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

WCM Investment Management LLC lowered its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 4.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,894,734 shares of the company’s stock after selling 178,365 shares during the period. WCM Investment Management LLC’s holdings in Melco Resorts & Entertainment were worth $21,655,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MLCO. Parallel Advisors LLC lifted its holdings in Melco Resorts & Entertainment by 1,370.8% in the first 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 during the period. Kestra Advisory Services LLC purchased a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth approximately $48,000. Quarry LP bought a new stake in Melco Resorts & Entertainment during the third quarter valued at approximately $68,000. Hilton Head Capital Partners LLC purchased a new stake in Melco Resorts & Entertainment during the fourth quarter valued at approximately $63,000. Finally, Northwestern Mutual Wealth Management Co. bought a new position in Melco Resorts & Entertainment in the second quarter worth approximately $71,000. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MLCO. Citigroup cut their price objective on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating for the company in a research report on Friday, July 10th. Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Sunday, June 28th. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and lowered their price objective for the company from $6.10 to $6.00 in a research report on Friday, July 10th. Morgan Stanley downgraded shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating for the company in a research report on Thursday. One 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 stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $7.77.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $5.45 on Monday. The stock has a 50-day moving average price of $5.46 and a 200 day moving average price of $5.81. The stock has a market capitalization of $2.12 billion, a P/E ratio of 9.40, a P/E/G ratio of 3.40 and a beta of 0.59. Melco Resorts & Entertainment Limited has a 12-month low of $5.07 and a 12-month high of $10.15.

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.