MGM Resorts International (NYSE:MGM) Shares Sold by abrdn plc

abrdn plc trimmed its position in MGM Resorts International (NYSE:MGM) by 38.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,424 shares of the company’s stock after selling 52,202 shares during the quarter. abrdn plc’s holdings in MGM Resorts International were worth $3,301,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MGM. Wealth Enhancement Advisory Services LLC lifted its holdings in MGM Resorts International by 6.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,989 shares of the company’s stock valued at $1,274,000 after acquiring an additional 1,753 shares during the last quarter. Norden Group LLC acquired a new position in shares of MGM Resorts International in the 1st quarter valued at $462,000. Van ECK Associates Corp grew its holdings in shares of MGM Resorts International by 3.5% during the 1st quarter. Van ECK Associates Corp now owns 52,493 shares of the company’s stock worth $2,478,000 after purchasing an additional 1,795 shares during the period. Private Advisor Group LLC increased its position in shares of MGM Resorts International by 7.5% during the 1st quarter. Private Advisor Group LLC now owns 26,942 shares of the company’s stock worth $1,272,000 after purchasing an additional 1,877 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of MGM Resorts International by 40.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 38,099 shares of the company’s stock worth $1,666,000 after purchasing an additional 10,886 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity

In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $36.41 on Monday. The stock has a market cap of $10.84 billion, a P/E ratio of 13.00, a P/E/G ratio of 0.94 and a beta of 2.23. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The stock has a 50 day moving average of $38.41 and a two-hundred day moving average of $40.15. The company has a current ratio of 1.24, a quick ratio of 1.42 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 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 analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.64 earnings per share. On average, research analysts forecast that MGM Resorts International will post 2.45 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MGM shares. Macquarie lowered their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Morgan Stanley boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. Wells Fargo & Company decreased their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Finally, Susquehanna increased their price objective on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.15.

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.