TD Asset Management Inc. Purchases 298,026 Shares of MGM Resorts International (NYSE:MGM)

TD Asset Management Inc. increased its position in MGM Resorts International (NYSE:MGM) by 16.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,157,770 shares of the company’s stock after buying an additional 298,026 shares during the period. TD Asset Management Inc.’s holdings in MGM Resorts International were worth $61,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Advisor Partners LLC raised its holdings in MGM Resorts International by 5.2% in the 1st quarter. Advisor Partners LLC now owns 10,136 shares of the company’s stock worth $260,000 after acquiring an additional 501 shares during the period. Oakbrook Investments LLC increased its holdings in shares of MGM Resorts International by 1.1% during the 2nd quarter. Oakbrook Investments LLC now owns 51,437 shares of the company’s stock worth $1,470,000 after purchasing an additional 550 shares during the period. Louisiana State Employees Retirement System increased its holdings in shares of MGM Resorts International by 2.3% during the 1st 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 during the period. Quadrant Capital Group LLC increased its holdings in shares of MGM Resorts International by 94.3% during the 1st quarter. Quadrant Capital Group LLC now owns 1,259 shares of the company’s stock worth $29,000 after purchasing an additional 611 shares during the period. Finally, Penserra Capital Management LLC increased its holdings in shares of MGM Resorts International by 18.8% during the 1st quarter. Penserra Capital Management LLC now owns 3,859 shares of the company’s stock worth $99,000 after purchasing an additional 611 shares during the period. Hedge funds and other institutional investors own 79.20% of the company’s stock.

Several research analysts have recently issued reports on MGM shares. Citigroup started coverage on shares of MGM Resorts International in a report on Wednesday, July 24th. They set a $23.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of MGM Resorts International from $31.00 to $32.00 and gave the stock an “equal weight” rating in a report on Friday, July 26th. JPMorgan Chase & Co. boosted their price objective on shares of MGM Resorts International from $33.00 to $37.00 and gave the stock an “in-line” rating in a report on Friday, July 26th. Susquehanna Bancshares began coverage on shares of MGM Resorts International in a report on Wednesday, July 24th. They set a “negative” rating and a $23.00 price objective on the stock. Finally, Bank of America cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $31.00.



In other news, Director Keith A. Meister purchased 209,136 shares of MGM Resorts International stock in a transaction on Thursday, June 27th. The shares were purchased at an average cost of $27.99 per share, for a total transaction of $5,853,716.64. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith A. Meister purchased 1,139,138 shares of MGM Resorts International stock in a transaction on Wednesday, June 5th. The stock was purchased at an average price of $25.82 per share, for a total transaction of $29,412,543.16. The disclosure for this purchase can be found here. In the last three months, insiders purchased 5,317,360 shares of company stock worth $140,880,100. 3.47% of the stock is currently owned by insiders.

NYSE MGM traded down $1.22 on Wednesday, reaching $27.64. The company’s stock had a trading volume of 296,711 shares, compared to its average volume of 6,821,627. The stock has a market capitalization of $15.05 billion, a price-to-earnings ratio of 28.26, a PEG ratio of 4.30 and a beta of 1.42. The company’s 50-day moving average price is $29.00. MGM Resorts International has a 52 week low of $21.61 and a 52 week high of $31.68. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.69 and a current ratio of 0.73.

MGM Resorts International (NYSE:MGM) last posted its earnings results 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 the consensus estimate of $3.21 billion. MGM Resorts International had a net margin of 1.56% and a return on equity of 3.77%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 EPS. As a group, equities analysts forecast that MGM Resorts International will post 0.84 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Tuesday, September 10th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $0.52 dividend on an annualized basis and a yield of 1.88%. MGM Resorts International’s payout ratio is currently 52.53%.

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.

See Also: Book Value Per Share in Stock Trading

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

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