of 1.29. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. As a group, equities analysts expect that MGM Resorts International will post 1.97 EPS for the current fiscal year.

Trending Headlines about MGM Resorts International

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: HSBC upgraded MGM Resorts International to “strong buy,” providing a fresh bullish signal for the casino operator. Zacks.com
• Positive Sentiment: MGM reported record second-quarter consolidated revenue of approximately $4.45 billion, with Las Vegas Strip revenue rising 3% to $2.2 billion. Regional operations posted record same-store quarterly revenue, while MGM Digital revenue increased 20% year over year. MGM Resorts second-quarter results
• Positive Sentiment: Management described continued growth momentum, supported by Las Vegas demand, iGaming strength and potential value from MGM’s digital business, share repurchases and scarce casino assets. MGM Resorts earnings call highlights
• Neutral Sentiment: Susquehanna raised its price target to $53 from $52 while maintaining a positive rating, suggesting additional upside but not a major change in its investment view. Susquehanna price target update
• Negative Sentiment: Adjusted quarterly earnings of $0.59 per share were below at least one consensus estimate of $0.63 and declined from $0.79 a year earlier. Analysts cited China-related weakness and regional margin pressure as offsets to Las Vegas and digital growth. MGM Resorts second-quarter earnings analysis

Wall Street Analysts Forecast Growth

MGM has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price target on MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. The Goldman Sachs Group reiterated a “sell” rating and issued a $43.00 price objective on shares of MGM Resorts International in a research report on Wednesday, July 15th. Stifel Nicolaus restated a “hold” rating and issued a $49.00 target price (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Morgan Stanley reaffirmed an “underweight” rating on shares of MGM Resorts International in a report on Wednesday, July 22nd. Finally, Citigroup boosted their price target on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.49.

Insiders Place Their Bets

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.38% of the company’s stock.

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.