Prospera Financial Services Inc Trims Stock Position in MGM Resorts International (NYSE:MGM)

Prospera Financial Services Inc trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 65.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,498 shares of the company’s stock after selling 10,454 shares during the period. Prospera Financial Services Inc’s holdings in MGM Resorts International were worth $215,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MGM. UMB Bank n.a. raised its stake in MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after purchasing an additional 278 shares during the period. HB Wealth Management LLC increased its stake in MGM Resorts International by 6.3% in the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after purchasing an additional 293 shares during the last quarter. Quent Capital LLC lifted its position in MGM Resorts International by 14.6% during the third quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock worth $93,000 after buying an additional 304 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after buying an additional 329 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 2.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.83% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. JMP Securities lowered their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday. Susquehanna increased their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Morgan Stanley boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, Macquarie reduced their price objective on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.85.

MGM Resorts International Trading Up 1.4 %

MGM opened at $38.32 on Tuesday. The firm’s fifty day moving average price is $38.64 and its 200 day moving average price is $39.71. The stock has a market capitalization of $11.41 billion, a PE ratio of 13.68, a P/E/G ratio of 2.70 and a beta of 2.23. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, research analysts expect that MGM Resorts International will post 2.5 EPS for the current fiscal 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.