Coronation Fund Managers Ltd. Sells 1,520,255 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Coronation Fund Managers Ltd. cut its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 11.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,552,228 shares of the company’s stock after selling 1,520,255 shares during the quarter. Melco Resorts & Entertainment comprises approximately 3.9% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 6th largest holding. Coronation Fund Managers Ltd.’s holdings in Melco Resorts & Entertainment were worth $66,887,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. ARGA Investment Management LP grew its holdings in Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock worth $171,688,000 after acquiring an additional 456,117 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Melco Resorts & Entertainment by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock worth $5,107,000 after acquiring an additional 238,884 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Melco Resorts & Entertainment by 88.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock worth $2,963,000 after purchasing an additional 178,993 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Melco Resorts & Entertainment by 124.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after purchasing an additional 133,086 shares during the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Melco Resorts & Entertainment by 5.3% in the second quarter. Cetera Investment Advisers now owns 169,277 shares of the company’s stock valued at $1,263,000 after purchasing an additional 8,507 shares in the last quarter. 39.62% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MLCO has been the subject of a number of recent research reports. Susquehanna dropped their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a research report on Monday, February 3rd. Morgan Stanley restated an “equal weight” rating and set a $7.50 target price (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Melco Resorts & Entertainment Trading Up 3.4 %

NASDAQ:MLCO opened at $5.52 on Monday. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of -25.09, a PEG ratio of 0.55 and a beta of 1.04. Melco Resorts & Entertainment Limited has a 1-year low of $4.78 and a 1-year high of $9.39. The business’s 50-day moving average price is $5.94 and its two-hundred day moving average price is $6.14.

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.