Creative Planning Increases Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Creative Planning increased its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 35.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,962 shares of the company’s stock after purchasing an additional 4,220 shares during the quarter. Creative Planning’s holdings in Melco Resorts & Entertainment were worth $124,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Clearbridge Investments LLC increased its holdings in Melco Resorts & Entertainment by 3.9% in the 2nd quarter. Clearbridge Investments LLC now owns 668,801 shares of the company’s stock valued at $4,989,000 after acquiring an additional 24,905 shares during the last quarter. Cetera Investment Advisers increased its holdings in shares of Melco Resorts & Entertainment by 5.3% in the second quarter. Cetera Investment Advisers now owns 169,277 shares of the company’s stock worth $1,263,000 after purchasing an additional 8,507 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Melco Resorts & Entertainment in the second quarter worth about $2,914,000. Eminence Capital LP grew its holdings 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 valued at $130,565,000 after buying an additional 2,154,509 shares in the last quarter. Finally, Solel Partners LP increased its stake in Melco Resorts & Entertainment by 34.2% in the 2nd quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock worth $9,907,000 after acquiring an additional 338,700 shares during the last quarter. Institutional investors own 39.62% of the company’s stock.

Analyst Ratings Changes

MLCO has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and cut their target price for the company from $10.00 to $7.00 in a report on Thursday, July 18th. Bank of America dropped 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 note on Monday, August 12th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $9.82.

Melco Resorts & Entertainment Trading Down 6.8 %

Melco Resorts & Entertainment stock opened at $6.29 on Wednesday. Melco Resorts & Entertainment Limited has a 12-month low of $4.78 and a 12-month high of $9.56. The firm has a 50-day moving average price of $6.78 and a 200-day moving average price of $6.83. The firm has a market capitalization of $2.79 billion, a PE ratio of -28.59, a price-to-earnings-growth ratio of 0.99 and a beta of 1.07.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period in the prior year, the company posted ($0.02) EPS. The company’s quarterly revenue was up 22.3% compared to the same quarter last year. As a group, sell-side analysts predict that Melco Resorts & Entertainment Limited will post 0.17 earnings per share for the current fiscal year.

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.