Bridger Management LLC Reduces Stake in Melco Resorts & Entertainment Limited $MLCO

Bridger Management LLC decreased its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 45.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 522,966 shares of the company’s stock after selling 441,678 shares during the quarter. Melco Resorts & Entertainment makes up approximately 2.2% of Bridger Management LLC’s portfolio, making the stock its 20th biggest position. Bridger Management LLC owned approximately 0.12% of Melco Resorts & Entertainment worth $3,781,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in Melco Resorts & Entertainment during the first quarter worth approximately $31,946,000. Brightlight Capital Management LP purchased a new position in shares of Melco Resorts & Entertainment in the 1st quarter valued at $15,141,000. National Bank of Canada FI raised its stake in Melco Resorts & Entertainment by 18,441,414.3% during the 1st quarter. National Bank of Canada FI now owns 1,290,906 shares of the company’s stock worth $6,803,000 after acquiring an additional 1,290,899 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Melco Resorts & Entertainment in the first quarter valued at $6,461,000. Finally, Goldman Sachs Group Inc. boosted its stake in Melco Resorts & Entertainment by 16.4% in the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after acquiring an additional 846,504 shares in the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wall Street Zen upgraded Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research note on Wednesday, September 3rd. Zacks Research cut Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Melco Resorts & Entertainment from $10.50 to $11.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.40.

Melco Resorts & Entertainment Trading Down 0.4%

NASDAQ:MLCO opened at $9.02 on Tuesday. Melco Resorts & Entertainment Limited has a 12-month low of $4.55 and a 12-month high of $10.15. The stock’s 50 day simple moving average is $8.78 and its 200-day simple moving average is $8.12. The firm has a market cap of $3.79 billion, a P/E ratio of 69.39 and a beta of 0.70.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.10. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.28 billion. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. Melco Resorts & Entertainment’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm posted $0.06 EPS. Research analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal 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.