Melco Resorts & Entertainment Limited (NASDAQ:MLCO) is Coronation Fund Managers Ltd.’s 5th Largest Position

Coronation Fund Managers Ltd. lowered its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 14.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 11,366,611 shares of the company’s stock after selling 1,967,730 shares during the period. Melco Resorts & Entertainment accounts for approximately 3.7% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 5th biggest holding. Coronation Fund Managers Ltd. owned approximately 2.56% of Melco Resorts & Entertainment worth $84,795,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Eminence Capital LP lifted its stake in shares of Melco Resorts & Entertainment by 14.0% in the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after buying an additional 2,154,509 shares in the last quarter. Seven Eight Capital LP purchased a new position in Melco Resorts & Entertainment in the 1st quarter worth approximately $1,319,000. Goldman Sachs Group Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 6.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 5,715,440 shares of the company’s stock worth $50,696,000 after purchasing an additional 366,031 shares during the last quarter. NWI Management LP grew its position in shares of Melco Resorts & Entertainment by 13.7% in the first quarter. NWI Management LP now owns 915,000 shares of the company’s stock valued at $6,597,000 after purchasing an additional 110,000 shares in the last quarter. Finally, ARGA Investment Management LP increased its holdings in shares of Melco Resorts & Entertainment by 6.1% in the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock valued at $211,514,000 after purchasing an additional 1,695,442 shares during the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Price Performance

Shares of NASDAQ:MLCO opened at $8.17 on Wednesday. The firm’s 50-day moving average is $5.71 and its two-hundred day moving average is $6.76. Melco Resorts & Entertainment Limited has a 1 year low of $4.78 and a 1 year high of $9.83. The firm has a market capitalization of $3.64 billion, a PE ratio of -19.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.03.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the business earned ($0.02) EPS. The business’s quarterly revenue was up 22.3% on a year-over-year basis. Analysts expect that Melco Resorts & Entertainment Limited will post 0.2 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have issued reports on MLCO shares. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $10.00 to $7.00 in a research note on Thursday, July 18th. Bank of America cut their price objective on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.82.

About Melco Resorts & Entertainment

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.