Coronation Fund Managers Ltd. Purchases 231,305 Shares of Melco Resorts & Entertainment Limited $MLCO

Key Points

• Coronation Fund Managers increased its stake in Melco Resorts (NASDAQ:MLCO) by 231,305 shares in Q4, bringing its holding to 8,335,219 shares (about 1.99% of the company) worth roughly $63.1 million and making MLCO its 10th largest position (≈2.8% of its portfolio).
• Analyst sentiment has tilted positive with recent upgrades from firms like Wall Street Zen, UBS and Texas Capital; the stock's consensus rating is a "Moderate Buy" with a consensus price target of $9.06.

Coronation Fund Managers Ltd. boosted its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 2.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,335,219 shares of the company's stock after buying an additional 231,305 shares during the period. Melco Resorts & Entertainment makes up approximately 2.8% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 10th largest position. Coronation Fund Managers Ltd. owned about 1.99% of Melco Resorts & Entertainment worth $63,098,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Quarry LP acquired a new stake in shares of Melco Resorts & Entertainment in the 3rd quarter valued at approximately $68,000. Global Retirement Partners LLC boosted its stake in shares of Melco Resorts & Entertainment by 6,805.6% in the 3rd quarter. Global Retirement Partners LLC now owns 8,632 shares of the company's stock valued at $79,000 after purchasing an additional 8,507 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Melco Resorts & Entertainment in the 2nd quarter valued at approximately $71,000. TD Private Client Wealth LLC boosted its stake in shares of Melco Resorts & Entertainment by 298.3% in the 3rd quarter. TD Private Client Wealth LLC now owns 10,098 shares of the company's stock valued at $93,000 after purchasing an additional 7,563 shares in the last quarter. Finally, Park Avenue Securities LLC bought a new position in Melco Resorts & Entertainment in the 3rd quarter valued at approximately $112,000. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Trading Down 0.5%

NASDAQ MLCO opened at $5.63 on Friday. The company has a fifty day simple moving average of $5.72 and a 200 day simple moving average of $7.03. Melco Resorts & Entertainment Limited has a 12-month low of $4.90 and a 12-month high of $10.15. The company has a market cap of $2.29 billion, a P/E ratio of 12.24 and a beta of 0.61.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MLCO shares. Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Saturday. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. UBS Group upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $9.50 price objective for the company in a report on Monday, February 16th. Texas Capital upgraded shares of Melco Resorts & Entertainment to a "strong-buy" rating in a report on Friday, January 23rd. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Melco Resorts & Entertainment in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $9.06.

Melco Resorts & Entertainment Profile

Melco Resorts & Entertainment Limited NASDAQ: MLCO is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company's portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco's properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.

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