Here’s Where MGM Resorts International (MGM) Stands Now
Investment management company Cove Street Capital recently released its “Small Cap Value Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. On a relative and absolute basis, the fund continued its solid upward movement in the second quarter and returned 14.8% compared to 5.21% for the Russell 2000 Index and 3.18% for the Russell 2000 Value Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Cove Street Capital highlighted stocks like MGM Resorts International (NYSE:MGM) in the second quarter 2023 investor letter. Headquartered in Las Vegas, Nevada, MGM Resorts International (NYSE:MGM) owns and operates casino, hotel, and entertainment resorts. On July 12, 2023, MGM Resorts International (NYSE:MGM) stock closed at $47.06 per share. One-month return of MGM Resorts International (NYSE:MGM) was 7.34%, and its shares gained 62.05% of their value over the last 52 weeks. MGM Resorts International (NYSE:MGM) has a market capitalization of $ 17.542 billion.
Cove Street Capital made the following comment about MGM Resorts International (NYSE:MGM) in its second quarter 2023 investor letter:
"As CEO Joey Levin pointed out in his Q1 quarterly letter, IAC traded at an enterprise value below its 18% stake in MGM Resorts International (NYSE:MGM) and 85% position in Angi (Ticker; ANGI)…meaning you effectively “get” 31% of Turo, the equity of publishing giant DotDash Meredith, Care.com, Vivian Health, and other IAC companies for “free”. MGM is seeing continued strength at its Vegas properties and now has the tailwind of China’s domestic re-opening for its Macau properties. This is one of our largest positions, and we remain confident in this portfolio of businesses and IAC’s ability to allocate capital."
MGM Resorts International (NYSE:MGM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 54 hedge fund portfolios held MGM Resorts International (NYSE:MGM) at the end of first quarter which was 48 in the previous quarter.
We discussed MGM Resorts International (NYSE:MGM) in another article and shared Baron Real Estate Fund’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
