Proficio Capital Partners LLC Purchases Shares of 59,252 MGM Resorts International (NYSE:MGM)

Proficio Capital Partners LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 59,252 shares of the company's stock, valued at approximately $2,053,000.

A number of other large investors also recently modified their holdings of MGM. Charles Schwab Investment Management Inc. lifted its stake in MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock valued at $79,110,000 after purchasing an additional 38,749 shares during the last quarter. Goldentree Asset Management LP lifted its stake in MGM Resorts International by 86.4% in the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company's stock valued at $117,270,000 after purchasing an additional 1,390,599 shares during the last quarter. ACR Alpine Capital Research LLC lifted its stake in MGM Resorts International by 23.3% in the 4th quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock valued at $5,613,000 after purchasing an additional 30,605 shares during the last quarter. Miracle Mile Advisors LLC acquired a new stake in MGM Resorts International in the 4th quarter valued at about $2,010,000. Finally, Assenagon Asset Management S.A. lifted its stake in MGM Resorts International by 80.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company's stock valued at $12,411,000 after purchasing an additional 159,522 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several brokerages recently issued reports on MGM. Argus upgraded shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Friday, February 14th. Truist Financial cut their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. BTIG Research downgraded shares of MGM Resorts International from a "buy" rating to a "neutral" rating in a research report on Monday, February 3rd. Macquarie restated an "outperform" rating and set a $50.00 price objective on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Citigroup raised their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average price target of $51.29.

Insider Activity

In related news, CAO Todd Meinert sold 6,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company's stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.13% of the company's stock.

MGM Resorts International Stock Down 3.4 %

Shares of MGM traded down $1.11 on Friday, reaching $31.42. The company's stock had a trading volume of 13,130,243 shares, compared to its average volume of 4,235,959. MGM Resorts International has a twelve month low of $29.99 and a twelve month high of $48.25. The firm has a fifty day moving average of $34.02 and a 200-day moving average of $36.07. The stock has a market capitalization of $8.97 billion, a PE ratio of 13.09, a PEG ratio of 0.98 and a beta of 2.18. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. Equities analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International 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.