Thrivent Financial for Lutherans Purchases New Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Thrivent Financial for Lutherans acquired a new stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 92,418 shares of the company’s stock, valued at approximately $720,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment during the 2nd quarter worth $42,000. Blue Trust Inc. raised its holdings in Melco Resorts & Entertainment by 243.4% in the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after buying an additional 5,191 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Melco Resorts & Entertainment during the 2nd quarter worth approximately $56,000. Ballentine Partners LLC bought a new stake in shares of Melco Resorts & Entertainment in the third quarter worth $81,000. Finally, Leo Wealth LLC bought a new position in Melco Resorts & Entertainment during the 3rd quarter worth $93,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Bank of America decreased their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment Trading Down 1.2 %

MLCO stock opened at $6.48 on Wednesday. Melco Resorts & Entertainment Limited has a 1-year low of $4.78 and a 1-year high of $9.56. The stock has a 50-day moving average price of $6.93 and a 200-day moving average price of $6.69. The firm has a market cap of $2.85 billion, a PE ratio of -29.45, a price-to-earnings-growth ratio of 0.95 and a beta of 1.05.

About Melco Resorts & Entertainment

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.