MGM Resorts International (NYSE:MGM) Stake Increased by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board boosted its stake in MGM Resorts International (NYSE:MGM) by 1,666.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 643,825 shares of the company’s stock after buying an additional 607,375 shares during the period. Canada Pension Plan Investment Board’s holdings in MGM Resorts International were worth $20,145,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in MGM. IFP Advisors Inc boosted its stake in MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock valued at $125,000 after buying an additional 31 shares during the period. Toronto Dominion Bank boosted its stake in MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock valued at $138,000 after buying an additional 1,099 shares during the period. MUFG Americas Holdings Corp purchased a new stake in MGM Resorts International during the first quarter valued at approximately $198,000. Global X Management Co. LLC boosted its stake in MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock valued at $203,000 after buying an additional 1,724 shares during the period. Finally, Cigna Investments Inc. New purchased a new stake in MGM Resorts International during the second quarter valued at approximately $206,000. Institutional investors own 74.10% of the company’s stock.
Shares of MGM Resorts International (NYSE MGM) opened at 30.99 on Tuesday. MGM Resorts International has a 52-week low of $23.38 and a 52-week high of $34.53. The company has a 50 day moving average of $32.22 and a 200 day moving average of $29.96. The firm has a market capitalization of $17.83 billion, a PE ratio of 18.35 and a beta of 1.48.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.67 billion. MGM Resorts International had a return on equity of 7.97% and a net margin of 9.26%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. On average, analysts anticipate that MGM Resorts International will post $1.24 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, September 11th will be paid a $0.11 dividend. The ex-dividend date is Friday, September 8th. This represents a $0.44 annualized dividend and a dividend yield of 1.42%. MGM Resorts International’s payout ratio is 26.04%.
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Several analysts have recently commented on MGM shares. TheStreet upgraded shares of MGM Resorts International from a “c+” rating to a “b” rating in a research note on Friday, April 28th. Instinet reiterated a “buy” rating and issued a $40.00 price target (up previously from $35.00) on shares of MGM Resorts International in a report on Monday, June 19th. BidaskClub downgraded shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. Aegis reiterated a “buy” rating on shares of MGM Resorts International in a report on Sunday, April 23rd. Finally, Deutsche Bank AG increased their price target on shares of MGM Resorts International from $32.00 to $34.00 and gave the company a “buy” rating in a report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $34.81.
In related news, Director Alexis Herman sold 3,745 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $32.51, for a total value of $121,749.95. Following the completion of the sale, the director now owns 8,285 shares of the company’s stock, valued at approximately $269,345.35. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John Mcmanus sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, May 19th. The shares were sold at an average price of $31.28, for a total value of $312,800.00. Following the completion of the sale, the executive vice president now directly owns 46,917 shares of the company’s stock, valued at approximately $1,467,563.76. The disclosure for this sale can be found here. In the last three months, insiders sold 141,329 shares of company stock valued at $4,546,246. 12.20% of the stock is currently owned by company insiders.
About MGM Resorts International
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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