Prudential Financial Inc. Invests $550,000 in Melco Resorts & Entertainment Ltd (NASDAQ:MLCO)

Prudential Financial Inc. purchased a new position in Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 22,817 shares of the company’s stock, valued at approximately $550,000.

Other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new position in shares of Melco Resorts & Entertainment during the third quarter worth about $112,000. LS Investment Advisors LLC acquired a new position in Melco Resorts & Entertainment during the third quarter valued at approximately $129,000. State Board of Administration of Florida Retirement System acquired a new position in Melco Resorts & Entertainment during the third quarter valued at approximately $216,000. Harbor Advisors LLC acquired a new position in Melco Resorts & Entertainment during the third quarter valued at approximately $422,000. Finally, Sumitomo Mitsui Asset Management Company LTD acquired a new position in Melco Resorts & Entertainment during the third quarter valued at approximately $446,000. Institutional investors own 41.31% of the company’s stock.

Melco Resorts & Entertainment Ltd (NASDAQ MLCO) traded down $0.84 during trading on Tuesday, reaching $28.20. The company’s stock had a trading volume of 5,197,600 shares, compared to its average volume of 2,430,000. Melco Resorts & Entertainment Ltd has a 12-month low of $15.68 and a 12-month high of $29.60. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.07 and a current ratio of 1.08. The company has a market cap of $13,900.00, a price-to-earnings ratio of 44.76, a PEG ratio of 1.11 and a beta of 1.92.

A number of analysts have recently issued reports on MLCO shares. Zacks Investment Research cut Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Tuesday, September 19th. Instinet raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $29.00 in a research report on Tuesday, September 19th. Nomura raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $29.00 in a research report on Tuesday, September 19th. Roth Capital started coverage on Melco Resorts & Entertainment in a research report on Wednesday, November 1st. They issued a “buy” rating and a $34.00 price objective for the company. Finally, TheStreet raised Melco Resorts & Entertainment from a “c+” rating to a “b” rating in a research report on Tuesday, November 21st. Three research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $25.78.

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Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited, formerly Melco Crown Entertainment Limited, is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. It is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines.

Institutional Ownership by Quarter for Melco Resorts & Entertainment (NASDAQ:MLCO)

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