Melco Resorts & Entertainment Limited (NASDAQ:MLCO) is ARGA Investment Management LP’s 5th Largest Position

ARGA Investment Management LP lifted its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 1.6% during the 4th quarter, HoldingsChannel reports. The firm owned 29,652,424 shares of the company’s stock after acquiring an additional 456,117 shares during the period. Melco Resorts & Entertainment accounts for about 5.6% of ARGA Investment Management LP’s investment portfolio, making the stock its 5th biggest holding. ARGA Investment Management LP owned 0.07% of Melco Resorts & Entertainment worth $171,688,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MLCO. Coronation Fund Managers Ltd. boosted its holdings in shares of Melco Resorts & Entertainment by 15.0% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after buying an additional 1,705,872 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Melco Resorts & Entertainment by 57.3% in the third quarter. BNP Paribas Financial Markets now owns 655,572 shares of the company’s stock worth $5,107,000 after purchasing an additional 238,884 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Melco Resorts & Entertainment by 88.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 380,372 shares of the company’s stock valued at $2,963,000 after purchasing an additional 178,993 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Melco Resorts & Entertainment by 124.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 239,868 shares of the company’s stock valued at $1,869,000 after purchasing an additional 133,086 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in shares of Melco Resorts & Entertainment during the third quarter valued at approximately $858,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on MLCO shares. Susquehanna cut their price target on Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday. Morgan Stanley restated an “equal weight” rating and set a $7.50 price target (down from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO opened at $5.36 on Wednesday. The company has a 50 day moving average of $5.99 and a 200 day moving average of $6.16. Melco Resorts & Entertainment Limited has a twelve month low of $4.78 and a twelve month high of $9.39.

Melco Resorts & Entertainment 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.