Coronation Fund Managers Ltd. Has $56.54 Million Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Key Points

• Coronation Fund Managers Ltd. reduced its stake in Melco Resorts & Entertainment by 7.1% in the first quarter, now holding 10,727,867 shares valued at approximately $56.5 million.
• Several analysts have updated their ratings on Melco Resorts, with Bank of America raising their price target to $6.60 and Citigroup to $11.50, indicating a consensus rating of "Moderate Buy" for the stock.
• Melco Resorts reported a quarterly revenue of $1.33 billion, surpassing estimates and showing a 14.5% year-over-year growth, alongside an earnings per share of $0.23.

Coronation Fund Managers Ltd. reduced its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 7.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,727,867 shares of the company's stock after selling 824,361 shares during the quarter. Melco Resorts & Entertainment accounts for 3.0% of Coronation Fund Managers Ltd.'s portfolio, making the stock its 9th largest position. Coronation Fund Managers Ltd. owned approximately 2.52% of Melco Resorts & Entertainment worth $56,536,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Entropy Technologies LP acquired a new stake in Melco Resorts & Entertainment in the 1st quarter valued at $113,000. National Bank of Canada FI increased its stake in Melco Resorts & Entertainment by 18,441,414.3% in the 1st quarter. National Bank of Canada FI now owns 1,290,906 shares of the company's stock valued at $6,803,000 after buying an additional 1,290,899 shares during the last quarter. Pinpoint Asset Management Ltd increased its stake in Melco Resorts & Entertainment by 6.4% in the 1st quarter. Pinpoint Asset Management Ltd now owns 95,758 shares of the company's stock valued at $505,000 after buying an additional 5,797 shares during the last quarter. Headlands Technologies LLC increased its stake in Melco Resorts & Entertainment by 4.2% in the 1st quarter. Headlands Technologies LLC now owns 70,239 shares of the company's stock valued at $370,000 after buying an additional 2,829 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Melco Resorts & Entertainment by 21.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 429,131 shares of the company's stock valued at $2,262,000 after buying an additional 75,935 shares during the last quarter. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Trading Up 0.5%

MLCO stock traded up $0.04 during mid-day trading on Tuesday, hitting $8.68. 2,015,097 shares of the company were exchanged, compared to its average volume of 2,824,675. The business has a 50 day simple moving average of $7.88 and a 200-day simple moving average of $6.38. The stock has a market capitalization of $3.64 billion, a PE ratio of 66.77 and a beta of 0.83. Melco Resorts & Entertainment Limited has a 1-year low of $4.55 and a 1-year high of $9.16.

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, beating analysts' consensus estimates of $0.09 by $0.14. The firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.20 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The business's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.05 EPS. Equities research analysts expect that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Bank of America lifted their price target on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research note on Tuesday, May 20th. Citigroup boosted their price objective on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a "buy" rating in a research note on Friday, August 1st. Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Susquehanna boosted their price objective on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a "positive" rating in a research note on Wednesday, July 30th. Finally, UBS Group lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective on the stock. in a research note on Wednesday, April 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Melco Resorts & Entertainment presently has an average rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Profile

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.