5 Best Seasonal Stocks To Buy Now

3. MGM Resorts International (NYSE:MGM)

Number of Hedge Fund Holders: 53

MGM Resorts International (NYSE:MGM) is based in Las Vegas, Nevada, and the company owns and operates casino, hotel, and entertainment resorts in the United States and Macau. It operates through three segments – Las Vegas Strip Resorts, Regional Operations, and MGM China. MGM Resorts International (NYSE:MGM) is one of the leading seasonal stocks to invest in, as tourism and demand for resorts surges during the holidays. 

On December 5, Truist analyst Barry Jonas upgraded MGM Resorts International (NYSE:MGM) to Buy from Hold with a price target of $50, up from $40. The analyst stated that he had previously been more cautious with bear-case macro risks related to the Strip and destination markets, but he also expects relative outperformance in 2023 on the Strip’s strong event calendar and returning midweek business travel. 

According to Insider Monkey’s data, 53 hedge funds were long MGM Resorts International (NYSE:MGM) at the end of September 2022, compared to 46 funds in the last quarter. Keith Meister’s Corvex Capital is the largest stakeholder of the company, with 6.6 million shares worth $198.3 million. 

Baron Funds made the following comment about MGM Resorts International (NYSE:MGM) in its Q3 2022 investor letter:

“MGM Resorts International (NYSE:MGM) is a leading global casino and entertainment company with 29 unique hotels and casinos including some of the most recognizable resort brands such as Bellagio, MGM Grand, ARIA, and Park MGM. At its recent price of only $30 per share, we believe MGM’s valuation is compelling at only 6 times 2023 estimated cash flow.”

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