Prospera Financial Services Inc Invests $566,000 in MGM Resorts International $MGM

Prospera Financial Services Inc purchased a new stake in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 16,458 shares of the company’s stock, valued at approximately $566,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. XML Financial LLC increased its stake in shares of MGM Resorts International by 0.9% in the 2nd quarter. XML Financial LLC now owns 30,884 shares of the company’s stock valued at $1,062,000 after acquiring an additional 287 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in MGM Resorts International by 4.1% during the second quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company’s stock worth $274,000 after purchasing an additional 315 shares during the period. Quarry LP lifted its holdings in shares of MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after acquiring an additional 349 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in MGM Resorts International by 0.7% in the second quarter. DekaBank Deutsche Girozentrale now owns 55,666 shares of the company’s stock valued at $1,917,000 after buying an additional 399 shares in the last quarter. Finally, NewEdge Advisors LLC increased 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 in the last quarter. 68.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MGM shares. Weiss Ratings reissued a “sell (d)” rating on shares of MGM Resorts International in a research note on Thursday. Zacks Research lowered shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 4th. Truist Financial reduced their target price on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, October 30th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $31.00 price objective on shares of MGM Resorts International in a report on Thursday, October 30th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Fourteen analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $47.58.

MGM Resorts International Trading Down 1.1%

Shares of NYSE:MGM opened at $32.47 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $41.32. The stock has a 50 day moving average of $33.47 and a 200 day moving average of $34.53. The company has a market cap of $8.88 billion, a PE ratio of 202.95, a price-to-earnings-growth ratio of 1.40 and a beta of 1.66.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the firm posted $0.54 earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, equities research analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the sale, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider owned 31,521 shares in the company, valued at $1,138,538.52. The trade was a 65.56% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.06% of the stock is currently owned by corporate insiders.

MGM Resorts International Company 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.