Melco Crown Entertainment Ltd. (MPEL) Rating Lowered to Sell at Zacks Investment Research
Melco Crown Entertainment Ltd. (NASDAQ:MPEL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
According to Zacks, “Melco Crown Entertainment Limited is an owner and developer of casino gaming and entertainment resort facilities primarily in Macau. It owns and operates City of Dreams, Altira Macau and Mocha Clubs. The Company’s Development Project includes Macau Studio City Project. Melco Crown Entertainment Limited, formerly known as Melco PBL Entertainment (Macau) Limited, is headquartered in Macau. “
Several other research analysts have also issued reports on MPEL. Buckingham Research assumed coverage on shares of Melco Crown Entertainment in a research note on Thursday, August 11th. They issued a “neutral” rating and a $15.50 price target for the company. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Melco Crown Entertainment in a research note on Wednesday. JPMorgan Chase & Co. decreased their price target on shares of Melco Crown Entertainment from $16.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 5th. HSBC upgraded shares of Melco Crown Entertainment from a “hold” rating to a “buy” rating in a research note on Tuesday, July 19th. Finally, Deutsche Bank AG upgraded shares of Melco Crown Entertainment from a “hold” rating to a “buy” rating and increased their price target for the stock from $14.00 to $17.00 in a research note on Friday, September 9th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $17.76.
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Melco Crown Entertainment (NASDAQ:MPEL) opened at 16.65 on Thursday. Melco Crown Entertainment has a 1-year low of $11.91 and a 1-year high of $20.23. The firm has a 50-day moving average of $15.03 and a 200-day moving average of $14.57. The stock has a market capitalization of $8.45 billion, a PE ratio of 96.80 and a beta of 2.45.
Melco Crown Entertainment (NASDAQ:MPEL) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.06 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.06. Melco Crown Entertainment had a net margin of 2.12% and a return on equity of 3.79%. The business earned $1.07 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts expect that Melco Crown Entertainment will post $0.29 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in the stock. Harris Associates L P increased its position in Melco Crown Entertainment by 25.9% in the second quarter. Harris Associates L P now owns 36,969,470 shares of the company’s stock worth $465,076,000 after buying an additional 7,616,069 shares during the last quarter. Coronation Fund Managers Ltd. acquired a new position in Melco Crown Entertainment during the second quarter worth about $59,043,000. BlackRock Institutional Trust Company N.A. increased its position in Melco Crown Entertainment by 109.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,018,585 shares of the company’s stock worth $37,974,000 after buying an additional 1,575,141 shares during the last quarter. TIAA CREF Investment Management LLC increased its position in Melco Crown Entertainment by 726.2% in the second quarter. TIAA CREF Investment Management LLC now owns 2,865,349 shares of the company’s stock worth $36,046,000 after buying an additional 2,518,546 shares during the last quarter. Finally, ARGA Investment Management LP increased its position in Melco Crown Entertainment by 1,624.6% in the second quarter. ARGA Investment Management LP now owns 2,680,000 shares of the company’s stock worth $33,714,000 after buying an additional 2,524,600 shares during the last quarter. 27.77% of the stock is currently owned by hedge funds and other institutional investors.
Melco Crown Entertainment Company Profile
Melco Crown Entertainment Limited is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. The Company is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines.
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