Bank of America Corp DE Purchases 367,652 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Bank of America Corp DE grew its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 133.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 642,726 shares of the company's stock after buying an additional 367,652 shares during the period. Bank of America Corp DE owned 0.15% of Melco Resorts & Entertainment worth $3,721,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Patriot Financial Group Insurance Agency LLC bought a new stake in Melco Resorts & Entertainment in the fourth quarter worth $58,000. Wealthspire Advisors LLC purchased a new stake in Melco Resorts & Entertainment in the fourth quarter worth about $145,000. Tower Research Capital LLC TRC grew its holdings in Melco Resorts & Entertainment by 546.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 26,460 shares of the company's stock worth $153,000 after acquiring an additional 22,370 shares in the last quarter. Virtu Financial LLC purchased a new position in Melco Resorts & Entertainment during the 4th quarter valued at about $167,000. Finally, Invesco Ltd. raised its holdings in shares of Melco Resorts & Entertainment by 216.2% in the 4th quarter. Invesco Ltd. now owns 31,745 shares of the company's stock valued at $184,000 after purchasing an additional 21,707 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MLCO has been the subject of several analyst reports. Citigroup raised shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price target for the company in a research report on Thursday, April 10th. Bank of America boosted their target price on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. upped their price objective on shares of Melco Resorts & Entertainment from $6.50 to $7.20 and gave the company a "neutral" rating in a report on Monday. Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and reduced their price target for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. Finally, UBS Group downgraded Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target for the company. in a report on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $6.73.

Melco Resorts & Entertainment Stock Performance

MLCO traded down $0.08 on Wednesday, reaching $6.18. 449,760 shares of the company's stock were exchanged, compared to its average volume of 3,678,279. The company has a market cap of $2.59 billion, a price-to-earnings ratio of -28.01, a PEG ratio of 0.63 and a beta of 0.71. Melco Resorts & Entertainment Limited has a twelve month low of $4.55 and a twelve month high of $8.90. The company's 50 day moving average is $5.50 and its 200-day moving average is $5.74.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative return on equity of 16.35% and a negative net margin of 2.04%. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the firm earned $0.04 earnings per share. The company's revenue was up 10.8% on a year-over-year basis. Sell-side analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 EPS 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.