Bleakley Financial Group LLC Acquires 105,887 Shares of Melco Resorts & Entertainment Limited $MLCO

Bleakley Financial Group LLC grew its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 29.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 461,487 shares of the company’s stock after buying an additional 105,887 shares during the quarter. Bleakley Financial Group LLC owned 0.11% of Melco Resorts & Entertainment worth $2,621,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership lifted its holdings in Melco Resorts & Entertainment by 67.3% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,198,664 shares of the company’s stock worth $84,352,000 after acquiring an additional 3,700,980 shares during the period. Coronation Fund Managers Ltd. raised its stake in shares of Melco Resorts & Entertainment by 2.9% during the 4th quarter. Coronation Fund Managers Ltd. now owns 8,335,219 shares of the company’s stock worth $63,098,000 after purchasing an additional 231,305 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 16.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after buying an additional 846,504 shares during the last quarter. FIL Ltd purchased a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth about $35,198,000. Finally, Balyasny Asset Management L.P. grew its position in Melco Resorts & Entertainment by 257.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after buying an additional 2,784,251 shares during the period. 39.62% of the stock is owned by institutional investors.

Melco Resorts & Entertainment Stock Performance

Melco Resorts & Entertainment stock opened at $5.26 on Thursday. The firm’s fifty day moving average price is $5.46 and its 200-day moving average price is $5.84. The stock has a market cap of $2.04 billion, a P/E ratio of 9.07, a price-to-earnings-growth ratio of 3.24 and a beta of 0.59. Melco Resorts & Entertainment Limited has a fifty-two week low of $5.07 and a fifty-two week high of $10.15.

Wall Street Analysts Forecast Growth

MLCO has been the topic of several research analyst reports. CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their price objective for the company from $6.10 to $6.00 in a research note on Friday, July 10th. Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. Citigroup lowered their target price on Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research note on Friday, July 10th. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research report on Monday, June 22nd. Finally, CICC Research upgraded Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.10.

Melco Resorts & Entertainment Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.