Melco Resorts & Entertainment (MLCO) Announces Earnings Results, Beats Expectations By $0.03 EPS

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Melco Resorts & Entertainment (NASDAQ:MLCO) released its earnings results on Tuesday. The company reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.03, Morningstar.com reports. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.34 billion. Melco Resorts & Entertainment had a return on equity of 13.92% and a net margin of 6.81%. Melco Resorts & Entertainment’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS.

Shares of NASDAQ MLCO traded down $0.17 during trading on Wednesday, reaching $23.58. The company had a trading volume of 2,091,733 shares, compared to its average volume of 2,601,265. Melco Resorts & Entertainment has a 12-month low of $15.33 and a 12-month high of $32.93. The stock has a market cap of $11.74 billion, a P/E ratio of 26.49, a P/E/G ratio of 1.45 and a beta of 1.64. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 1.43.

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 30th. Investors of record on Monday, May 20th will be paid a $0.1551 dividend. This represents a $0.62 annualized dividend and a yield of 2.63%. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, May 17th. Melco Resorts & Entertainment’s dividend payout ratio is presently 68.54%.

Several institutional investors have recently added to or reduced their stakes in MLCO. Boston Partners boosted its position in shares of Melco Resorts & Entertainment by 650.4% during the fourth quarter. Boston Partners now owns 4,969,419 shares of the company’s stock valued at $87,561,000 after buying an additional 4,307,173 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new stake in shares of Melco Resorts & Entertainment during the fourth quarter valued at $66,986,000. Perpetual Ltd boosted its position in shares of Melco Resorts & Entertainment by 145.0% during the fourth quarter. Perpetual Ltd now owns 1,961,069 shares of the company’s stock valued at $34,358,000 after buying an additional 1,160,773 shares during the last quarter. Clearbridge Investments LLC boosted its position in shares of Melco Resorts & Entertainment by 56,184.1% during the third quarter. Clearbridge Investments LLC now owns 932,627 shares of the company’s stock valued at $19,725,000 after buying an additional 930,970 shares during the last quarter. Finally, Hardman Johnston Global Advisors LLC boosted its position in shares of Melco Resorts & Entertainment by 8.8% during the fourth quarter. Hardman Johnston Global Advisors LLC now owns 10,759,685 shares of the company’s stock valued at $189,586,000 after buying an additional 867,250 shares during the last quarter. 32.95% of the stock is currently owned by institutional investors.

Several analysts have weighed in on the company. Nomura boosted their price objective on Melco Resorts & Entertainment from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday. Wolfe Research downgraded Melco Resorts & Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Wednesday. BidaskClub downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Wednesday. Macquarie started coverage on Melco Resorts & Entertainment in a report on Monday, April 8th. They set an “outperform” rating and a $25.10 target price for the company. Finally, Zacks Investment Research downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Wednesday, March 27th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $28.13.

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Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.

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Earnings History for Melco Resorts & Entertainment (NASDAQ:MLCO)

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