Legal & General Group Plc Acquires Shares of 346,589 MGM Resorts International $MGM

Legal & General Group Plc bought a new position in MGM Resorts International (NYSE:MGM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 346,589 shares of the company’s stock, valued at approximately $16,570,000.

Several other large investors have also modified their holdings of the stock. Whittier Trust Co. grew its stake in MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock worth $405,000 after purchasing an additional 262 shares in the last quarter. Global Retirement Partners LLC grew its position in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after acquiring an additional 281 shares in the last quarter. Tema ETFs LLC increased its holdings in shares of MGM Resorts International by 10.6% in the 2nd quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock valued at $144,000 after acquiring an additional 290 shares during the last quarter. Brown Brothers Harriman & Co. raised its position in shares of MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after acquiring an additional 355 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in MGM Resorts International by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock worth $2,218,000 after purchasing an additional 397 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

MGM opened at $42.39 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The business’s 50 day moving average is $45.53 and its 200-day moving average is $41.30. The stock has a market cap of $10.66 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 2.16 and a beta of 1.31. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59.

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Susquehanna boosted 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 note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. The Goldman Sachs Group restated a “sell” rating and issued a $43.00 target price on shares of MGM Resorts International in a research note on Wednesday, July 15th. Argus increased their price target on MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Finally, Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.37.

MGM Resorts International Company Profile

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.