Brown Advisory Inc. Makes New Investment in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Brown Advisory Inc. purchased a new position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,000 shares of the company’s stock, valued at approximately $53,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ARGA Investment Management LP lifted its position in Melco Resorts & Entertainment by 0.4% during the 1st quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company’s stock worth $156,840,000 after acquiring an additional 108,529 shares during the period. DAVENPORT & Co LLC lifted its holdings in shares of Melco Resorts & Entertainment by 5.9% in the 1st quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company’s stock valued at $453,000 after buying an additional 4,815 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Melco Resorts & Entertainment by 37.1% in the 1st quarter. SG Americas Securities LLC now owns 208,883 shares of the company’s stock valued at $1,101,000 after buying an additional 56,485 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Melco Resorts & Entertainment by 88.1% in the 1st quarter. GAMMA Investing LLC now owns 14,171 shares of the company’s stock valued at $75,000 after buying an additional 6,638 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Melco Resorts & Entertainment by 17.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 447,953 shares of the company’s stock valued at $2,594,000 after buying an additional 67,581 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Down 0.9%

Shares of Melco Resorts & Entertainment stock opened at $8.81 on Thursday. Melco Resorts & Entertainment Limited has a twelve month low of $4.55 and a twelve month high of $9.00. The business has a 50-day moving average price of $6.91 and a 200 day moving average price of $5.96. The firm has a market cap of $3.70 billion, a PE ratio of 62.93 and a beta of 0.82.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative return on equity of 12.58% and a net margin of 1.28%. The firm had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the business earned $0.04 EPS. Melco Resorts & Entertainment’s revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts expect that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Citigroup boosted their price objective on Melco Resorts & Entertainment from $8.60 to $11.00 and gave the company a “buy” rating in a report on Wednesday, July 9th. UBS Group cut Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 price objective for the company. in a report on Wednesday, April 30th. Bank of America lifted their price target on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a “neutral” rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $7.20 to $9.50 in a research note on Tuesday, July 1st. Finally, Wall Street Zen upgraded Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.90.

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.