Is there a way to change the name of an application on Google Play app store?

Yes, you can change the name whenever you want by changing android:label attribute of your application tag in AndroidManifest.xml file.

But, you can't change Package name once you uploaded app on play store.

It turns out that all I had to do to change the name of the app is to change the name property in the application descriptor file.

Before:

<application xmlns="http://ns.adobe.com/air/application/3.6">

    <id>com.mycompany.myAppID</id>
    <filename>MyApplicationFile</filename>
    <name>My Application Name</name>

</application>

After:

<application xmlns="http://ns.adobe.com/air/application/3.6">

    <id>com.mycompany.myAppID</id>
    <filename>MyApplicationFile</filename>
    <name>My Shiny New Application Name</name>

</application>

I changed the name, created a new build and package, uploaded it to Google app store and published. I changed the name of the Google app store listing a few minutes after upload. When the app changes went live the app name was changed. The app may have been in draft mode but I think I published it on accident before changing the name in the store. Either way it's updated.

The app ID shows up in some locations and lists and there is nothing you can do AFAIK to change it after it has been submitted to some app stores except submit a new app with that ID.