Eminence Capital LP Buys 1,402,619 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Eminence Capital LP raised its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 22.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,735,919 shares of the company’s stock after acquiring an additional 1,402,619 shares during the period. Eminence Capital LP’s holdings in Melco Resorts & Entertainment were worth $44,791,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Arrowstreet Capital Limited Partnership bought a new stake in shares of Melco Resorts & Entertainment in the fourth quarter worth about $28,989,000. BNP Paribas Financial Markets increased its stake in Melco Resorts & Entertainment by 206.5% in the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company’s stock worth $11,633,000 after acquiring an additional 1,353,617 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Melco Resorts & Entertainment by 1,240.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock worth $7,771,000 after acquiring an additional 1,241,986 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Melco Resorts & Entertainment by 92.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock valued at $13,886,000 after acquiring an additional 1,150,500 shares during the last quarter. Finally, Trexquant Investment LP grew its holdings in shares of Melco Resorts & Entertainment by 105.2% in the fourth quarter. Trexquant Investment LP now owns 1,134,648 shares of the company’s stock valued at $6,570,000 after purchasing an additional 581,778 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Citigroup raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price target on the stock in a research note on Thursday, April 10th. UBS Group downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 price target for the company. in a report on Wednesday, April 30th. Susquehanna cut their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.84.

Melco Resorts & Entertainment Price Performance

Melco Resorts & Entertainment stock opened at $5.50 on Wednesday. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -25.00, a price-to-earnings-growth ratio of 0.63 and a beta of 0.71. The firm has a 50-day moving average of $5.25 and a two-hundred day moving average of $5.80. Melco Resorts & Entertainment Limited has a 1 year low of $4.55 and a 1 year high of $8.90.

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.