Coronation Fund Managers Ltd. Has $101.84 Million Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Coronation Fund Managers Ltd. raised its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 15.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,072,483 shares of the company’s stock after acquiring an additional 1,705,872 shares during the period. Melco Resorts & Entertainment makes up approximately 5.6% of Coronation Fund Managers Ltd.’s holdings, making the stock its 4th biggest holding. Coronation Fund Managers Ltd. owned 2.95% of Melco Resorts & Entertainment worth $101,835,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of MLCO. Capital Research Global Investors grew its stake in shares of Melco Resorts & Entertainment by 22.6% during the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock worth $154,728,000 after acquiring an additional 3,958,998 shares during the last quarter. Eminence Capital LP grew its position in Melco Resorts & Entertainment by 14.0% during the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after purchasing an additional 2,154,509 shares during the last quarter. Capital World Investors increased its stake in Melco Resorts & Entertainment by 3.2% during the 1st quarter. Capital World Investors now owns 13,464,508 shares of the company’s stock valued at $97,079,000 after purchasing an additional 412,025 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Melco Resorts & Entertainment by 92.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,216,700 shares of the company’s stock worth $15,982,000 after buying an additional 1,066,600 shares during the last quarter. Finally, Invenomic Capital Management LP acquired a new stake in shares of Melco Resorts & Entertainment during the first quarter worth $15,963,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MLCO. Bank of America cut their target price on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research report on Monday, August 12th. JPMorgan Chase & Co. lowered Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $7.00 in a report on Thursday, July 18th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.82.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $6.72 on Friday. The firm’s fifty day moving average is $6.56 and its two-hundred day moving average is $6.80. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of -21.00, a PEG ratio of 0.78 and a beta of 1.07. Melco Resorts & Entertainment Limited has a one year low of $4.78 and a one year high of $9.56.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.05). The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The business’s quarterly revenue was up 22.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.02) EPS. As a group, equities research analysts predict that Melco Resorts & Entertainment Limited will post 0.21 earnings per share 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.