TIAA CREF Investment Management LLC decreased its stake in shares of MGM Resorts International (NYSE:MGM) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,749,559 shares of the company’s stock after selling 221,518 shares during the period. TIAA CREF Investment Management LLC owned approximately 1.17% of MGM Resorts International worth $211,194,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of MGM. IFP Advisors Inc increased its position in shares of MGM Resorts International by 0.7% during the first quarter. IFP Advisors Inc now owns 4,558 shares of the company’s stock worth $125,000 after acquiring an additional 31 shares in the last quarter. Canada Pension Plan Investment Board grew its position in MGM Resorts International by 30.0% in the first quarter. Canada Pension Plan Investment Board now owns 36,450 shares of the company’s stock valued at $999,000 after purchasing an additional 8,410 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in MGM Resorts International by 142.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 31,524 shares of the company’s stock valued at $892,000 after purchasing an additional 18,512 shares in the last quarter. Xact Kapitalforvaltning AB grew its position in MGM Resorts International by 8.1% in the first quarter. Xact Kapitalforvaltning AB now owns 33,624 shares of the company’s stock valued at $921,000 after purchasing an additional 2,519 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its position in MGM Resorts International by 2.1% in the first quarter. Pictet Asset Management Ltd. now owns 155,050 shares of the company’s stock valued at $4,248,000 after purchasing an additional 3,200 shares in the last quarter. 75.22% of the stock is owned by institutional investors.

In other MGM Resorts International news, CFO Daniel D’arrigo sold 30,318 shares of the stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $34.12, for a total transaction of $1,034,450.16. Following the transaction, the chief financial officer now directly owns 212,467 shares in the company, valued at $7,249,374.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James Murren sold 57,269 shares of the stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $33.05, for a total transaction of $1,892,740.45. Following the transaction, the chief executive officer now owns 1,231,611 shares in the company, valued at $40,704,743.55. The disclosure for this sale can be found here. Insiders have sold 819,831 shares of company stock worth $27,686,927 over the last quarter. Company insiders own 12.20% of the company’s stock.

A number of analysts have commented on MGM shares. Instinet reiterated a “buy” rating and issued a $40.00 price target (up previously from $35.00) on shares of MGM Resorts International in a research note on Monday, June 19th. BidaskClub cut shares of MGM Resorts International from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, August 1st. Deutsche Bank AG reiterated a “buy” rating and issued a $36.00 price objective (up previously from $34.00) on shares of MGM Resorts International in a research note on Sunday, July 30th. UBS AG reiterated a “buy” rating on shares of MGM Resorts International in a research note on Monday, July 10th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eighteen have issued a buy rating to the stock. MGM Resorts International has a consensus rating of “Buy” and a consensus price target of $35.12.

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MGM Resorts International (MGM) traded down 0.534% during midday trading on Wednesday, reaching $32.575. 981,223 shares of the company traded hands. The company has a market capitalization of $18.74 billion, a price-to-earnings ratio of 19.287 and a beta of 1.48. The stock’s 50 day moving average is $32.20 and its 200 day moving average is $30.49. MGM Resorts International has a one year low of $24.64 and a one year high of $34.65.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.67 billion. During the same period last year, the business earned $0.29 earnings per share. The business’s quarterly revenue was up 16.4% on a year-over-year basis. On average, equities analysts anticipate that MGM Resorts International will post $1.29 earnings per share for the current year.

MGM Resorts International declared that its Board of Directors has initiated a stock repurchase program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 5.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, September 11th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date of this dividend is Friday, September 8th. MGM Resorts International’s payout ratio is currently 26.04%.

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

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