Wellington Management Group LLP Invests $5.38 Million in MGM Resorts International $MGM

by · The Markets Daily

Wellington Management Group LLP bought a new stake in MGM Resorts International (NYSE:MGM – Free Report) in the 2nd quarter, Holdings Channel reports. The fund bought 112,543 shares of the company’s stock, valued at approximately $5,381,000.

Other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after acquiring an additional 3,429,946 shares during the last quarter. Norges Bank purchased a new stake in shares of MGM Resorts International during the fourth quarter worth about $82,348,000. Samlyn Capital LLC acquired a new position in shares of MGM Resorts International in the third quarter worth about $62,787,000. Finally, Suvretta Capital Management LLC acquired a new position in shares of MGM Resorts International in the fourth quarter worth about $43,864,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and raised their price objective for the company from $42.00 to $55.00 in a research note on Wednesday, May 27th. Barclays upped their target price on MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $33.00 to $48.30 in a research report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price target 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. Finally, Morgan Stanley reaffirmed an “underweight” rating on shares of MGM Resorts International in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $53.37.

Read Our Latest Report on MGM Resorts International

MGM Resorts International Trading Down 0.3%

Shares of NYSE MGM opened at $40.63 on Thursday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The stock’s 50 day moving average price is $44.46 and its two-hundred day moving average price is $41.62. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The stock has a market capitalization of $10.22 billion, a P/E ratio of 24.62, a PEG ratio of 2.08 and a beta of 1.28.

MGM Resorts International (NYSE:MGM – Get Free Report) last issued its quarterly 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. The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.79 EPS. On average, analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

MGM Resorts International Company Profile

(Free Report)

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.

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