On March 1, 2023 at 15:08:56 ET an unusually large $960.00K block of Call contracts in MGM Resorts International (MGM) was bought, with a strike price of $47.00 / share, expiring in 30 days (on March 31, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 2.73 sigmas above the mean, placing it in the 90.99 percentile of all recent large trades made in MGM options.
This trade was first picked up on Fintel’s real time Options Flow tool, where all large block option trades are tracked.
Analyst Price Forecast Suggests 19.85% Upside
As of February 28, 2023, the average one-year price target for MGM Resorts International is $51.55. The forecasts range from a low of $38.38 to a high of $70.35. The average price target represents an increase of 19.85% from its latest reported closing price of $43.01.
The projected annual revenue for MGM Resorts International is $13,904MM, an increase of 6.29%. The projected annual EPS is $0.83, a decrease of 76.46%.
What is the Fund Sentiment?
There are 1226 funds or institutions reporting positions in MGM Resorts International. This is an increase of 4 owner(s) or 0.33% in the last quarter. Average portfolio weight of all funds dedicated to MGM is 0.27%, an increase of 11.14%. Total shares owned by institutions decreased in the last three months by 4.09% to 280,783K shares. The put/call ratio of MGM is 1.09, indicating a bearish outlook.
What are large shareholders doing?
T. Rowe Price Investment Management holds 21,276K shares representing 5.69% ownership of the company. In it’s prior filing, the firm reported owning 18,178K shares, representing an increase of 14.56%. The firm increased its portfolio allocation in MGM by 26.83% over the last quarter.
RPMGX – T. Rowe Price Mid-Cap Growth Fund holds 10,500K shares representing 2.81% ownership of the company. In it’s prior filing, the firm reported owning 8,984K shares, representing an increase of 14.43%. The firm increased its portfolio allocation in MGM by 24.88% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 9,374K shares representing 2.51% ownership of the company. In it’s prior filing, the firm reported owning 10,030K shares, representing a decrease of 7.01%. The firm increased its portfolio allocation in MGM by 0.00% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 7,397K shares representing 1.98% ownership of the company. In it’s prior filing, the firm reported owning 7,820K shares, representing a decrease of 5.71%. The firm increased its portfolio allocation in MGM by 0.42% over the last quarter.
VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 7,244K shares representing 1.94% ownership of the company. In it’s prior filing, the firm reported owning 7,844K shares, representing a decrease of 8.28%. The firm decreased its portfolio allocation in MGM by 0.87% over the last quarter.
MGM Resorts International Background Information
(This description is provided by the company.)
MGM Resorts International is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 29 unique hotel and destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company’s 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its ‘Focused on What Matters: Embracing Humanity and Protecting the Planet’ initiative, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®.
This article originally appeared on Fintel
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