Melco Resorts & Entertainment Limited $MLCO Shares Sold by ARGA Investment Management LP

Key Points

• ARGA Investment Management cut its stake in Melco by 9.3% in Q4, selling 2,342,190 shares and leaving 22,852,595 shares outstanding — a 5.44% stake valued at about $172.99 million, making MLCO roughly 4.7% of ARGA’s holdings and its 10th-largest position.
• MLCO was trading at $5.59 with a 50-day/200-day SMA of $5.72/$6.99, a 52-week range of $4.90–$10.15, a market cap of $2.27 billion and a P/E of 12.15.
• Analysts’ consensus is a “Moderate Buy” with an average target of $9.06; rating breakdown: 1 Strong Buy, 5 Buy, 3 Hold and 1 Sell.

ARGA Investment Management LP decreased its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 9.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,852,595 shares of the company's stock after selling 2,342,190 shares during the period. Melco Resorts & Entertainment accounts for about 4.7% of ARGA Investment Management LP's holdings, making the stock its 10th biggest holding. ARGA Investment Management LP owned 5.44% of Melco Resorts & Entertainment worth $172,994,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter worth approximately $68,000. Global Retirement Partners LLC lifted its position 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 worth $79,000 after purchasing an additional 8,507 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth approximately $71,000. TD Private Client Wealth LLC lifted its position 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 worth $93,000 after purchasing an additional 7,563 shares during the period. Finally, Park Avenue Securities LLC acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter worth approximately $112,000. Institutional investors and hedge funds own 39.62% of the company's stock.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO opened at $5.59 on Tuesday. The business has a fifty day simple moving average of $5.72 and a two-hundred day simple moving average of $6.99. Melco Resorts & Entertainment Limited has a 1 year low of $4.90 and a 1 year high of $10.15. The company has a market capitalization of $2.27 billion, a P/E ratio of 12.15 and a beta of 0.61.

Analyst Upgrades and Downgrades

MLCO has been the subject of a number of recent analyst reports. CICC Research upgraded Melco Resorts & Entertainment to an "outperform" rating in a report on Sunday, April 19th. Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Saturday. Texas Capital raised Melco Resorts & Entertainment to a "strong-buy" rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. restated a "neutral" rating and issued a $7.70 target price (down from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. Finally, UBS Group raised Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $9.50 target price on the stock in a research report on Monday, February 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of "Moderate Buy" and a consensus target price 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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