Melco Crown Entertainment Ltd. (NASDAQ:MPEL) dropped 0.5% during mid-day trading on Friday . The stock traded as low as $11.97 and last traded at $12.03, with a volume of 2,772,745 shares changing hands. The stock had previously closed at $12.09.

MPEL has been the topic of several analyst reports. Macquarie raised shares of Melco Crown Entertainment from an “underperform” rating to a “neutral” rating in a report on Thursday, March 17th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $16.80 target price (up previously from $16.40) on shares of Melco Crown Entertainment in a report on Wednesday, June 8th. Wells Fargo & Co. reaffirmed a “market perform” rating on shares of Melco Crown Entertainment in a report on Friday, March 11th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Melco Crown Entertainment in a report on Wednesday, June 8th. Finally, Morgan Stanley lowered shares of Melco Crown Entertainment from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $16.50 to $15.50 in a report on Thursday, June 2nd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $19.18.

The stock’s 50-day moving average is $13.65 and its 200 day moving average is $14.97. The firm has a market cap of $6.45 billion and a PE ratio of 76.60.

Melco Crown Entertainment (NASDAQ:MPEL) last posted its earnings results on Wednesday, May 4th. The company reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. During the same quarter in the prior year, the firm posted $0.11 earnings per share. The firm earned $1.10 billion during the quarter, compared to analysts’ expectations of $1.14 billion. Melco Crown Entertainment’s quarterly revenue was up 4.7% on a year-over-year basis. On average, equities research analysts anticipate that Melco Crown Entertainment Ltd. will post $0.36 EPS for the current year.

Other large investors have recently bought and sold shares of the company. Korea Investment CORP purchased a new stake in Melco Crown Entertainment during the fourth quarter worth approximately $1,285,000. State of Wisconsin Investment Board purchased a new stake in Melco Crown Entertainment during the fourth quarter worth approximately $1,386,000. Bank of Montreal Can increased its stake in Melco Crown Entertainment by 0.9% in the fourth quarter. Bank of Montreal Can now owns 106,721 shares of the company’s stock worth $1,793,000 after buying an additional 989 shares in the last quarter. Mizuho Trust & Banking Co. Ltd. purchased a new stake in Melco Crown Entertainment during the fourth quarter worth approximately $2,453,000. Finally, Nationwide Fund Advisors increased its stake in Melco Crown Entertainment by 17.8% in the fourth quarter. Nationwide Fund Advisors now owns 206,581 shares of the company’s stock worth $3,471,000 after buying an additional 31,281 shares in the last quarter.

Melco Crown Entertainment Limited is a developer, owner and operator of casino gaming and entertainment resort facilities. The Company is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in two geographic areas: Macau and the Philippines.

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