Harbor Advisors LLC bought a new stake in shares of Melco Crown Entertainment Limited (NASDAQ:MLCO) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 17,500 shares of the company’s stock, valued at approximately $422,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. APG Asset Management N.V. purchased a new stake in shares of Melco Crown Entertainment Limited during the third quarter valued at approximately $9,735,000. First Trust Advisors LP purchased a new stake in Melco Crown Entertainment Limited in the third quarter worth approximately $6,588,000. Pictet Asset Management Ltd. purchased a new stake in Melco Crown Entertainment Limited in the third quarter worth approximately $4,501,000. Handelsbanken Fonder AB purchased a new stake in Melco Crown Entertainment Limited in the third quarter worth approximately $3,739,000. Finally, Aperio Group LLC purchased a new stake in Melco Crown Entertainment Limited in the third quarter worth approximately $3,506,000. 40.12% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently issued reports on MLCO. Nomura raised their target price on shares of Melco Crown Entertainment Limited from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, November 3rd. Roth Capital started coverage on shares of Melco Crown Entertainment Limited in a research report on Wednesday, November 1st. They issued a “buy” rating and a $34.00 price target on the stock. Zacks Investment Research downgraded shares of Melco Crown Entertainment Limited from a “buy” rating to a “hold” rating in a research report on Friday. Instinet upgraded shares of Melco Crown Entertainment Limited from a “neutral” rating to a “buy” rating and increased their price target for the stock from $20.00 to $29.00 in a research report on Tuesday, September 19th. Finally, Macquarie decreased their price target on shares of Melco Crown Entertainment Limited from $26.00 to $25.80 and set an “outperform” rating on the stock in a research report on Friday, August 18th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $24.83.
Melco Crown Entertainment Limited (NASDAQ:MLCO) traded down $0.07 during mid-day trading on Tuesday, hitting $25.13. 1,204,900 shares of the company were exchanged, compared to its average volume of 3,787,763. Melco Crown Entertainment Limited has a 52-week low of $14.89 and a 52-week high of $26.54. 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 stock has a market cap of $12,230.00, a PE ratio of 30.00, a PEG ratio of 1.04 and a beta of 1.92.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Tuesday, November 14th will be paid a dividend of $0.09 per share. The ex-dividend date is Monday, November 13th. This is a boost from Melco Crown Entertainment Limited’s previous quarterly dividend of $0.03. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.43%. Melco Crown Entertainment Limited’s payout ratio is currently 42.86%.
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About Melco Crown Entertainment Limited
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.
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