Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares rose 5.5% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $23.55 and last traded at $23.40. Approximately 7,893,085 shares traded hands during mid-day trading, an increase of 186% from the average daily volume of 2,757,806 shares. The stock had previously closed at $22.19.
The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. Melco Resorts & Entertainment had a return on equity of 11.89% and a net margin of 5.98%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the business posted $0.17 earnings per share. The firm’s revenue was up 4.8% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 14th. Stockholders of record on Monday, March 4th will be paid a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 2.65%. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.15. The ex-dividend date is Friday, March 1st. Melco Resorts & Entertainment’s dividend payout ratio (DPR) is presently 61.96%.
MLCO has been the subject of several research analyst reports. TheStreet cut Melco Resorts & Entertainment from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. ValuEngine upgraded Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research note on Friday, November 16th. BidaskClub upgraded Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research note on Friday, November 16th. Citigroup set a $29.00 price objective on Melco Resorts & Entertainment and gave the stock a “buy” rating in a research note on Thursday, December 6th. Finally, Deutsche Bank initiated coverage on Melco Resorts & Entertainment in a research note on Tuesday, December 11th. They issued a “buy” rating and a $19.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $27.64.
A number of institutional investors have recently bought and sold shares of MLCO. Ayalon Holdings Ltd. acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth about $58,000. Advisors Asset Management Inc. grew its holdings in Melco Resorts & Entertainment by 60.6% during the fourth quarter. Advisors Asset Management Inc. now owns 5,941 shares of the company’s stock worth $105,000 after acquiring an additional 2,242 shares during the period. Almanack Investment Partners LLC. acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth about $130,000. Executive Wealth Management LLC acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth about $131,000. Finally, First Hawaiian Bank acquired a new stake in Melco Resorts & Entertainment during the third quarter worth about $163,000. 35.96% of the stock is currently owned by hedge funds and other institutional investors.
The firm has a market capitalization of $10.97 billion, a P/E ratio of 25.43, a PEG ratio of 1.85 and a beta of 1.61. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.97 and a quick ratio of 0.95.
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Melco Resorts & Entertainment Company Profile (NASDAQ:MLCO)
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.
See Also: Earnings Reports
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