Melco Crown Entertainment Ltd. (MPEL) Stock Price Down 1.6%
Shares of Melco Crown Entertainment Ltd. (NASDAQ:MPEL) dropped 1.6% during trading on Friday . The company traded as low as $13.71 and last traded at $14.00, with a volume of 1,945,412 shares traded. The stock had previously closed at $14.23.
MPEL has been the subject of a number of research reports. Zacks Investment Research upgraded Melco Crown Entertainment from a “hold” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Tuesday, July 19th. Goldman Sachs Group Inc. restated a “neutral” rating and set a $16.80 target price (up previously from $16.40) on shares of Melco Crown Entertainment in a report on Wednesday, June 8th. Credit Suisse Group AG restated a “hold” rating and set a $13.40 target price on shares of Melco Crown Entertainment in a report on Thursday, July 7th. Sanford C. Bernstein restated an “outperform” rating on shares of Melco Crown Entertainment in a report on Wednesday, June 8th. Finally, Morgan Stanley cut Melco Crown Entertainment from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.50 to $15.50 in a report on Thursday, June 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. Melco Crown Entertainment presently has a consensus rating of “Hold” and an average target price of $18.78.
The firm has a market cap of $7.53 billion and a price-to-earnings ratio of 89.49. The firm has a 50-day moving average price of $13.03 and a 200-day moving average price of $14.59.
Melco Crown Entertainment (NASDAQ:MPEL) last released its earnings results on Wednesday, May 4th. The company reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.14 billion. During the same period in the prior year, the business earned $0.11 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, equities research analysts anticipate that Melco Crown Entertainment Ltd. will post $0.33 earnings per share for the current fiscal year.
A number of large investors have added to or reduced their stakes in MPEL. Schroder Investment Management Group boosted its stake in 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 in the last quarter. Covey Capital Advisors LLC raised its position in shares of Melco Crown Entertainment by 4.6% in the fourth quarter. Covey Capital Advisors LLC now owns 439,211 shares of the company’s stock valued at $7,379,000 after buying an additional 19,410 shares during the last quarter. Mizuho Trust & Banking Co. Ltd. purchased a new position in shares of Melco Crown Entertainment during the fourth quarter valued at about $2,453,000. Bank of Montreal Can raised its position 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. Finally, State of Wisconsin Investment Board purchased a new position in shares of Melco Crown Entertainment during the fourth quarter valued at about $1,386,000.
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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