Melco Crown Entertainment Ltd. (NASDAQ:MPEL) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The firm presently has a $20.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 3.63% from the stock’s current price.
According to Zacks, “Melco Crown Entertainment Limited is an owner and developer of casino gaming and entertainment resort facilities primarily in Macau. It owns and operates City of Dreams, Altira Macau and Mocha Clubs. The Company’s Development Project includes Macau Studio City Project. Melco Crown Entertainment Limited, formerly known as Melco PBL Entertainment (Macau) Limited, is headquartered in Macau. “
Other research analysts also recently issued research reports about the company. Wells Fargo & Co. reiterated a “neutral” rating and issued a $17.00 price objective (up previously from $13.00) on shares of Melco Crown Entertainment in a report on Monday, November 7th. Goldman Sachs Group Inc. reiterated a “neutral” rating on shares of Melco Crown Entertainment in a report on Wednesday, October 5th. Deutsche Bank AG upgraded Melco Crown Entertainment from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $14.00 to $17.00 in a report on Friday, September 9th. Macquarie assumed coverage on Melco Crown Entertainment in a report on Thursday, September 8th. They issued an “outperform” rating on the stock. Finally, BNP Paribas reiterated a “sell” rating on shares of Melco Crown Entertainment in a report on Sunday, August 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Melco Crown Entertainment has an average rating of “Hold” and an average target price of $16.88.
Melco Crown Entertainment (NASDAQ:MPEL) traded up 0.4162% during trading on Tuesday, hitting $19.3000. The stock had a trading volume of 999,063 shares. Melco Crown Entertainment has a 52 week low of $11.91 and a 52 week high of $20.00.
Melco Crown Entertainment (NASDAQ:MPEL) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.13 earnings per share for the quarter, beating the Zacks’ 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 had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter last year, the business posted $0.06 earnings per share. The company’s revenue for the quarter was up 21.9% on a year-over-year basis. On average, equities research analysts anticipate that Melco Crown Entertainment will post $0.38 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Tuesday, November 15th will be given a $0.0126 dividend. This is a positive change from Melco Crown Entertainment’s previous quarterly dividend of $0.01. This represents a $0.05 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend is Thursday, November 10th. Melco Crown Entertainment’s dividend payout ratio is 25.00%.
A number of hedge funds have recently bought and sold shares of MPEL. Credit Suisse AG raised its stake in Melco Crown Entertainment by 63.8% in the third quarter. Credit Suisse AG now owns 3,724,596 shares of the company’s stock worth $60,004,000 after buying an additional 1,450,047 shares during the period. Hillhouse Capital Management Ltd. purchased a new stake in Melco Crown Entertainment during the third quarter worth $125,309,000. The Manufacturers Life Insurance Company purchased a new stake in Melco Crown Entertainment during the third quarter worth $1,397,000. Oaktree Capital Management LP purchased a new stake in Melco Crown Entertainment during the third quarter worth $2,133,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Melco Crown Entertainment by 22.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 40,803 shares of the company’s stock worth $657,000 after buying an additional 7,412 shares during the period. 28.22% of the stock is currently owned by institutional investors.
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.