Bleakley Financial Group LLC Buys 105,887 Shares of Melco Resorts & Entertainment Limited $MLCO

Bleakley Financial Group LLC grew its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 29.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 461,487 shares of the company’s stock after purchasing an additional 105,887 shares during the quarter. Bleakley Financial Group LLC’s holdings in Melco Resorts & Entertainment were worth $2,621,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Osaic Holdings Inc. boosted its stake in Melco Resorts & Entertainment by 8.3% during the 2nd quarter. Osaic Holdings Inc. now owns 16,990 shares of the company’s stock valued at $123,000 after purchasing an additional 1,295 shares during the last quarter. Orion Porfolio Solutions LLC increased its holdings in Melco Resorts & Entertainment by 15.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock worth $98,000 after buying an additional 1,819 shares in the last quarter. Fox Run Management L.L.C. raised its position in Melco Resorts & Entertainment by 5.1% in the 4th quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company’s stock worth $350,000 after buying an additional 2,256 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Melco Resorts & Entertainment by 0.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company’s stock valued at $2,380,000 after acquiring an additional 2,442 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Melco Resorts & Entertainment by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company’s stock valued at $525,000 after acquiring an additional 2,444 shares during the period. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

Shares of Melco Resorts & Entertainment stock opened at $5.26 on Thursday. The company has a market capitalization of $2.04 billion, a P/E ratio of 9.07, a P/E/G ratio of 3.24 and a beta of 0.59. The company has a fifty day moving average of $5.46 and a 200 day moving average of $5.84. Melco Resorts & Entertainment Limited has a fifty-two week low of $5.07 and a fifty-two week high of $10.15.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MLCO shares. Citigroup lowered their price objective on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research report on Friday, July 10th. Wall Street Zen lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. CICC Research raised Melco Resorts & Entertainment to an “outperform” rating in a report on Sunday, April 19th. Morgan Stanley downgraded Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. Finally, CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and cut their price objective for the stock from $6.10 to $6.00 in a report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $8.10.

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.