The Manufacturers Life Insurance Company Acquires New Holdings in MGM Resorts International $MGM

The Manufacturers Life Insurance Company bought a new position in shares of MGM Resorts International (NYSE:MGM) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 152,329 shares of the company’s stock, valued at approximately $7,283,000.

Several other large investors have also recently bought and sold shares of the company. CYBER HORNET ETFs LLC purchased a new stake in shares of MGM Resorts International in the second quarter worth $25,000. Global Retirement Partners LLC increased its stake in MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after acquiring an additional 281 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at about $30,000. Optiver Holding B.V. purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at about $35,000. Finally, Fiduciary Financial Advisors bought a new stake in shares of MGM Resorts International during the 2nd quarter valued at about $48,000. 68.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and boosted their price target for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. Finally, UBS Group set a $48.00 price objective on shares of MGM Resorts International in a research report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.37.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $42.39 on Monday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The company has a fifty day moving average of $45.53 and a 200-day moving average of $41.30. The stock has a market capitalization of $10.66 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 2.16 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same period in the previous year, the firm posted $0.79 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post 1.96 EPS for the current year.

About MGM Resorts International

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.