Melco Crown Entertainment Ltd. (MPEL) Trading Down 3.7%
Melco Crown Entertainment Ltd. (NASDAQ:MPEL) shares fell 3.7% on Wednesday . The company traded as low as $14.72 and last traded at $14.78, with a volume of 2,080,778 shares changing hands. The stock had previously closed at $15.35.
A number of research firms recently weighed in on MPEL. Zacks Investment Research lowered shares of Melco Crown Entertainment from a “buy” rating to a “hold” rating in a report on Tuesday, August 2nd. Nomura cut their target price on shares of Melco Crown Entertainment from $16.00 to $14.00 and set a “reduce” rating for the company in a report on Thursday, May 5th. Wells Fargo & Co. reissued a “hold” rating on shares of Melco Crown Entertainment in a report on Saturday, June 4th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Melco Crown Entertainment in a report on Thursday, May 5th. Finally, Buckingham Research assumed coverage on shares of Melco Crown Entertainment in a research note on Thursday, August 11th. They set a “neutral” rating and a $15.50 price objective for the company. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $17.69.
The stock has a market capitalization of $7.08 billion and a PE ratio of 81.076. The firm’s 50 day moving average is $13.41 and its 200-day moving average is $14.61.
Melco Crown Entertainment (NASDAQ:MPEL) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.06 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.06. The firm earned $1.07 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the company posted $0.05 earnings per share. The firm’s revenue for the quarter was up 16.7% compared to the same quarter last year. Analysts anticipate that Melco Crown Entertainment Ltd. will post $0.28 EPS for the current fiscal year.
The business also recently announced a dividend, which will be paid on Wednesday, September 7th. Shareholders of record on Tuesday, August 16th will be issued a $0.019 dividend. The ex-dividend date is Friday, August 12th.
A number of hedge funds recently modified their holdings of MPEL. Schroder Investment Management Group boosted its stake in shares of Melco Crown Entertainment by 87.4% in the fourth quarter. Schroder Investment Management Group now owns 1,685,606 shares of the company’s stock valued at $28,318,000 after buying an additional 786,106 shares during the last quarter. Airain ltd bought a new stake in shares of Melco Crown Entertainment during the fourth quarter valued at about $1,089,000. Finally, Bank of Montreal Can boosted its stake in shares of Melco Crown Entertainment by 0.9% in the fourth quarter. Bank of Montreal Can now owns 106,721 shares of the company’s stock valued at $1,793,000 after buying an additional 989 shares during the last quarter.
Melco Crown Entertainment Limited is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. The Company is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines.
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