Capital World Investors Raises Stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Capital World Investors raised its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,464,508 shares of the company’s stock after purchasing an additional 412,025 shares during the quarter. Capital World Investors owned 3.03% of Melco Resorts & Entertainment worth $97,079,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC purchased a new position in Melco Resorts & Entertainment during the fourth quarter valued at approximately $37,000. Russell Investments Group Ltd. bought a new stake in shares of Melco Resorts & Entertainment during the first quarter valued at approximately $56,000. Pitcairn Co. bought a new stake in shares of Melco Resorts & Entertainment during the first quarter valued at approximately $80,000. Greenleaf Trust bought a new stake in shares of Melco Resorts & Entertainment during the fourth quarter valued at approximately $92,000. Finally, Quadrant Capital Group LLC raised its position in shares of Melco Resorts & Entertainment by 15.4% during the fourth quarter. Quadrant Capital Group LLC now owns 10,368 shares of the company’s stock valued at $92,000 after buying an additional 1,386 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Wall Street Analyst Weigh In

MLCO has been the topic of several recent analyst reports. Bank of America reduced their price objective on shares of Melco Resorts & Entertainment from $10.40 to $8.50 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $8.30 to $9.60 in a research report on Monday, May 6th. Susquehanna reduced their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a research report on Monday, April 29th. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Finally, Citigroup boosted their price target on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Melco Resorts & Entertainment has a consensus rating of “Moderate Buy” and an average target price of $10.02.

Melco Resorts & Entertainment Trading Up 0.7 %

MLCO traded up $0.04 during trading hours on Friday, hitting $5.87. The company’s stock had a trading volume of 1,595,751 shares, compared to its average volume of 2,208,483. The business’s 50-day moving average price is $7.41 and its 200-day moving average price is $7.57. Melco Resorts & Entertainment Limited has a 12 month low of $5.67 and a 12 month high of $13.91. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of -13.98, a P/E/G ratio of 0.51 and a beta of 1.04.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter in the previous year, the business posted ($0.14) earnings per share. The business’s revenue was up 55.2% compared to the same quarter last year. On average, analysts forecast that Melco Resorts & Entertainment Limited will post 0.25 earnings per share for the current year.

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.