MGM Resorts International (MGM) Director Buys $562,500.00 in Stock

MGM Resorts International (NYSE:MGM) Director Sean Charland bought 25,000 shares of the firm’s stock in a transaction on Wednesday, December 6th. The shares were bought at an average price of $22.50 per share, with a total value of $562,500.00.

MGM Resorts International (NYSE MGM) opened at $33.18 on Friday. The firm has a market cap of $18,784.46, a price-to-earnings ratio of 29.36, a P/E/G ratio of 7.54 and a beta of 1.44. The company has a quick ratio of 0.98, a current ratio of 1.02 and a debt-to-equity ratio of 1.26. MGM Resorts International has a 1-year low of $25.15 and a 1-year high of $34.65.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 11th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.33%. The ex-dividend date is Friday, December 8th. MGM Resorts International’s dividend payout ratio is currently 43.14%.

MGM Resorts International declared that its Board of Directors has authorized a stock repurchase program on Tuesday, September 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

A number of institutional investors have recently modified their holdings of MGM. Vanguard Group Inc. boosted its holdings in shares of MGM Resorts International by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 41,200,270 shares of the company’s stock valued at $1,289,156,000 after purchasing an additional 1,354,902 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of MGM Resorts International by 1.9% during the 2nd quarter. Capital Research Global Investors now owns 32,282,000 shares of the company’s stock valued at $1,010,104,000 after purchasing an additional 600,000 shares during the last quarter. Canyon Capital Advisors LLC boosted its holdings in shares of MGM Resorts International by 8.9% during the 2nd quarter. Canyon Capital Advisors LLC now owns 19,402,345 shares of the company’s stock valued at $607,099,000 after purchasing an additional 1,583,585 shares during the last quarter. State Street Corp boosted its holdings in shares of MGM Resorts International by 1.0% during the 2nd quarter. State Street Corp now owns 8,934,495 shares of the company’s stock valued at $279,564,000 after purchasing an additional 92,329 shares during the last quarter. Finally, PointState Capital LP bought a new position in shares of MGM Resorts International during the 2nd quarter valued at about $239,347,000. 83.01% of the stock is owned by institutional investors.

A number of equities research analysts have weighed in on MGM shares. Morgan Stanley set a $34.00 target price on shares of MGM Resorts International and gave the company a “buy” rating in a research note on Friday, October 13th. Deutsche Bank lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a research note on Monday, September 11th. Nomura decreased their target price on shares of MGM Resorts International from $38.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, November 1st. Roth Capital started coverage on shares of MGM Resorts International in a research note on Wednesday, October 25th. They set a “buy” rating and a $38.00 target price for the company. Finally, Zacks Investment Research lowered shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research note on Wednesday, October 18th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $36.50.

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MGM Resorts International Company Profile

MGM Resorts International is a holding company. The Company, through its subsidiaries, owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities.

Insider Buying and Selling by Quarter for MGM Resorts International (NYSE:MGM)

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