Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives $9.82 Consensus PT from Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been given an average rating of “Moderate Buy” by the five analysts that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $9.82.

A number of equities research analysts recently issued reports on MLCO shares. Bank of America lowered their price objective on 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. downgraded Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $10.00 to $7.00 in a research report on Thursday, July 18th.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ:MLCO opened at $6.77 on Monday. Melco Resorts & Entertainment has a 1 year low of $4.78 and a 1 year high of $9.56. The business has a fifty day moving average price of $6.61 and a two-hundred day moving average price of $6.81.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.05). The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The firm’s revenue was up 22.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.02) EPS. As a group, sell-side analysts anticipate that Melco Resorts & Entertainment will post 0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its holdings in Melco Resorts & Entertainment by 22.6% in the 1st quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock worth $154,728,000 after buying an additional 3,958,998 shares in the last quarter. Invenomic Capital Management LP purchased a new position in shares of Melco Resorts & Entertainment in the 1st quarter worth $15,963,000. Coronation Fund Managers Ltd. grew its holdings in shares of Melco Resorts & Entertainment by 16.2% in the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock worth $115,636,000 after acquiring an additional 2,166,524 shares during the period. Eminence Capital LP increased its position in Melco Resorts & Entertainment by 14.0% during the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock valued at $130,565,000 after acquiring an additional 2,154,509 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Melco Resorts & Entertainment by 92.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,216,700 shares of the company’s stock valued at $15,982,000 after acquiring an additional 1,066,600 shares during the period. 39.62% of the stock is owned by institutional investors.

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.