Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been given a consensus rating of “Buy” by the five analysts that are presently covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a buy rating. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $12.26.

MLCO has been the topic of several recent research reports. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $8.30 to $9.60 in a report on Monday, May 6th. Bank of America raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and raised their price target for the stock from $7.50 to $10.40 in a report on Wednesday, May 29th. Citigroup raised their price target on Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Finally, Susquehanna cut their price target on Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a report on Monday, April 29th.

Melco Resorts & Entertainment Trading Down 5.9 %

Shares of MLCO opened at $7.02 on Tuesday. The firm has a market cap of $3.12 billion, a price-to-earnings ratio of -16.71, a PEG ratio of 0.52 and a beta of 1.08. The stock has a 50 day moving average of $7.74 and a 200-day moving average of $7.87. Melco Resorts & Entertainment has a 52 week low of $6.10 and a 52 week high of $13.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.02 by $0.02. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.11 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The business’s revenue was up 55.2% on a year-over-year basis. During the same quarter last year, the firm earned ($0.14) EPS. On average, sell-side analysts predict that Melco Resorts & Entertainment will post 0.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Several hedge funds have recently modified their holdings of the company. ARGA Investment Management LP increased its position in shares of Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock valued at $211,514,000 after purchasing an additional 1,695,442 shares during the period. Capital Research Global Investors increased its position in shares of Melco Resorts & Entertainment by 22.6% during the 1st quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock valued at $154,728,000 after purchasing an additional 3,958,998 shares during the period. Capital World Investors grew its holdings in shares of Melco Resorts & Entertainment by 3.2% in the 1st quarter. Capital World Investors now owns 13,464,508 shares of the company’s stock worth $97,079,000 after acquiring an additional 412,025 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in shares of Melco Resorts & Entertainment by 7.9% in the 1st quarter. Coronation Fund Managers Ltd. now owns 13,334,341 shares of the company’s stock worth $96,141,000 after acquiring an additional 974,968 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Melco Resorts & Entertainment by 6.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock worth $50,696,000 after acquiring an additional 366,031 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

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.