WCM Investment Management LLC Sells 178,365 Shares of Melco Resorts & Entertainment Limited $MLCO

WCM Investment Management LLC trimmed its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 4.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,894,734 shares of the company’s stock after selling 178,365 shares during the quarter. WCM Investment Management LLC owned approximately 0.96% of Melco Resorts & Entertainment worth $21,655,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MLCO. Parallel Advisors LLC raised its holdings in shares of Melco Resorts & Entertainment by 1,370.8% in the 1st quarter. Parallel Advisors LLC now owns 5,045 shares of the company’s stock valued at $29,000 after acquiring an additional 4,702 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Melco Resorts & Entertainment during the fourth quarter valued at about $48,000. Hilton Head Capital Partners LLC bought a new stake in Melco Resorts & Entertainment during the fourth quarter worth about $63,000. U S Global Investors Inc. purchased a new position in shares of Melco Resorts & Entertainment during the 1st quarter valued at about $68,000. Finally, Quarry LP purchased a new position in shares of Melco Resorts & Entertainment during the 3rd quarter valued at about $68,000. 39.62% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MLCO. CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a research report on Sunday, April 19th. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and lowered their price target for the company from $6.10 to $6.00 in a research report on Friday, July 10th. JPMorgan Chase & Co. dropped their price objective on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating for the company in a report on Thursday. Citigroup cut their price objective on 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. Finally, Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Sunday, June 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.77.

Melco Resorts & Entertainment Price Performance

Shares of Melco Resorts & Entertainment stock opened at $5.45 on Monday. Melco Resorts & Entertainment Limited has a 1 year low of $5.07 and a 1 year high of $10.15. The firm has a market cap of $2.12 billion, a price-to-earnings ratio of 9.40, a PEG ratio of 3.40 and a beta of 0.59. The company has a 50-day moving average of $5.46 and a 200 day moving average of $5.81.

Melco Resorts & Entertainment Company 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.