State Board of Administration of Florida Retirement System Trims Holdings in MGM Resorts International (NYSE:MGM)

Posted by on May 8th, 2023

State Board of Administration of Florida Retirement System decreased its holdings in MGM Resorts International (NYSE:MGM – Get Rating) by 6.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 429,611 shares of the company’s stock after selling 30,110 shares during the period. State Board of Administration of Florida Retirement System owned about 0.11% of MGM Resorts International worth $14,405,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of MGM. Invesco Ltd. increased its stake in shares of MGM Resorts International by 8.6% during the first quarter. Invesco Ltd. now owns 4,018,367 shares of the company’s stock valued at $168,530,000 after buying an additional 317,622 shares during the period. TD Asset Management Inc increased its stake in shares of MGM Resorts International by 13.1% during the fourth quarter. TD Asset Management Inc now owns 1,679,789 shares of the company’s stock valued at $56,323,000 after buying an additional 195,133 shares during the period. TD Asset Management Inc. increased its stake in shares of MGM Resorts International by 6.7% during the third quarter. TD Asset Management Inc. now owns 1,484,656 shares of the company’s stock valued at $44,525,000 after buying an additional 92,854 shares during the period. Barclays PLC increased its stake in shares of MGM Resorts International by 11.8% during the third quarter. Barclays PLC now owns 1,367,352 shares of the company’s stock valued at $40,640,000 after buying an additional 143,825 shares during the period. Finally, Clearbridge Investments LLC increased its stake in shares of MGM Resorts International by 3.2% during the first quarter. Clearbridge Investments LLC now owns 1,169,369 shares of the company’s stock valued at $49,043,000 after buying an additional 36,736 shares during the period. Hedge funds and other institutional investors own 82.77% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $43.14 on Monday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.78 and a current ratio of 2.19. The company has a market cap of $15.69 billion, a PE ratio of 9.22 and a beta of 2.06. The business has a 50-day simple moving average of $43.42 and a two-hundred day simple moving average of $39.63. MGM Resorts International has a fifty-two week low of $26.41 and a fifty-two week high of $46.37.

MGM Resorts International (NYSE:MGM – Get Rating) last released its earnings results on Monday, May 1st. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.40. MGM Resorts International had a negative return on equity of 1.33% and a net margin of 13.84%. The firm had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $3.61 billion. During the same quarter in the previous year, the company posted $0.01 earnings per share. The company’s revenue was up 36.6% compared to the same quarter last year. As a group, equities analysts expect that MGM Resorts International will post 1.97 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 12.6% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MGM shares. JMP Securities restated a “market outperform” rating and set a $60.00 price target on shares of MGM Resorts International in a research note on Monday, April 17th. Morgan Stanley lifted their target price on MGM Resorts International from $40.00 to $43.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. Deutsche Bank Aktiengesellschaft lifted their target price on MGM Resorts International from $53.00 to $58.00 in a research note on Wednesday, May 3rd. Wells Fargo & Company lifted their target price on MGM Resorts International from $53.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, January 25th. Finally, Stifel Nicolaus lifted their target price on MGM Resorts International from $53.00 to $56.00 in a research note on Tuesday, May 2nd. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.13.

Insider Buying and Selling

In related news, COO Corey Ian Sanders sold 50,000 shares of MGM Resorts International stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $44.42, for a total transaction of $2,221,000.00. Following the completion of the sale, the chief operating officer now owns 161,632 shares of the company’s stock, valued at $7,179,693.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Rose Mckinney-James sold 2,870 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $43.23, for a total transaction of $124,070.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Corey Ian Sanders sold 50,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $44.42, for a total value of $2,221,000.00. Following the transaction, the chief operating officer now owns 161,632 shares of the company’s stock, valued at $7,179,693.44. The disclosure for this sale can be found here. Insiders sold 182,870 shares of company stock valued at $8,149,070 over the last quarter. 2.13% of the stock is currently owned by company insiders.

MGM Resorts International Company Profile

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MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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