Raymond James & Associates Lowers Stock Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Raymond James & Associates reduced its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 20.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,809 shares of the company’s stock after selling 9,484 shares during the period. Raymond James & Associates’ holdings in Melco Resorts & Entertainment were worth $326,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MLCO. Barclays PLC lifted its position in shares of Melco Resorts & Entertainment by 107.7% during the 3rd quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock valued at $18,940,000 after buying an additional 992,813 shares in the last quarter. Matthews International Capital Management LLC lifted its holdings in Melco Resorts & Entertainment by 247.0% in the 3rd quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company’s stock worth $11,809,000 after purchasing an additional 849,949 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Melco Resorts & Entertainment in the 3rd quarter worth approximately $6,607,000. Clough Capital Partners L P lifted its holdings in Melco Resorts & Entertainment by 57.3% in the 3rd quarter. Clough Capital Partners L P now owns 960,100 shares of the company’s stock worth $9,495,000 after purchasing an additional 349,600 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in Melco Resorts & Entertainment by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company’s stock worth $4,069,000 after purchasing an additional 179,070 shares in the last quarter. 39.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently commented on MLCO shares. Morgan Stanley reissued an “equal weight” rating and issued a $9.60 price target on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. StockNews.com raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.78.

Melco Resorts & Entertainment Price Performance

Shares of MLCO opened at $6.34 on Monday. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -10.06 and a beta of 1.11. The business’s 50 day simple moving average is $7.27 and its 200-day simple moving average is $7.86. Melco Resorts & Entertainment Limited has a 1 year low of $6.10 and a 1 year high of $14.00.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, February 29th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.10. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.14 billion. The business’s revenue for the quarter was up 224.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) EPS. On average, sell-side analysts expect that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current year.

Melco Resorts & Entertainment 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.