Coronation Fund Managers Ltd. Acquires New Position in MGM Resorts International (NYSE:MGM)

Coronation Fund Managers Ltd. acquired a new stake in shares of MGM Resorts International (NYSE:MGM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 190,480 shares of the company’s stock, valued at approximately $5,442,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Thrivent Financial for Lutherans boosted its stake in shares of MGM Resorts International by 1.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 21,903 shares of the company’s stock worth $531,000 after acquiring an additional 386 shares during the period. Advisor Partners LLC raised its holdings in shares of MGM Resorts International by 5.2% in the first quarter. Advisor Partners LLC now owns 10,136 shares of the company’s stock worth $260,000 after buying an additional 501 shares during the period. Oakbrook Investments LLC raised its holdings in shares of MGM Resorts International by 1.1% in the second quarter. Oakbrook Investments LLC now owns 51,437 shares of the company’s stock worth $1,470,000 after buying an additional 550 shares during the period. Louisiana State Employees Retirement System grew its stake in MGM Resorts International by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 26,900 shares of the company’s stock worth $690,000 after purchasing an additional 600 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its stake in MGM Resorts International by 94.3% in the first quarter. Quadrant Capital Group LLC now owns 1,259 shares of the company’s stock worth $29,000 after purchasing an additional 611 shares in the last quarter. 79.37% of the stock is currently owned by institutional investors.

Several brokerages recently issued reports on MGM. ValuEngine raised MGM Resorts International from a “hold” rating to a “buy” rating in a research note on Sunday, July 28th. Nomura increased their price objective on MGM Resorts International from $36.00 to $37.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Bank of America cut MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Friday. JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $33.00 to $37.00 and gave the stock an “in-line” rating in a research note on Friday, July 26th. Finally, Citigroup began coverage on MGM Resorts International in a research note on Wednesday, July 24th. They issued a $23.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $31.55.

Shares of MGM Resorts International stock traded down $0.59 during trading on Monday, reaching $28.06. The company’s stock had a trading volume of 131,588 shares, compared to its average volume of 5,398,662. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.69 and a current ratio of 0.73. The stock has a market capitalization of $15.39 billion, a P/E ratio of 28.30, a price-to-earnings-growth ratio of 4.61 and a beta of 1.42. MGM Resorts International has a 1-year low of $21.61 and a 1-year high of $31.68. The company has a 50-day moving average price of $28.82.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Thursday, July 25th. The company reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.02). The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. MGM Resorts International had a return on equity of 3.77% and a net margin of 1.56%. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.26 EPS. As a group, equities analysts predict that MGM Resorts International will post 0.83 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Tuesday, September 10th will be given a $0.13 dividend. The ex-dividend date is Monday, September 9th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.85%. MGM Resorts International’s payout ratio is 52.53%.

In other news, Director Keith A. Meister bought 2,874,578 shares of MGM Resorts International stock in a transaction that occurred on Friday, June 7th. The stock was bought at an average price of $26.18 per share, for a total transaction of $75,256,452.04. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Keith A. Meister bought 1,139,138 shares of MGM Resorts International stock in a transaction that occurred on Wednesday, June 5th. The stock was purchased at an average price of $25.82 per share, with a total value of $29,412,543.16. The disclosure for this purchase can be found here. Insiders bought a total of 6,117,360 shares of company stock valued at $161,200,100 in the last three months. Insiders own 3.47% of the company’s stock.

MGM Resorts International Profile

MGM Resorts International, through its subsidiaries, owns and operates integrated casino, hotel, and entertainment resorts in the United States and Macau. 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.

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

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