Canada Pension Plan Investment Board boosted its position in MGM Resorts International (NYSE:MGM) by 1,666.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 643,825 shares of the company’s stock after buying an additional 607,375 shares during the period. Canada Pension Plan Investment Board owned approximately 0.11% of MGM Resorts International worth $20,145,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc raised its stake in MGM Resorts International by 0.7% in the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after buying an additional 31 shares during the period. Toronto Dominion Bank raised its stake in MGM Resorts International by 28.0% in the first quarter. Toronto Dominion Bank now owns 5,020 shares of the company’s stock worth $138,000 after buying an additional 1,099 shares during the period. MUFG Americas Holdings Corp purchased a new stake in MGM Resorts International during the first quarter worth $198,000. Global X Management Co. LLC raised its stake in MGM Resorts International by 30.4% in the first quarter. Global X Management Co. LLC now owns 7,403 shares of the company’s stock worth $203,000 after buying an additional 1,724 shares during the period. Finally, Cigna Investments Inc. New purchased a new stake in MGM Resorts International during the second quarter worth $206,000. 74.10% of the stock is currently owned by institutional investors.
Shares of MGM Resorts International (NYSE:MGM) opened at 30.99 on Tuesday. The firm has a market capitalization of $17.83 billion, a P/E ratio of 18.35 and a beta of 1.48. The firm has a 50-day moving average of $32.22 and a 200 day moving average of $29.96. MGM Resorts International has a 52 week low of $23.38 and a 52 week high of $34.53.
MGM Resorts International (NYSE:MGM) last issued its earnings results on Thursday, July 27th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.03. MGM Resorts International had a net margin of 9.26% and a return on equity of 7.97%. The business had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, equities research analysts expect that MGM Resorts International will post $1.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, September 11th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s payout ratio is 26.04%.
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MGM has been the topic of a number of recent analyst reports. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b” rating in a research report on Friday, April 28th. Instinet reissued a “buy” rating and issued a $40.00 price objective (up from $35.00) on shares of MGM Resorts International in a research report on Monday, June 19th. BidaskClub lowered shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. Aegis reissued a “buy” rating on shares of MGM Resorts International in a research report on Sunday, April 23rd. Finally, Deutsche Bank AG increased their price objective on shares of MGM Resorts International from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eighteen have assigned a buy rating to the company. MGM Resorts International presently has an average rating of “Buy” and an average price target of $34.81.
In other news, Director Alexis Herman sold 3,745 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $32.51, for a total value of $121,749.95. Following the completion of the transaction, the director now owns 8,285 shares in the company, valued at approximately $269,345.35. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John Mcmanus sold 10,000 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $31.28, for a total transaction of $312,800.00. Following the completion of the transaction, the executive vice president now owns 46,917 shares of the company’s stock, valued at approximately $1,467,563.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 141,329 shares of company stock valued at $4,546,246. Company insiders own 12.20% of the company’s stock.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.
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