Prosperity Financial Group Inc. Buys 986 Shares of MGM Resorts International (NYSE:MGM)

Prosperity Financial Group Inc. boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 8.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,062 shares of the company’s stock after acquiring an additional 986 shares during the period. Prosperity Financial Group Inc.’s holdings in MGM Resorts International were worth $472,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in MGM Resorts International in the second quarter valued at about $28,000. MidAtlantic Capital Management Inc. bought a new stake in shares of MGM Resorts International during the 3rd quarter worth approximately $28,000. Eastern Bank acquired a new stake in shares of MGM Resorts International during the 3rd quarter worth approximately $35,000. EverSource Wealth Advisors LLC increased its stake in MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 329 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.83% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM opened at $37.80 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The firm’s fifty day simple moving average is $38.64 and its two-hundred day simple moving average is $39.71. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The stock has a market capitalization of $11.25 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 2.70 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MGM shares. Susquehanna lifted their price target on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Morgan Stanley raised their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. UBS Group raised MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Finally, Wells Fargo & Company lowered their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.

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.