Point72 Asset Management L.P. Decreases Stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

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Point72 Asset Management L.P. cut its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 88.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 239,292 shares of the company’s stock after selling 1,829,399 shares during the period. Point72 Asset Management L.P.’s holdings in Melco Resorts & Entertainment were worth $4,645,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Usca Ria LLC purchased a new stake in Melco Resorts & Entertainment during the 3rd quarter valued at about $39,000. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in shares of Melco Resorts & Entertainment in the second quarter worth about $48,000. Tower Research Capital LLC TRC raised its stake in shares of Melco Resorts & Entertainment by 2,725.5% in the second quarter. Tower Research Capital LLC TRC now owns 2,882 shares of the company’s stock worth $62,000 after purchasing an additional 2,780 shares during the last quarter. Asahi Life Asset Management CO. LTD. acquired a new stake in shares of Melco Resorts & Entertainment during the second quarter worth about $98,000. Finally, Atlas Capital Advisors LLC acquired a new stake in shares of Melco Resorts & Entertainment during the second quarter worth about $139,000. 35.04% of the stock is currently owned by institutional investors.

Melco Resorts & Entertainment stock opened at $21.56 on Tuesday. The business’s 50-day moving average price is $21.61 and its 200 day moving average price is $21.27. The company has a quick ratio of 0.88, a current ratio of 0.89 and a debt-to-equity ratio of 1.37. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of 19.89, a price-to-earnings-growth ratio of 0.96 and a beta of 1.86. Melco Resorts & Entertainment Limited has a 52 week low of $16.50 and a 52 week high of $26.97.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.03). Melco Resorts & Entertainment had a net margin of 7.60% and a return on equity of 17.61%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm posted $0.05 earnings per share. The company’s revenue was up 16.4% compared to the same quarter last year. Equities analysts expect that Melco Resorts & Entertainment Limited will post 1.05 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 3.06%. The ex-dividend date was Thursday, November 7th. Melco Resorts & Entertainment’s dividend payout ratio (DPR) is 73.03%.

Several equities analysts recently weighed in on MLCO shares. UBS Group increased their price target on shares of Melco Resorts & Entertainment from $25.60 to $26.80 and gave the stock a “buy” rating in a report on Friday, September 13th. ValuEngine raised shares of Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research report on Monday, November 25th. Nomura restated a “buy” rating and set a $15.00 price objective on shares of Melco Resorts & Entertainment in a research note on Tuesday, August 13th. CLSA set a $26.00 price objective on shares of Melco Resorts & Entertainment and gave the company a “buy” rating in a report on Friday, September 6th. Finally, BidaskClub lowered shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Saturday, November 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $24.77.

Melco Resorts & Entertainment Company Profile

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.

Further Reading: Dow Jones Industrial Average (DJIA)

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Institutional Ownership by Quarter for Melco Resorts & Entertainment (NASDAQ:MLCO)

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