JPMorgan Chase & Co. Sells 2,373,578 Shares of Melco Resorts & Entertainment Limited $MLCO

JPMorgan Chase & Co. lowered its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 26.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,713,288 shares of the company’s stock after selling 2,373,578 shares during the period. JPMorgan Chase & Co.’s holdings in Melco Resorts & Entertainment were worth $61,561,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its holdings in shares of Melco Resorts & Entertainment by 1,819.4% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock valued at $39,748,000 after acquiring an additional 5,211,263 shares in the last quarter. WCM Investment Management LLC bought a new stake in Melco Resorts & Entertainment in the third quarter valued at $35,665,000. National Bank of Canada FI boosted its holdings in Melco Resorts & Entertainment by 71,281.5% in the third quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock valued at $20,233,000 after acquiring an additional 2,203,311 shares in the last quarter. Balyasny Asset Management L.P. increased its position in Melco Resorts & Entertainment by 526.0% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,537,034 shares of the company’s stock valued at $11,113,000 after purchasing an additional 1,291,495 shares during the period. Finally, Man Group plc purchased a new position in Melco Resorts & Entertainment during the 3rd quarter valued at $11,095,000. Institutional investors own 39.62% of the company’s stock.

Analysts Set New Price Targets

MLCO has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. Texas Capital upgraded shares of Melco Resorts & Entertainment to a “strong-buy” rating in a research report on Friday, January 23rd. UBS Group raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price target for the company in a research note on Monday, February 16th. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 27th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a research report on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.06.

Melco Resorts & Entertainment Trading Down 1.1%

Shares of MLCO stock opened at $5.50 on Friday. The company’s fifty day moving average price is $6.01 and its 200-day moving average price is $7.72. The stock has a market cap of $2.15 billion, a PE ratio of 11.96 and a beta of 0.58. Melco Resorts & Entertainment Limited has a 12 month low of $4.55 and a 12 month high of $10.15.

Melco Resorts & Entertainment Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.