DAVENPORT & Co LLC Raises Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

DAVENPORT & Co LLC boosted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 20.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,625 shares of the company’s stock after buying an additional 15,275 shares during the quarter. DAVENPORT & Co LLC’s holdings in Melco Resorts & Entertainment were worth $1,375,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of MLCO. Amundi Pioneer Asset Management Inc. lifted its stake in Melco Resorts & Entertainment by 4.5% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 232,975 shares of the company’s stock worth $5,263,000 after purchasing an additional 10,046 shares in the last quarter. Raymond James & Associates lifted its stake in Melco Resorts & Entertainment by 67.7% in the 4th quarter. Raymond James & Associates now owns 30,086 shares of the company’s stock worth $727,000 after purchasing an additional 12,150 shares in the last quarter. Guggenheim Capital LLC lifted its stake in Melco Resorts & Entertainment by 10.4% in the 4th quarter. Guggenheim Capital LLC now owns 14,245 shares of the company’s stock worth $345,000 after purchasing an additional 1,343 shares in the last quarter. Bank of America Corp DE lifted its stake in Melco Resorts & Entertainment by 20.4% in the 4th quarter. Bank of America Corp DE now owns 663,353 shares of the company’s stock worth $16,033,000 after purchasing an additional 112,420 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in Melco Resorts & Entertainment by 14.1% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 14,996 shares of the company’s stock worth $364,000 after purchasing an additional 1,849 shares in the last quarter. 37.10% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ MLCO opened at $16.46 on Friday. The company has a 50 day simple moving average of $16.39 and a 200-day simple moving average of $16.93. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.50 and a current ratio of 1.53. Melco Resorts & Entertainment Limited has a 1 year low of $10.81 and a 1 year high of $25.22.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Thursday, May 14th. The company reported ($0.72) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.59) by ($0.13). Melco Resorts & Entertainment had a negative net margin of 2.19% and a negative return on equity of 1.04%. The company had revenue of $811.18 million during the quarter, compared to analyst estimates of $631.64 million. On average, analysts anticipate that Melco Resorts & Entertainment Limited will post -1.42 EPS for the current fiscal year.

A number of research firms have weighed in on MLCO. ValuEngine raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research note on Friday, April 17th. Zacks Investment Research lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “strong sell” rating in a research note on Thursday, July 23rd. Nomura restated a “buy” rating and set a $20.00 price target on shares of Melco Resorts & Entertainment in a report on Sunday, May 17th. BidaskClub downgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “strong sell” rating in a report on Friday, May 15th. Finally, UBS Group raised their price target on shares of Melco Resorts & Entertainment from $19.60 to $21.80 and gave the stock a “buy” rating in a report on Friday, June 5th. Two investment analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Melco Resorts & Entertainment has a consensus rating of “Buy” and an average price target of $23.13.

About Melco Resorts & Entertainment

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.

Recommended Story: Dogs of the Dow

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

Receive News & Ratings for Melco Resorts & Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Melco Resorts & Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.