Goldman Sachs Group Inc. Reaffirms Neutral Rating for Melco Crown Entertainment Ltd. (MPEL)
Melco Crown Entertainment Ltd. (NASDAQ:MPEL)‘s stock had its “neutral” rating reiterated by analysts at Goldman Sachs Group Inc. in a research note issued to investors on Wednesday.
A number of other research firms also recently issued reports on MPEL. JPMorgan Chase & Co. decreased their price objective on Melco Crown Entertainment from $16.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, August 5th. Macquarie started coverage on Melco Crown Entertainment in a report on Thursday, September 8th. They issued an “outperform” rating for the company. Zacks Investment Research downgraded Melco Crown Entertainment from a “hold” rating to a “sell” rating in a report on Friday, August 12th. BNP Paribas reiterated a “sell” rating on shares of Melco Crown Entertainment in a report on Sunday, August 28th. Finally, Deutsche Bank AG raised Melco Crown Entertainment from a “hold” rating to a “buy” rating and increased their target price for the stock from $14.00 to $17.00 in a research note on Friday, September 9th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $17.76.
Melco Crown Entertainment (NASDAQ:MPEL) traded up 1.65% during midday trading on Wednesday, hitting $16.60. The stock had a trading volume of 2,328,737 shares. Melco Crown Entertainment has a 52 week low of $11.91 and a 52 week high of $20.23. The firm has a 50 day moving average of $14.89 and a 200 day moving average of $14.54. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 96.51 and a beta of 2.45.
Melco Crown Entertainment (NASDAQ:MPEL) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.06 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.06. The business earned $1.07 billion during the quarter, compared to the consensus estimate of $1.09 billion. Melco Crown Entertainment had a return on equity of 3.79% and a net margin of 2.12%. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.05 earnings per share. Equities research analysts predict that Melco Crown Entertainment will post $0.30 EPS for the current year.
The company also recently announced a dividend, which was paid on Wednesday, September 7th. Shareholders of record on Tuesday, August 16th were given a $0.019 dividend. The ex-dividend date was Friday, August 12th. Melco Crown Entertainment’s payout ratio is 23.53%.
Several hedge funds and other institutional investors have recently bought and sold shares of MPEL. Daiwa Securities Group Inc. increased its position in Melco Crown Entertainment by 16.0% in the second quarter. Daiwa Securities Group Inc. now owns 8,700 shares of the company’s stock valued at $109,000 after buying an additional 1,200 shares during the period. CIBC Asset Management Inc bought a new position in Melco Crown Entertainment during the second quarter valued at approximately $143,000. Principal Financial Group Inc. bought a new position in Melco Crown Entertainment during the second quarter valued at approximately $165,000. Prudential Financial Inc. increased its position in Melco Crown Entertainment by 27.8% in the second quarter. Prudential Financial Inc. now owns 13,709 shares of the company’s stock valued at $172,000 after buying an additional 2,985 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD bought a new position in Melco Crown Entertainment during the second quarter valued at approximately $181,000. 27.77% of the stock is currently owned by hedge funds and other institutional investors.
About Melco Crown Entertainment
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. The Company 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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