Melco Resorts & Entertainment Limited $MLCO Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Melco Resorts & Entertainment by 21.5% during the first quarter, owning a total of 429,131 shares valued at approximately $2.26 million.
• Several other institutional investors have also made significant moves, with US Bancorp DE growing its holdings by 294.1% and GAMMA Investing LLC increasing its stake by 88.1% during the same period.
• Melco Resorts reported earnings of $0.23 per share, surpassing analysts' expectations, and its revenue of $1.33 billion exceeded forecasts of $1.20 billion, marking a 14.5% year-over-year increase.

Charles Schwab Investment Management Inc. increased its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 21.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 429,131 shares of the company's stock after acquiring an additional 75,935 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.10% of Melco Resorts & Entertainment worth $2,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ARGA Investment Management LP raised its stake in Melco Resorts & Entertainment by 0.4% in the 1st quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company's stock worth $156,840,000 after acquiring an additional 108,529 shares during the last quarter. Eminence Capital LP raised its stake in Melco Resorts & Entertainment by 22.1% in the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after acquiring an additional 1,402,619 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Melco Resorts & Entertainment by 1.4% in the 4th quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company's stock worth $35,211,000 after acquiring an additional 83,268 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Melco Resorts & Entertainment by 206.5% in the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock worth $11,633,000 after acquiring an additional 1,353,617 shares during the last quarter. Finally, Man Group plc purchased a new position in Melco Resorts & Entertainment in the 4th quarter worth $3,824,000. Hedge funds and other institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Stock Up 0.8%

Shares of NASDAQ:MLCO traded up $0.08 during trading on Wednesday, reaching $10.08. 1,129,957 shares of the company's stock traded hands, compared to its average volume of 3,854,374. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.55 and a fifty-two week high of $10.13. The firm has a market cap of $4.23 billion, a PE ratio of 77.54 and a beta of 0.77. The company has a 50-day simple moving average of $8.78 and a 200-day simple moving average of $6.76.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.14. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.The company had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.20 billion. During the same period in the previous year, the firm posted $0.05 EPS. Melco Resorts & Entertainment's revenue was up 14.5% compared to the same quarter last year. On average, equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

MLCO has been the subject of a number of research analyst reports. Wall Street Zen upgraded Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Susquehanna lifted their price objective on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a "positive" rating in a research note on Wednesday, July 30th. Citigroup lifted their price objective on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a "buy" rating in a research note on Friday, August 1st. Bank of America lifted their price objective on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $7.20 to $9.50 in a research note on Tuesday, July 1st. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $8.15.

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.