Corient Private Wealth LP Buys New Shares in MGM Resorts International $MGM

Corient Private Wealth LP bought a new position in shares of MGM Resorts International (NYSE:MGM) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 271,950 shares of the company’s stock, valued at approximately $13,009,000.

A number of other hedge funds also recently modified their holdings of the company. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter worth approximately $25,000. Global Retirement Partners LLC raised its stake in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares in the last quarter. International Assets Investment Management LLC bought a new position in MGM Resorts International in the first quarter worth $30,000. Optiver Holding B.V. bought a new position in MGM Resorts International in the first quarter worth $35,000. Finally, Elyxium Wealth LLC acquired a new stake in MGM Resorts International during the fourth quarter worth $42,000. Institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of several analyst reports. Citigroup boosted their price target on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, July 2nd. Susquehanna lifted their target price on shares of MGM Resorts International from $52.00 to $53.00 and gave the company a “positive” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. upped their target price on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Deutsche Bank Aktiengesellschaft upped 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 note on Tuesday, June 2nd. Finally, UBS Group set a $48.00 price target on shares of MGM Resorts International in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.37.

MGM Resorts International Trading Down 1.3%

Shares of MGM opened at $42.39 on Friday. The stock has a fifty day moving average price of $45.53 and a two-hundred day moving average price of $41.28. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.16 and a beta of 1.31. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same period last year, the company posted $0.79 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. Analysts predict that MGM Resorts International will post 1.96 EPS for the current fiscal 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.