Korea Investment CORP Reduces Position in Melco Resorts & Entertainment Limited (MLCO)

Korea Investment CORP lowered its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 71.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,200 shares of the company’s stock after selling 155,700 shares during the quarter. Korea Investment CORP’s holdings in Melco Resorts & Entertainment were worth $1,294,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC increased its holdings in Melco Resorts & Entertainment by 1,935.3% in the 2nd quarter. SG Americas Securities LLC now owns 431,244 shares of the company’s stock valued at $12,075,000 after buying an additional 410,056 shares during the period. Engineers Gate Manager LP bought a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $386,000. Seven Eight Capital LP increased its holdings in Melco Resorts & Entertainment by 31.4% in the 3rd quarter. Seven Eight Capital LP now owns 105,959 shares of the company’s stock valued at $2,241,000 after buying an additional 25,300 shares during the period. Marshall Wace LLP bought a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $11,066,000. Finally, Andra AP fonden bought a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $1,879,000. 36.24% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently commented on the stock. ValuEngine upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Wednesday, August 22nd. BidaskClub upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, November 27th. Citigroup set a $29.00 target price on shares of Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Thursday. TheStreet downgraded shares of Melco Resorts & Entertainment from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. Finally, HSBC set a $33.00 target price on shares of Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Tuesday, October 16th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $32.30.

Shares of NASDAQ:MLCO opened at $17.96 on Friday. Melco Resorts & Entertainment Limited has a 52 week low of $15.33 and a 52 week high of $32.95. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.95 and a current ratio of 0.97. The firm has a market capitalization of $9.19 billion, a PE ratio of 19.52, a PEG ratio of 1.34 and a beta of 1.64.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Thursday, November 8th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.18). Melco Resorts & Entertainment had a net margin of 5.98% and a return on equity of 11.89%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the firm posted $0.24 EPS. The firm’s revenue for the quarter was down 11.4% on a year-over-year basis. On average, sell-side analysts forecast that Melco Resorts & Entertainment Limited will post 1.07 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 29th. Investors of record on Monday, November 19th were given a dividend of $0.1451 per share. This is an increase from Melco Resorts & Entertainment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, November 16th. This represents a $0.58 annualized dividend and a yield of 3.23%. Melco Resorts & Entertainment’s dividend payout ratio is 61.96%.

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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.

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Institutional Ownership by Quarter for Melco Resorts & Entertainment (NASDAQ:MLCO)

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