Melco Resorts & Entertainment Limited $MLCO Stake Lessened by Swiss National Bank

Key Points

• The Swiss National Bank reduced its stake in Melco Resorts & Entertainment by 15.6% in the 1st quarter, holding 368,147 shares worth approximately $1.94 million after selling 68,300 shares during the period.
• Numerous analysts have adjusted their ratings and target prices for Melco Resorts, with UBS Group downgrading the stock to a sell and setting a target at $4.60, while Susquehanna raised its target from $8.00 to $10.00.
• Melco Resorts reported $1.33 billion in revenue for the quarter, surpassing expectations and achieving a 14.5% year-over-year revenue increase, with an EPS of $0.23 against a consensus estimate of $0.09.

Swiss National Bank lessened its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 15.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 368,147 shares of the company's stock after selling 68,300 shares during the quarter. Swiss National Bank owned approximately 0.09% of Melco Resorts & Entertainment worth $1,940,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MLCO. Brown Advisory Inc. acquired a new position in Melco Resorts & Entertainment in the first quarter worth $53,000. GAMMA Investing LLC boosted its holdings in shares of Melco Resorts & Entertainment by 88.1% during the first quarter. GAMMA Investing LLC now owns 14,171 shares of the company's stock valued at $75,000 after acquiring an additional 6,638 shares during the period. US Bancorp DE boosted its holdings in shares of Melco Resorts & Entertainment by 294.1% during the first quarter. US Bancorp DE now owns 20,874 shares of the company's stock valued at $110,000 after acquiring an additional 15,578 shares during the period. Vident Advisory LLC acquired a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $142,000. Finally, Cantor Fitzgerald L. P. acquired a new position in shares of Melco Resorts & Entertainment during the fourth quarter valued at $145,000. Institutional investors and hedge funds own 39.62% of the company's stock.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO traded down $0.13 during trading on Friday, hitting $9.94. The company had a trading volume of 3,147,921 shares, compared to its average volume of 2,846,393. The company has a market cap of $4.17 billion, a P/E ratio of 76.47 and a beta of 0.83. Melco Resorts & Entertainment Limited has a 52 week low of $4.55 and a 52 week high of $10.08. The business's 50-day moving average is $8.65 and its 200 day moving average is $6.70.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.14. The business had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.20 billion. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.The company's quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.05 EPS. On average, research analysts expect that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MLCO. JPMorgan Chase & Co. raised shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $7.20 to $9.50 in a report on Tuesday, July 1st. Citigroup boosted their price target on shares of Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a "buy" rating in a report on Friday, August 1st. Bank of America boosted their price target on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a report on Tuesday, May 20th. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Monday, July 7th. Finally, Susquehanna raised their price target on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a "positive" rating in a report on Wednesday, July 30th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus 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.