Swiss National Bank Lowers Holdings in Melco Resorts & Entertainment Limited $MLCO

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

Other large investors have also recently modified their holdings of the company. Headlands Technologies LLC raised its position in Melco Resorts & Entertainment by 4.2% in the 1st quarter. Headlands Technologies LLC now owns 70,239 shares of the company's stock worth $370,000 after buying an additional 2,829 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Melco Resorts & Entertainment by 8.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company's stock worth $291,000 after buying an additional 3,873 shares during the last quarter. DAVENPORT & Co LLC raised its position in Melco Resorts & Entertainment by 5.9% in the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock worth $453,000 after buying an additional 4,815 shares during the last quarter. Pinpoint Asset Management Ltd raised its position 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 worth $505,000 after buying an additional 5,797 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Melco Resorts & Entertainment by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 14,171 shares of the company's stock worth $75,000 after buying an additional 6,638 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on MLCO. UBS Group lowered Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price for the company. in a research report on Wednesday, April 30th. Susquehanna boosted their target price on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a "positive" rating in a research report on Wednesday, July 30th. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research report on Monday, July 7th. 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 report on Tuesday, May 20th. Finally, 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 report on Tuesday, July 1st. Four equities research 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $8.15.

Melco Resorts & Entertainment Stock Up 2.9%

Melco Resorts & Entertainment stock opened at $9.18 on Friday. The business has a 50-day simple moving average of $8.31 and a two-hundred day simple moving average of $6.55. The company has a market cap of $3.85 billion, a P/E ratio of 70.62 and a beta of 0.83. Melco Resorts & Entertainment Limited has a 52-week low of $4.55 and a 52-week high of $9.20.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results 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 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.05 EPS. Research analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

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.

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