Melco Resorts & Entertainment Limited $MLCO Stock Position Boosted by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers increased its Melco Resorts & Entertainment stake by 35.2% in the first quarter, buying 2.93 million additional shares and bringing its total to 11.27 million shares worth about $64.0 million.
• Other institutional investors also added to their positions, and hedge funds and institutions now own about 39.62% of Melco Resorts & Entertainment’s stock.
• Analysts are mixed on MLCO, with the current consensus at “Moderate Buy” and a consensus price target of $7.77; shares recently traded around $5.47, near the lower end of their 52-week range.

Coronation Fund Managers Ltd. boosted its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 35.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,269,346 shares of the company's stock after buying an additional 2,934,127 shares during the period. Melco Resorts & Entertainment accounts for approximately 2.9% of Coronation Fund Managers Ltd.'s holdings, making the stock its 10th largest holding. Coronation Fund Managers Ltd. owned approximately 2.77% of Melco Resorts & Entertainment worth $64,010,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Melco Resorts & Entertainment by 67.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company's stock worth $84,352,000 after acquiring an additional 3,700,980 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Melco Resorts & Entertainment by 16.4% in the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company's stock worth $31,700,000 after acquiring an additional 846,504 shares during the last quarter. FIL Ltd purchased a new stake in Melco Resorts & Entertainment in the fourth quarter valued at approximately $35,198,000. Balyasny Asset Management L.P. increased its position in Melco Resorts & Entertainment by 257.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company's stock worth $29,253,000 after purchasing an additional 2,784,251 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in shares of Melco Resorts & Entertainment by 71,281.5% in the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company's stock valued at $20,233,000 after purchasing an additional 2,203,311 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on MLCO shares. Wall Street Zen lowered Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a research report on Sunday, June 28th. CICC Research raised Melco Resorts & Entertainment to an "outperform" rating in a research report on Sunday, April 19th. Citigroup dropped their price target on Melco Resorts & Entertainment from $10.50 to $9.40 and set a "buy" rating for the company in a research note on Friday, July 10th. Morgan Stanley downgraded Melco Resorts & Entertainment from an "overweight" rating to a "negative" rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. reduced their price objective on Melco Resorts & Entertainment from $6.00 to $5.70 and set a "neutral" rating on the stock in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $7.77.

Melco Resorts & Entertainment Stock Up 0.7%

Melco Resorts & Entertainment stock opened at $5.47 on Thursday. The firm has a fifty day moving average of $5.46 and a 200-day moving average of $5.76. Melco Resorts & Entertainment Limited has a 52-week low of $5.07 and a 52-week high of $10.15. The firm has a market capitalization of $2.12 billion, a P/E ratio of 9.43, a PEG ratio of 3.39 and a beta of 0.59.

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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