Coronation Fund Managers Ltd. Has $56.12 Million Stake in Melco Resorts & Entertainment Limited $MLCO

Key Points

• Coronation Fund Managers Ltd. has reduced its stake in Melco Resorts & Entertainment by 27.6%, owning 7,762,386 shares worth approximately $56.12 million, making it the fund's 9th largest position.
• A variety of institutional investors are actively trading Melco's stock, with notable moves including Nuveen LLC and Goldman Sachs increasing their positions significantly during the first quarter.
• Melco Resorts & Entertainment reported a quarterly earnings beat with $0.23 earnings per share, exceeding expectations, and achieved a revenue of $1.33 billion, up 14.5% year-over-year.

Coronation Fund Managers Ltd. reduced its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 27.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,762,386 shares of the company's stock after selling 2,965,481 shares during the quarter. Melco Resorts & Entertainment comprises approximately 3.0% of Coronation Fund Managers Ltd.'s holdings, making the stock its 9th largest position. Coronation Fund Managers Ltd. owned 1.85% of Melco Resorts & Entertainment worth $56,122,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MLCO. Nuveen LLC bought a new position in Melco Resorts & Entertainment during the 1st quarter worth $31,946,000. Brightlight Capital Management LP bought a new position in Melco Resorts & Entertainment during the 1st quarter worth $15,141,000. National Bank of Canada FI grew its stake in Melco Resorts & Entertainment by 18,441,414.3% during the 1st quarter. National Bank of Canada FI now owns 1,290,906 shares of the company's stock worth $6,803,000 after buying an additional 1,290,899 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Melco Resorts & Entertainment during the 1st quarter worth $6,461,000. Finally, Goldman Sachs Group Inc. grew its stake in Melco Resorts & Entertainment by 16.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company's stock worth $31,700,000 after buying an additional 846,504 shares during the last quarter. 39.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MLCO has been the subject of a number of recent research reports. Citigroup upped their price objective on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a "buy" rating in a research note on Friday, August 1st. CLSA upgraded Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating in a research report on Wednesday, September 3rd. Weiss Ratings reiterated a "sell (d)" rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. Finally, Wall Street Zen lowered Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a research report on Friday, September 26th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $8.15.

Melco Resorts & Entertainment Stock Up 0.9%

Shares of MLCO stock opened at $7.95 on Tuesday. The stock has a 50-day simple moving average of $9.14 and a 200 day simple moving average of $7.60. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.55 and a fifty-two week high of $10.15. The stock has a market capitalization of $3.34 billion, a P/E ratio of 61.16 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, beating 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 business had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.20 billion. During the same quarter last year, the business posted $0.05 earnings per share. The company's quarterly revenue was up 14.5% on a year-over-year basis. On average, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

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.

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