Geode Capital Management LLC Decreases Stock Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Geode Capital Management LLC cut its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 5.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 336,679 shares of the company’s stock after selling 20,329 shares during the quarter. Geode Capital Management LLC owned about 0.08% of Melco Resorts & Entertainment worth $2,623,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MLCO. Eminence Capital LP raised its position 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 valued at $130,565,000 after purchasing an additional 2,154,509 shares during the period. Coronation Fund Managers Ltd. raised its holdings in Melco Resorts & Entertainment by 15.0% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after acquiring an additional 1,705,872 shares during the period. Solel Partners LP lifted its position in shares of Melco Resorts & Entertainment by 34.2% during the second 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 in the last quarter. Marshall Wace LLP lifted its position in shares of Melco Resorts & Entertainment by 22.8% during the second quarter. Marshall Wace LLP now owns 1,169,950 shares of the company’s stock worth $8,728,000 after acquiring an additional 217,520 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in shares of Melco Resorts & Entertainment by 3.9% in the second quarter. Clearbridge Investments LLC now owns 668,801 shares of the company’s stock worth $4,989,000 after acquiring an additional 24,905 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Morgan Stanley reissued an “equal weight” rating and set a $7.50 price objective (down previously from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.40.

Melco Resorts & Entertainment Trading Down 1.9 %

MLCO opened at $5.61 on Wednesday. The stock has a market capitalization of $2.35 billion, a P/E ratio of -25.50, a PEG ratio of 0.98 and a beta of 1.05. The stock has a 50-day moving average price of $6.30 and a 200-day moving average price of $6.35. Melco Resorts & Entertainment Limited has a 12-month low of $4.78 and a 12-month high of $9.39.

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.