Melco Crown Entertainment Ltd. (MPEL) Receives $15.98 Consensus Price Target from Brokerages
Melco Crown Entertainment Ltd. (NASDAQ:MPEL) has been given an average recommendation of “Hold” by the seventeen brokerages that are currently covering the stock. Two investment analysts have rated the stock with a sell recommendation, eight have given a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $16.42.
MPEL has been the topic of several analyst reports. Wells Fargo & Co. reiterated a “neutral” rating and issued a $17.00 price objective (up from $13.00) on shares of Melco Crown Entertainment in a research note on Monday, November 7th. Zacks Investment Research upgraded Melco Crown Entertainment from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective on the stock in a research note on Tuesday. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Melco Crown Entertainment in a research note on Wednesday, October 5th. Deutsche Bank AG upgraded Melco Crown Entertainment from a “hold” rating to a “buy” rating and increased their price objective for the company from $14.00 to $17.00 in a research note on Friday, September 9th. Finally, Macquarie initiated coverage on Melco Crown Entertainment in a research note on Thursday, September 8th. They issued an “outperform” rating on the stock.
Hedge funds have recently bought and sold shares of the company. Harris Associates L P boosted its stake in Melco Crown Entertainment by 25.9% in the second quarter. Harris Associates L P now owns 36,969,470 shares of the company’s stock worth $465,076,000 after buying an additional 7,616,069 shares during the period. Coronation Fund Managers Ltd. raised its position in Melco Crown Entertainment by 27.2% in the third quarter. Coronation Fund Managers Ltd. now owns 5,968,096 shares of the company’s stock worth $96,146,000 after buying an additional 1,274,667 shares in the last quarter. Teachers Advisors LLC raised its position in Melco Crown Entertainment by 1,373.7% in the third quarter. Teachers Advisors LLC now owns 5,098,451 shares of the company’s stock worth $82,136,000 after buying an additional 4,752,485 shares in the last quarter. TIAA CREF Investment Management LLC raised its position in Melco Crown Entertainment by 42.8% in the third quarter. TIAA CREF Investment Management LLC now owns 4,092,795 shares of the company’s stock worth $4,092,795,000 after buying an additional 1,227,446 shares in the last quarter. Finally, Flowering Tree Investment Management Pte. Ltd. raised its position in Melco Crown Entertainment by 34.4% in the third quarter. Flowering Tree Investment Management Pte. Ltd. now owns 3,139,539 shares of the company’s stock worth $50,578,000 after buying an additional 802,763 shares in the last quarter. Institutional investors and hedge funds own 27.74% of the company’s stock.
Shares of Melco Crown Entertainment (NASDAQ:MPEL) opened at 17.02 on Monday. Melco Crown Entertainment has a 1-year low of $11.91 and a 1-year high of $18.39. The firm’s 50-day moving average price is $0.00 and its 200 day moving average price is $0.00.
Melco Crown Entertainment (NASDAQ:MPEL) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.06 by $0.07. Melco Crown Entertainment had a return on equity of 4.12% and a net margin of 2.70%. The business earned $1.15 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period last year, the business posted $0.06 earnings per share. The company’s quarterly revenue was up 21.9% on a year-over-year basis. On average, equities analysts expect that Melco Crown Entertainment will post $0.33 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th will be given a dividend of $0.0126 per share. The ex-dividend date is Thursday, November 10th. This represents a $0.05 dividend on an annualized basis and a dividend yield of 0.30%. This is a boost from Melco Crown Entertainment’s previous quarterly dividend of $0.01. Melco Crown Entertainment’s payout ratio is 29.17%.
Melco Crown Entertainment Company Profile
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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