Tyche Wealth Partners LLC Acquires Shares of 8,080 MGM Resorts International (NYSE:MGM)

Tyche Wealth Partners LLC bought a new position in shares of MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 8,080 shares of the company’s stock, valued at approximately $361,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Tyler Stone Wealth Management bought a new stake in MGM Resorts International during the 2nd quarter worth approximately $26,000. Mendota Financial Group LLC bought a new stake in shares of MGM Resorts International during the third quarter worth $27,000. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the third quarter worth $28,000. CVA Family Office LLC bought a new stake in MGM Resorts International in the 4th quarter valued at $28,000. Finally, ICA Group Wealth Management LLC acquired a new position in MGM Resorts International in the 4th quarter worth $28,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM opened at $42.03 on Thursday. The company’s 50-day moving average is $44.08 and its 200-day moving average is $41.86. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.57 and a quick ratio of 1.53. The firm has a market capitalization of $13.32 billion, a PE ratio of 13.26, a PEG ratio of 1.72 and a beta of 2.19. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Tuesday, February 13th. The company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.39. MGM Resorts International had a net margin of 7.07% and a return on equity of 20.51%. The firm had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.14 billion. During the same period in the prior year, the firm earned $0.69 EPS. The business’s revenue was up 21.8% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post 2.51 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on MGM. JMP Securities reissued a “market outperform” rating and issued a $57.00 price target on shares of MGM Resorts International in a research note on Wednesday, February 14th. Barclays reduced their price target on MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. JPMorgan Chase & Co. lifted their price objective on shares of MGM Resorts International from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. Bank Of America (Bofa) increased their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Finally, StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.34.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 325,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the sale, the director now directly owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a filing with the SEC, which is available at this link. 2.13% of the stock is owned by insiders.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.