Prudential Financial Inc. Has $21.77 Million Position in MGM Resorts International (MGM)
Prudential Financial Inc. lifted its holdings in MGM Resorts International (NYSE:MGM) by 1,762.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 667,921 shares of the company’s stock after buying an additional 632,060 shares during the quarter. Prudential Financial Inc. owned 0.12% of MGM Resorts International worth $21,768,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the stock. Gamco Investors INC. ET AL boosted its stake in shares of MGM Resorts International by 70.8% in the third quarter. Gamco Investors INC. ET AL now owns 581,500 shares of the company’s stock valued at $18,951,000 after buying an additional 240,950 shares in the last quarter. State of Tennessee Treasury Department purchased a new stake in shares of MGM Resorts International in the third quarter valued at approximately $4,590,000. State of Wisconsin Investment Board boosted its stake in shares of MGM Resorts International by 6.3% in the third quarter. State of Wisconsin Investment Board now owns 432,146 shares of the company’s stock valued at $14,084,000 after buying an additional 25,773 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of MGM Resorts International in the third quarter valued at approximately $11,405,000. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in shares of MGM Resorts International by 17.1% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 70,749 shares of the company’s stock valued at $2,306,000 after buying an additional 10,350 shares in the last quarter. Hedge funds and other institutional investors own 76.63% of the company’s stock.
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MGM Resorts International (MGM) opened at $33.00 on Friday. MGM Resorts International has a 1-year low of $25.15 and a 1-year high of $34.65. The firm has a market capitalization of $18,620.29, a price-to-earnings ratio of 29.11, a PEG ratio of 7.47 and a beta of 1.42. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.02 and a quick ratio of 0.98.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 11th will be issued a $0.11 dividend. The ex-dividend date is Friday, December 8th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.33%. MGM Resorts International’s dividend payout ratio (DPR) is 43.14%.
MGM Resorts International declared that its board has approved a stock buyback plan on Tuesday, September 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 5.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
A number of analysts recently weighed in on MGM shares. Stifel Nicolaus restated a “buy” rating on shares of MGM Resorts International in a research note on Friday, September 1st. Roth Capital started coverage on MGM Resorts International in a research note on Wednesday, October 25th. They issued a “buy” rating and a $38.00 price target on the stock. Morgan Stanley set a $35.00 price target on MGM Resorts International and gave the company a “buy” rating in a research note on Friday, October 6th. Zacks Investment Research downgraded MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Finally, Deutsche Bank AG downgraded MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 price target on the stock. in a research note on Monday, September 11th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $36.50.
In other news, insider Robert Baldwin sold 61,600 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $32.56, for a total value of $2,005,696.00. Following the completion of the transaction, the insider now directly owns 70,049 shares of the company’s stock, valued at $2,280,795.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO James Murren sold 294,150 shares of the business’s stock in a transaction on Friday, September 8th. The stock was sold at an average price of $34.08, for a total value of $10,024,632.00. Following the completion of the transaction, the chief executive officer now directly owns 71,442 shares of the company’s stock, valued at $2,434,743.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 770,148 shares of company stock valued at $26,109,728. Insiders own 12.20% of the company’s stock.
MGM Resorts International 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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