MGM Resorts International $MGM Shares Sold by TD Asset Management Inc

TD Asset Management Inc lowered its position in MGM Resorts International (NYSE:MGM) by 40.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,657 shares of the company’s stock after selling 25,284 shares during the quarter. TD Asset Management Inc’s holdings in MGM Resorts International were worth $1,295,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MGM. GAMMA Investing LLC raised its stake in shares of MGM Resorts International by 10.6% in the 1st quarter. GAMMA Investing LLC now owns 6,477 shares of the company’s stock valued at $192,000 after purchasing an additional 619 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of MGM Resorts International by 60.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company’s stock valued at $1,830,000 after purchasing an additional 23,234 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of MGM Resorts International by 1.6% in the 1st quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company’s stock valued at $776,000 after purchasing an additional 410 shares in the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of MGM Resorts International by 29.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 25,224 shares of the company’s stock valued at $748,000 after purchasing an additional 5,756 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in shares of MGM Resorts International by 21.6% in the 1st quarter. Oppenheimer & Co. Inc. now owns 40,342 shares of the company’s stock valued at $1,196,000 after purchasing an additional 7,175 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. UBS Group cut their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating on the stock in a research note on Thursday, September 11th. Truist Financial cut their target price 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. Morgan Stanley increased their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. JMP Securities reiterated a “market perform” rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.50.

Insider Buying and Selling

In related news, insider John Mcmanus sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the transaction, the insider owned 31,521 shares in the company, valued at $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. This represents a 4.30% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by company insiders.

MGM Resorts International Price Performance

NYSE MGM opened at $32.68 on Thursday. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The stock has a market cap of $8.89 billion, a price-to-earnings ratio of 17.95, a price-to-earnings-growth ratio of 1.43 and a beta of 1.67. The company has a 50-day moving average price of $35.33 and a two-hundred day moving average price of $34.14.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter in the prior year, the firm earned $0.86 EPS. MGM Resorts International’s quarterly revenue was up 1.8% on a year-over-year basis. Analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.