Integrated Wealth Concepts LLC Sells 642 Shares of MGM Resorts International (NYSE:MGM)

Posted by Defense World Staff on Jun 11th, 2023

Integrated Wealth Concepts LLC lessened its holdings in shares of MGM Resorts International (NYSE:MGM – Get Rating) by 4.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,355 shares of the company’s stock after selling 642 shares during the period. Integrated Wealth Concepts LLC’s holdings in MGM Resorts International were worth $448,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wells Fargo & Company MN grew its holdings in MGM Resorts International by 2.3% during the 4th quarter. Wells Fargo & Company MN now owns 1,669,597 shares of the company’s stock worth $55,982,000 after acquiring an additional 37,269 shares during the last quarter. Provident Investment Management Inc. lifted its position in shares of MGM Resorts International by 0.5% during the fourth quarter. Provident Investment Management Inc. now owns 1,036,612 shares of the company’s stock worth $34,758,000 after purchasing an additional 5,239 shares in the last quarter. Heritage Wealth Management LLC grew its stake in shares of MGM Resorts International by 107.7% during the fourth quarter. Heritage Wealth Management LLC now owns 1,990 shares of the company’s stock valued at $67,000 after purchasing an additional 1,032 shares during the last quarter. ExodusPoint Capital Management LP increased its holdings in shares of MGM Resorts International by 898.7% in the fourth quarter. ExodusPoint Capital Management LP now owns 545,195 shares of the company’s stock valued at $18,280,000 after purchasing an additional 490,604 shares in the last quarter. Finally, Hosking Partners LLP increased its holdings in shares of MGM Resorts International by 3.0% in the fourth quarter. Hosking Partners LLP now owns 1,085,703 shares of the company’s stock valued at $36,404,000 after purchasing an additional 31,687 shares in the last quarter. 82.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 50,000 shares of the 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 transaction, the chief operating officer now owns 161,632 shares in the company, valued at approximately $7,179,693.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other MGM Resorts International news, COO Corey Ian Sanders sold 50,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 161,632 shares of the company’s stock, valued at approximately $7,179,693.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $41.31, for a total transaction of $413,100.00. Following the completion of the sale, the insider now owns 62,283 shares in the company, valued at $2,572,910.73. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 62,350 shares of company stock valued at $2,734,281. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Trading Down 0.6 %

NYSE:MGM opened at $41.33 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.19 and a quick ratio of 2.15. The business’s 50-day simple moving average is $42.62 and its 200-day simple moving average is $40.69. MGM Resorts International has a fifty-two week low of $26.41 and a fifty-two week high of $46.37. The stock has a market capitalization of $15.04 billion, a PE ratio of 8.83 and a beta of 2.07.

MGM Resorts International (NYSE:MGM – Get Rating) last announced its earnings results on Monday, May 1st. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.04 by $0.40. The firm had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $3.61 billion. MGM Resorts International had a net margin of 13.84% and a negative return on equity of 1.33%. The business’s quarterly revenue was up 36.6% on a year-over-year basis. During the same period last year, the company posted $0.01 EPS. Sell-side analysts expect that MGM Resorts International will post 1.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGM has been the topic of a number of recent research reports. Credit Suisse Group increased their price objective on MGM Resorts International from $68.00 to $75.00 in a research report on Tuesday, May 2nd. Truist Financial lifted their price objective on MGM Resorts International from $57.00 to $58.00 in a research report on Tuesday, May 2nd. Barclays upped their target price on shares of MGM Resorts International from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 21st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of MGM Resorts International from $53.00 to $58.00 in a research report on Wednesday, May 3rd. Finally, StockNews.com started coverage on shares of MGM Resorts International in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.59.

MGM Resorts International Company Profile

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MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.