Proficio Capital Partners LLC Invests $2.05 Million in MGM Resorts International (NYSE:MGM)

Proficio Capital Partners LLC purchased a new stake in MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 59,252 shares of the company’s stock, valued at approximately $2,053,000.

Several other large investors have also recently bought and sold shares of MGM. Fisher Asset Management LLC lifted its holdings in shares of MGM Resorts International by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after buying an additional 90,645 shares in the last quarter. Goldentree Asset Management LP increased its position in MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock worth $117,270,000 after acquiring an additional 1,390,599 shares during the period. HG Vora Capital Management LLC acquired a new stake in MGM Resorts International in the 3rd quarter worth about $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in MGM Resorts International by 5.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock valued at $89,832,000 after purchasing an additional 123,124 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after purchasing an additional 38,749 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $32.17 per share, for a total transaction of $321,700.00. Following 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is owned by corporate insiders.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $32.69 on Thursday. The business has a 50 day moving average of $34.03 and a 200-day moving average of $36.14. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 1 year low of $29.99 and a 1 year high of $48.25. The company has a market capitalization of $9.33 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Barclays reiterated an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. JMP Securities reiterated a “market outperform” rating and set a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, February 13th. Morgan Stanley raised their price target on MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Monday, February 24th. Citigroup increased 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 note on Thursday, February 13th. Finally, Canaccord Genuity Group restated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.29.

About MGM Resorts International

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.