Nuveen LLC Invests $31.95 Million in Melco Resorts & Entertainment Limited $MLCO

Key Points

• Nuveen LLC acquired a new position in Melco Resorts & Entertainment Limited by purchasing 6,061,935 shares valued at approximately $31.9 million, representing about 1.42% ownership in the company by the end of the reporting period.
• The company reported $0.23 earnings per share for the quarter, exceeding analysts' estimates of $0.09, alongside a revenue of $1.33 billion, marking a 14.5% increase from the previous year.
• Equities analysts have shown positive sentiment, with several upgrades to buy ratings and increased price targets, including JPMorgan raising theirs from $7.20 to $9.50.

Nuveen LLC acquired a new stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 6,061,935 shares of the company's stock, valued at approximately $31,946,000. Nuveen LLC owned 1.42% of Melco Resorts & Entertainment at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Aigen Investment Management LP purchased a new stake in shares of Melco Resorts & Entertainment in the 1st quarter valued at $59,000. Entropy Technologies LP acquired a new position in Melco Resorts & Entertainment during the 1st quarter worth $113,000. 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 purchasing an additional 1,290,899 shares in the last quarter. Pinpoint Asset Management Ltd grew its stake in Melco Resorts & Entertainment by 6.4% during the 1st quarter. Pinpoint Asset Management Ltd now owns 95,758 shares of the company's stock worth $505,000 after purchasing an additional 5,797 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in Melco Resorts & Entertainment by 4.2% during the 1st quarter. Headlands Technologies LLC now owns 70,239 shares of the company's stock worth $370,000 after purchasing an additional 2,829 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Trading Up 1.2%

Shares of Melco Resorts & Entertainment stock traded up $0.1050 on Friday, hitting $9.0250. The stock had a trading volume of 705,878 shares, compared to its average volume of 3,867,856. Melco Resorts & Entertainment Limited has a 52-week low of $4.55 and a 52-week high of $9.16. The stock has a market cap of $3.79 billion, a price-to-earnings ratio of 69.43 and a beta of 0.83. The company's 50 day moving average price is $8.24 and its 200 day moving average price is $6.52.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted 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. The business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.20 billion. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.05 EPS. Analysts predict that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MLCO. Bank of America boosted their target price on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a research note on Tuesday, May 20th. UBS Group cut Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price for the company. in a research note on Wednesday, April 30th. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $7.20 to $9.50 in a research note on Tuesday, July 1st. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday, July 7th. Finally, 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 report on Friday, August 1st. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment has a consensus rating of "Moderate Buy" and a consensus price target of $8.15.

Melco Resorts & Entertainment Company 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.