Confluence Investment Management LLC raised its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 127.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,709 shares of the company’s stock after buying an additional 21,691 shares during the period. Confluence Investment Management LLC’s holdings in Melco Resorts & Entertainment were worth $874,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in MLCO. AQR Capital Management LLC increased its stake in Melco Resorts & Entertainment by 329.2% during the third quarter. AQR Capital Management LLC now owns 33,598 shares of the company’s stock worth $711,000 after acquiring an additional 25,770 shares during the last quarter. Nordea Investment Management AB acquired a new stake in Melco Resorts & Entertainment during the third quarter worth $1,157,000. Clearbridge Investments LLC grew its stake in shares of Melco Resorts & Entertainment by 56,184.1% in the third quarter. Clearbridge Investments LLC now owns 932,627 shares of the company’s stock valued at $19,725,000 after buying an additional 930,970 shares in the last quarter. Private Trust Co. NA acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at $176,000. Finally, PM CAPITAL Ltd acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at $1,391,000. Hedge funds and other institutional investors own 32.95% of the company’s stock.
A number of brokerages have recently weighed in on MLCO. BidaskClub raised Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, April 9th. Macquarie began coverage on Melco Resorts & Entertainment in a research note on Monday, April 8th. They issued an “outperform” rating and a $25.10 price objective for the company. Wolfe Research cut Melco Resorts & Entertainment from an “outperform” rating to a “peer perform” rating in a research note on Wednesday. Nomura lifted their price objective on Melco Resorts & Entertainment from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, TheStreet raised Melco Resorts & Entertainment from a “c+” rating to a “b” rating in a research note on Wednesday, February 20th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $28.13.
Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Tuesday, May 7th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.03. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.34 billion. Melco Resorts & Entertainment had a return on equity of 13.47% and a net margin of 6.00%. Melco Resorts & Entertainment’s revenue was up 3.7% compared to the same quarter last year. During the same period last year, the business posted $0.32 earnings per share. Equities analysts forecast that Melco Resorts & Entertainment Limited will post 0.96 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 20th will be issued a $0.1551 dividend. The ex-dividend date of this dividend is Friday, May 17th. This is a positive change from Melco Resorts & Entertainment’s previous quarterly dividend of $0.16. This represents a $0.62 dividend on an annualized basis and a yield of 2.79%. Melco Resorts & Entertainment’s dividend payout ratio (DPR) is 68.54%.
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Melco Resorts & Entertainment Profile
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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