Raymond James Financial Inc. Takes $649,000 Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Raymond James Financial Inc. bought a new position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 112,160 shares of the company’s stock, valued at approximately $649,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. ARGA Investment Management LP increased its position in Melco Resorts & Entertainment by 1.6% in the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock worth $171,688,000 after buying an additional 456,117 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Melco Resorts & Entertainment by 88.9% in the 3rd 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 acquiring an additional 178,993 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Melco Resorts & Entertainment by 124.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock worth $1,869,000 after acquiring an additional 133,086 shares during the period. Verition Fund Management LLC bought a new stake in Melco Resorts & Entertainment during the 3rd quarter worth approximately $858,000. Finally, State of New Jersey Common Pension Fund D purchased a new position in Melco Resorts & Entertainment during the fourth quarter valued at approximately $407,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Performance

MLCO opened at $4.80 on Monday. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -21.82, a PEG ratio of 0.63 and a beta of 0.87. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.74 and a fifty-two week high of $8.90. The company has a fifty day moving average of $5.63 and a 200 day moving average of $6.19.

Analyst Ratings Changes

Several brokerages have recently commented on MLCO. Susquehanna decreased their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. Morgan Stanley raised Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and decreased their price target for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Finally, Citigroup lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $10.00 to $6.00 in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $7.24.

Melco Resorts & Entertainment Company Profile

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.