PNC Financial Services Group Inc. Increases Stock Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

PNC Financial Services Group Inc. lifted its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 7.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 252,738 shares of the company’s stock after purchasing an additional 17,088 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of Melco Resorts & Entertainment worth $2,242,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of MLCO. TORQ CAPITAL MANAGEMENT HK Ltd lifted its position in Melco Resorts & Entertainment by 268.5% during the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 1,819,627 shares of the company’s stock valued at $16,140,000 after acquiring an additional 1,325,878 shares during the last quarter. Brigade Capital Management LP purchased a new stake in Melco Resorts & Entertainment during the fourth quarter valued at approximately $9,253,000. National Bank of Canada FI lifted its position in Melco Resorts & Entertainment by 50,917.6% during the fourth quarter. National Bank of Canada FI now owns 761,693 shares of the company’s stock valued at $7,030,000 after acquiring an additional 760,200 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Melco Resorts & Entertainment during the third quarter valued at approximately $6,607,000. Finally, Capital World Investors lifted its position in Melco Resorts & Entertainment by 3.1% during the fourth quarter. Capital World Investors now owns 13,052,483 shares of the company’s stock valued at $115,776,000 after acquiring an additional 390,831 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 research firms recently commented on MLCO. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $8.30 to $9.60 in a research report on Monday, May 6th. Susquehanna cut their price target on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating on the stock in a research note on Monday, April 29th. Citigroup upped their price target on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Bank of America upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and upped their price target for the company from $7.50 to $10.40 in a research note on Wednesday, May 29th. Finally, StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, April 5th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Melco Resorts & Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $12.26.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO opened at $7.81 on Friday. The firm has a market capitalization of $3.48 billion, a P/E ratio of -18.59, a PEG ratio of 0.57 and a beta of 1.08. Melco Resorts & Entertainment Limited has a 1-year low of $6.10 and a 1-year high of $13.91. The company’s fifty day moving average price is $7.58 and its 200-day moving average price is $7.88.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The business’s quarterly revenue was up 55.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Equities analysts anticipate that Melco Resorts & Entertainment Limited will post 0.28 EPS for the current fiscal year.

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.