Capital Research Global Investors Reduces Stock Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Capital Research Global Investors cut its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 18.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 17,895,979 shares of the company’s stock after selling 4,142,719 shares during the period. Capital Research Global Investors’ holdings in Melco Resorts & Entertainment were worth $103,618,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Melco Resorts & Entertainment by 140.7% in the 4th quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock worth $44,000 after purchasing an additional 4,403 shares in the last quarter. Samalin Investment Counsel LLC grew its position in Melco Resorts & Entertainment by 11.6% during the fourth quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company’s stock valued at $557,000 after acquiring an additional 10,000 shares during the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Melco Resorts & Entertainment during the fourth quarter worth approximately $58,000. Mariner LLC lifted its holdings in shares of Melco Resorts & Entertainment by 12.3% in the 4th quarter. Mariner LLC now owns 95,939 shares of the company’s stock worth $555,000 after acquiring an additional 10,491 shares during the last quarter. Finally, Empirical Asset Management LLC bought a new position in shares of Melco Resorts & Entertainment during the 4th quarter valued at $73,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MLCO. Citigroup raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price objective on the stock in a research note on Thursday, April 10th. Susquehanna dropped their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research note on Monday, February 3rd. Finally, Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $7.50 to $6.70 in a report on Monday, March 3rd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.29.

Melco Resorts & Entertainment Stock Up 2.0 %

Shares of Melco Resorts & Entertainment stock opened at $4.84 on Monday. The company has a market cap of $2.06 billion, a PE ratio of -21.98, a P/E/G ratio of 0.63 and a beta of 0.87. The business has a 50 day moving average of $5.44 and a 200 day moving average of $6.01. Melco Resorts & Entertainment Limited has a 52 week low of $4.55 and a 52 week high of $8.90.

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.