State of Wisconsin Investment Board Reduces Stock Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

State of Wisconsin Investment Board lessened its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 10.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 55,007 shares of the company’s stock after selling 6,493 shares during the quarter. State of Wisconsin Investment Board’s holdings in Melco Resorts & Entertainment were worth $911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Hardman Johnston Global Advisors LLC boosted its holdings in shares of Melco Resorts & Entertainment by 3.3% during the 2nd quarter. Hardman Johnston Global Advisors LLC now owns 21,274,824 shares of the company’s stock valued at $352,524,000 after acquiring an additional 689,150 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Melco Resorts & Entertainment by 39.3% in the 1st quarter. Nuveen Asset Management LLC now owns 8,282,080 shares of the company’s stock worth $164,896,000 after purchasing an additional 2,334,920 shares during the period. Coronation Fund Managers Ltd. lifted its stake in shares of Melco Resorts & Entertainment by 48.6% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 8,277,012 shares of the company’s stock worth $137,150,000 after purchasing an additional 2,705,163 shares during the period. ARGA Investment Management LP lifted its stake in shares of Melco Resorts & Entertainment by 52.9% in the 2nd quarter. ARGA Investment Management LP now owns 7,426,574 shares of the company’s stock worth $123,058,000 after purchasing an additional 2,568,828 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Melco Resorts & Entertainment by 5.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,034,488 shares of the company’s stock worth $80,327,000 after purchasing an additional 190,369 shares during the period. 38.68% of the stock is currently owned by hedge funds and other institutional investors.

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Thursday, September 16th. Citigroup lowered their price objective on shares of Melco Resorts & Entertainment from $24.50 to $14.50 and set a “buy” rating on the stock in a research note on Tuesday, September 28th. Finally, HSBC upgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating and set a $16.90 price objective on the stock in a research note on Wednesday, July 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.49.

NASDAQ MLCO opened at $11.12 on Thursday. Melco Resorts & Entertainment Limited has a 12 month low of $9.64 and a 12 month high of $23.65. The stock has a market cap of $5.33 billion, a price-to-earnings ratio of -5.56 and a beta of 1.72. The company’s 50 day moving average is $11.82 and its two-hundred day moving average is $15.43. The company has a current ratio of 2.03, a quick ratio of 1.99 and a debt-to-equity ratio of 4.84.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Tuesday, July 27th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.04). Melco Resorts & Entertainment had a negative return on equity of 51.60% and a negative net margin of 52.01%. The firm had revenue of $566.44 million for the quarter, compared to the consensus estimate of $594.49 million. During the same quarter in the previous year, the business posted ($0.77) EPS. Melco Resorts & Entertainment’s revenue was up 222.1% on a year-over-year basis. Sell-side analysts forecast that Melco Resorts & Entertainment Limited will post -0.94 EPS for the current year.

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.

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

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