Healthcare of Ontario Pension Plan Trust Fund Reduces Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Healthcare of Ontario Pension Plan Trust Fund lowered its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 19.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,786,900 shares of the company’s stock after selling 429,800 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Melco Resorts & Entertainment were worth $13,330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MLCO. Capital Research Global Investors lifted its position in Melco Resorts & Entertainment by 22.6% during the first quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock valued at $154,728,000 after buying an additional 3,958,998 shares during the period. Invenomic Capital Management LP purchased a new position in Melco Resorts & Entertainment during the first quarter valued at $15,963,000. Coronation Fund Managers Ltd. lifted its position in Melco Resorts & Entertainment by 16.2% during the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock valued at $115,636,000 after buying an additional 2,166,524 shares during the period. Eminence Capital LP increased its holdings in shares of Melco Resorts & Entertainment by 14.0% during the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock valued at $130,565,000 after acquiring an additional 2,154,509 shares in the last quarter. Finally, ARGA Investment Management LP increased its holdings in shares of Melco Resorts & Entertainment by 6.1% during the first quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock valued at $211,514,000 after acquiring an additional 1,695,442 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Wall Street Analysts Forecast Growth

MLCO has been the subject of several analyst reports. Bank of America reduced their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a report on Monday, August 12th. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $10.00 to $7.00 in a report on Thursday, July 18th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $7.99 on Friday. The stock has a 50 day moving average price of $5.75 and a 200-day moving average price of $6.77. Melco Resorts & Entertainment Limited has a one year low of $4.78 and a one year high of $9.56. The company has a market capitalization of $3.56 billion, a P/E ratio of -19.02, a P/E/G ratio of 1.00 and a beta of 1.03.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the company posted ($0.02) EPS. The business’s quarterly revenue was up 22.3% on a year-over-year basis. As a group, equities analysts predict that Melco Resorts & Entertainment Limited will post 0.2 EPS for the current fiscal year.

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.