Prudential Financial Inc. Sells 6,372 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Prudential Financial Inc. lowered its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 8.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 72,738 shares of the company’s stock after selling 6,372 shares during the quarter. Prudential Financial Inc.’s holdings in Melco Resorts & Entertainment were worth $1,580,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Matthews International Capital Management LLC increased its stake in shares of Melco Resorts & Entertainment by 2,521.3% during the second quarter. Matthews International Capital Management LLC now owns 3,520,700 shares of the company’s stock valued at $76,470,000 after buying an additional 3,386,387 shares during the period. Broad Peak Investment Management LTD. increased its stake in shares of Melco Resorts & Entertainment by 48.1% during the second quarter. Broad Peak Investment Management LTD. now owns 3,978,814 shares of the company’s stock valued at $86,420,000 after buying an additional 1,292,958 shares during the period. Perpetual Ltd increased its stake in shares of Melco Resorts & Entertainment by 71.2% during the second quarter. Perpetual Ltd now owns 1,190,488 shares of the company’s stock valued at $25,857,000 after buying an additional 495,291 shares during the period. Coronation Fund Managers Ltd. increased its stake in shares of Melco Resorts & Entertainment by 11.9% during the second quarter. Coronation Fund Managers Ltd. now owns 3,884,374 shares of the company’s stock valued at $84,369,000 after buying an additional 413,469 shares during the period. Finally, Ardevora Asset Management LLP increased its stake in shares of Melco Resorts & Entertainment by 17.4% during the second quarter. Ardevora Asset Management LLP now owns 1,989,526 shares of the company’s stock valued at $43,213,000 after buying an additional 295,000 shares during the period. Hedge funds and other institutional investors own 35.69% of the company’s stock.

Several brokerages recently weighed in on MLCO. CLSA set a $26.00 price target on Melco Resorts & Entertainment and gave the stock a “buy” rating in a research note on Friday, September 6th. Goldman Sachs Group set a $27.00 price target on Melco Resorts & Entertainment and gave the stock a “buy” rating in a research note on Tuesday, May 28th. ValuEngine cut Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. UBS Group upped their price target on Melco Resorts & Entertainment from $25.60 to $26.80 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, BidaskClub cut Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Saturday, August 10th. Two research analysts have rated the stock with a sell rating and thirteen have assigned a buy rating to the company’s stock. Melco Resorts & Entertainment has a consensus rating of “Buy” and an average target price of $25.29.



Shares of NASDAQ:MLCO traded up $0.04 during midday trading on Friday, reaching $21.14. 7,515 shares of the company’s stock traded hands, compared to its average volume of 1,384,357. The company has a market cap of $10.58 billion, a price-to-earnings ratio of 23.85, a P/E/G ratio of 0.88 and a beta of 1.86. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.80 and a current ratio of 0.82. Melco Resorts & Entertainment Limited has a one year low of $15.33 and a one year high of $26.97. The stock has a 50 day moving average of $20.67 and a 200 day moving average of $22.32.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. The firm had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.32 billion. Melco Resorts & Entertainment had a return on equity of 14.53% and a net margin of 6.55%. The company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. Sell-side analysts predict that Melco Resorts & Entertainment Limited will post 1.08 EPS for the current fiscal year.

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.

Further Reading: What is the return on assets (ROA) ratio?

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Institutional Ownership by Quarter for Melco Resorts & Entertainment (NASDAQ:MLCO)

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