State of New Jersey Common Pension Fund D Purchases New Shares in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

State of New Jersey Common Pension Fund D purchased a new stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 70,378 shares of the company’s stock, valued at approximately $407,000.

Several other large investors also recently made changes to their positions in MLCO. Creative Planning lifted its holdings in Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after purchasing an additional 4,220 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Melco Resorts & Entertainment in the third quarter worth $81,000. Coronation Fund Managers Ltd. boosted its holdings in shares of 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 worth $101,835,000 after buying an additional 1,705,872 shares during the period. Thrivent Financial for Lutherans bought a new stake in shares of Melco Resorts & Entertainment during the 3rd quarter worth $720,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Melco Resorts & Entertainment by 124.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after buying an additional 133,086 shares during the last quarter. Institutional investors own 39.62% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MLCO. Morgan Stanley restated an “equal weight” rating and set a $7.50 price objective (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Susquehanna reduced their price target on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, February 3rd. Finally, Citigroup lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $10.00 to $6.00 in a report on Monday, February 10th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.40.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO opened at $5.60 on Wednesday. Melco Resorts & Entertainment Limited has a 52 week low of $4.78 and a 52 week high of $8.90. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of -25.45, a PEG ratio of 0.63 and a beta of 1.04. The stock has a fifty day moving average of $5.74 and a 200-day moving average of $6.17.

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.