Coronation Fund Managers Ltd. increased its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 15.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,072,483 shares of the company's stock after acquiring an additional 1,705,872 shares during the period. Melco Resorts & Entertainment makes up 5.6% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 4th largest position. Coronation Fund Managers Ltd. owned about 2.95% of Melco Resorts & Entertainment worth $101,835,000 as of its most recent filing with the SEC.
Several other hedge funds have also modified their holdings of MLCO. Ridgewood Investments LLC acquired a new stake in shares of Melco Resorts & Entertainment in the second quarter worth approximately $42,000. Blue Trust Inc. lifted its position in Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company's stock valued at $53,000 after buying an additional 5,191 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Melco Resorts & Entertainment during the first quarter valued at approximately $56,000. Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment during the second quarter valued at approximately $56,000. Finally, Pitcairn Co. acquired a new position in Melco Resorts & Entertainment during the first quarter valued at approximately $80,000. 39.62% of the stock is owned by institutional investors and hedge funds.
Melco Resorts & Entertainment Price Performance
Shares of NASDAQ MLCO remained flat at $6.72 during trading on Friday. 1,873,401 shares of the stock were exchanged, compared to its average volume of 2,562,112. The business's fifty day moving average price is $6.56 and its 200-day moving average price is $6.80. Melco Resorts & Entertainment Limited has a twelve month low of $4.78 and a twelve month high of $9.56. The company has a market cap of $2.98 billion, a P/E ratio of -21.00, a price-to-earnings-growth ratio of 0.78 and a beta of 1.07.
Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its earnings results on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the firm posted ($0.02) earnings per share. The company's revenue for the quarter was up 22.3% on a year-over-year basis. Equities analysts anticipate that Melco Resorts & Entertainment Limited will post 0.21 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the stock. Bank of America reduced their price target on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating on the stock in a research report on Monday, August 12th. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of "Moderate Buy" and an average target price of $9.82.
Get Our Latest Stock Report on MLCO
Melco Resorts & Entertainment Profile
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Free Report)
Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.
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