Capital Research & Management Co recently announced the acquisition of new stake in Melco Resorts & Entertainment Ltd ADR (NASDAQ:MLCO). The institutional investor has increased its shareholding in the Consumer Cyclical company by 7.36% to 17.5 million shares with purchase of 1.2 million shares. This fresh investment now brings its stake to 3.95% valued currently at $122.16 million. In addition, Eminence Capital LP raised its holdings by 0.25 million to 8.97 million shares. And Coronation Asset Management has lifted its position by 8.39% or 0.57 million shares – to 7.39 million shares.
With over 7.54 million Melco Resorts & Entertainment Ltd ADR (MLCO) shares trading Tuesday and a closing price of $9.23 on the day, the dollar volume was approximately $69.6 million. The shares have shown a negative half year performance of -27.32% and its price on 01/02/24 gained nearly 4.06%. Currently, there are 445.10M common shares owned by the public and among those 437.08M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for MLCO have a consensus price objective of $11.73. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $7.64. The average price target is 21.31% above its recent price level and a downside to the estimated low will see the stock lose -20.81% over that period. But an upside of 38.47% will see the stock hit the forecast high price target while median target price for the stock is $11.90.
The top 3 mutual fund holders in Melco Resorts & Entertainment Ltd ADR are American Funds Small Cap World Fu, Vanguard International Value Fund, and CREF Stock Account. American Funds Small Cap World Fu owns 20.75 million shares of the company’s stock, all valued at over $144.85 million. The company bought an additional 1.0 million shares recently to bring their total holdings to about 4.68% of the shares outstanding. Vanguard International Value Fund sold -1.11 million shares to see its total holdings shrink to 8.83 million shares valued at over $61.64 million and representing 1.99% of the shares outstanding. CREF Stock Account now owns shares totaling to 0.89% of the shares outstanding.
Shares of Melco Resorts & Entertainment Ltd ADR (NASDAQ: MLCO) opened at $8.83, down -$0.04 from a prior closing price of $8.87. However, the script later moved the day high at 9.56, up 4.06%. The company’s stock has a 5-day price change of 5.13% and -1.07% over the past three months. MLCO shares are trading 4.06% year to date (YTD), with the 12-month market performance down to -18.39% lower. It has a 12-month low price of $6.80 and touched a high of $14.45 over the same period. MLCO has an average intraday trading volume of 3.03 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.36%, 16.08%, and -14.37% respectively.
Institutional ownership of Melco Resorts & Entertainment Ltd ADR (NASDAQ: MLCO) shares accounts for 39.51% of the company’s 445.10M shares outstanding. Mutual fund holders own 14.98%, while other institutional holders and individual stakeholders account for 24.14% and — respectively.
It has a market capitalization of $4.03B and a beta (3y monthly) value of 1.21. The earnings-per-share (ttm) stands at -$0.84. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.37% over the week and 4.76% over the month.
Analysts forecast that Melco Resorts & Entertainment Ltd ADR (MLCO) will achieve an EPS of $0.06 for the current quarter, $0.12 for the next quarter and $0.51 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.16 while analysts give the company a high EPS estimate of $0.35. Comparatively, EPS for the current quarter was -$0.57 a year ago. Earnings per share for the fiscal year are expected to increase by 99.22%, and 2802.72% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate Melco Resorts & Entertainment Ltd ADR (MLCO) as a “Strong Buy” at a consensus score of 1.46. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 3 of the 13 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MLCO, a number of firms have released research notes about the stock. Susquehanna stated their Positive rating for the stock in a research note on December 15, 2023, with the firm’s price target at $15.
