Truist Financial Corp acquired a new stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 15,213 shares of the company’s stock, valued at approximately $194,000.
Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 52.3% in the third quarter. BlackRock Inc. now owns 9,078,406 shares of the company’s stock valued at $60,190,000 after acquiring an additional 3,117,633 shares in the last quarter. State Street Corp boosted its holdings in shares of Melco Resorts & Entertainment by 6.8% in the first quarter. State Street Corp now owns 7,314,325 shares of the company’s stock valued at $55,881,000 after acquiring an additional 463,882 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Melco Resorts & Entertainment in the first quarter valued at about $38,248,000. Clearbridge Investments LLC boosted its holdings in shares of Melco Resorts & Entertainment by 31.8% in the first quarter. Clearbridge Investments LLC now owns 4,058,597 shares of the company’s stock valued at $31,008,000 after acquiring an additional 979,918 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in shares of Melco Resorts & Entertainment by 1.0% in the first quarter. New York State Common Retirement Fund now owns 2,837,064 shares of the company’s stock valued at $36,116,000 after acquiring an additional 27,981 shares in the last quarter. 39.82% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on MLCO shares. Credit Suisse Group raised shares of Melco Resorts & Entertainment from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $14.00 to $18.20 in a report on Tuesday, June 20th. Macquarie started coverage on shares of Melco Resorts & Entertainment in a report on Tuesday, July 18th. They set an “outperform” rating and a $16.30 price objective on the stock. StockNews.com downgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. VNET Group reissued a “downgrade” rating on shares of Melco Resorts & Entertainment in a report on Wednesday, June 28th. Finally, Bank of America downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a report on Tuesday, June 27th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.
Read Our Latest Report on MLCO
Melco Resorts & Entertainment Price Performance
Shares of NASDAQ MLCO opened at $11.26 on Tuesday. Melco Resorts & Entertainment Limited has a 12-month low of $4.72 and a 12-month high of $14.45. The company has a market capitalization of $5.01 billion, a PE ratio of -8.47 and a beta of 1.21. The firm’s 50-day moving average is $12.43 and its two-hundred day moving average is $12.43.
Melco Resorts & Entertainment (NASDAQ:MLCO – Get Free Report) last announced its quarterly earnings results on Tuesday, August 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.12. Melco Resorts & Entertainment had a negative net margin of 26.77% and a negative return on equity of 559.31%. The company had revenue of $947.94 million for the quarter, compared to the consensus estimate of $881.75 million.
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.
Recommended Stories
Want to see what other hedge funds are holding MLCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Melco Resorts & Entertainment, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Melco Resorts & Entertainment wasn’t on the list.
While Melco Resorts & Entertainment currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s guide to pot stock investing and which pot companies show the most promise.
Source: marketbeat.com
