Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• Melco Resorts & Entertainment Limited has received an average recommendation of "Moderate Buy" from six brokerages, with a consensus target price of $8.15.
• The company reported earnings of $0.23 EPS for the quarter, exceeding estimates, with revenue of $1.33 billion, which is up 14.5% year-over-year.
• Significant recent investments include Nuveen LLC acquiring a new position worth approximately $31.95 million, and BNP Paribas Financial Markets increasing its holdings by 206.5%.

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the six brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $8.15.

Several brokerages have recently issued reports on MLCO. 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. 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. UBS Group downgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target for the company. in a report on Wednesday, April 30th. Wall Street Zen raised shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Monday, July 7th. Finally, 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.

Melco Resorts & Entertainment Trading Down 0.4%

Melco Resorts & Entertainment stock traded down $0.04 during mid-day trading on Friday, reaching $8.63. The company's stock had a trading volume of 355,500 shares, compared to its average volume of 3,948,815. The firm has a market cap of $3.62 billion, a price-to-earnings ratio of 66.34 and a beta of 0.83. The business has a 50 day moving average price of $7.79 and a 200-day moving average price of $6.35. Melco Resorts & Entertainment has a twelve month low of $4.55 and a twelve month high of $9.16.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.23 EPS for the quarter, topping 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 firm's revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.05 earnings per share. On average, equities analysts expect that Melco Resorts & Entertainment will post 0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors have recently bought and sold shares of the stock. ARGA Investment Management LP raised its position in Melco Resorts & Entertainment by 0.4% in the first quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company's stock worth $156,840,000 after acquiring an additional 108,529 shares in the last quarter. Eminence Capital LP raised its holdings in Melco Resorts & Entertainment by 22.1% during the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after buying an additional 1,402,619 shares during the period. Nuveen Asset Management LLC raised its holdings in Melco Resorts & Entertainment by 1.4% during the 4th quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company's stock worth $35,211,000 after buying an additional 83,268 shares during the period. Nuveen LLC acquired a new stake in Melco Resorts & Entertainment during the 1st quarter worth about $31,946,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Melco Resorts & Entertainment by 16.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company's stock valued at $31,700,000 after purchasing an additional 846,504 shares during the period. Institutional investors and hedge funds own 39.62% of the company's stock.

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.