Melco Resorts & Entertainment (MLCO) Issues Quarterly Earnings Results

Melco Resorts & Entertainment (NASDAQ:MLCO) issued its earnings results on Thursday. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.18), Morningstar.com reports. Melco Resorts & Entertainment had a net margin of 7.83% and a return on equity of 15.47%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the business posted $0.24 earnings per share. The business’s revenue for the quarter was down 11.4% on a year-over-year basis.

Shares of NASDAQ MLCO traded down $0.54 during midday trading on Friday, hitting $15.60. 4,995,385 shares of the stock traded hands, compared to its average volume of 3,290,661. The stock has a market capitalization of $8.98 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 1.53 and a beta of 1.64. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.04 and a quick ratio of 1.02. Melco Resorts & Entertainment has a one year low of $15.33 and a one year high of $32.95.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 29th. Stockholders of record on Monday, November 19th will be issued a dividend of $0.1451 per share. This represents a $0.58 annualized dividend and a dividend yield of 3.72%. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, November 16th. Melco Resorts & Entertainment’s dividend payout ratio is presently 61.96%.

Several brokerages have commented on MLCO. TheStreet downgraded Melco Resorts & Entertainment from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. HSBC set a $33.00 price target on Melco Resorts & Entertainment and gave the company a “buy” rating in a report on Tuesday, October 16th. BidaskClub cut Melco Resorts & Entertainment from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 9th. Sanford C. Bernstein lowered their price target on Melco Resorts & Entertainment from $34.50 to $27.00 and set an “outperform” rating on the stock in a report on Monday, September 17th. They noted that the move was a valuation call. Finally, UBS Group cut Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a report on Wednesday, September 12th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. Melco Resorts & Entertainment presently has an average rating of “Buy” and an average target price of $32.73.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board lifted its holdings in shares of Melco Resorts & Entertainment by 602.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,150,155 shares of the company’s stock valued at $24,326,000 after buying an additional 986,500 shares during the period. FIL Ltd lifted its holdings in shares of Melco Resorts & Entertainment by 3.4% during the 3rd quarter. FIL Ltd now owns 809,156 shares of the company’s stock valued at $17,113,000 after buying an additional 26,819 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Melco Resorts & Entertainment by 3.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 309,630 shares of the company’s stock valued at $6,548,000 after buying an additional 11,641 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Melco Resorts & Entertainment by 9.2% during the 3rd quarter. Janus Henderson Group PLC now owns 2,128,578 shares of the company’s stock valued at $45,020,000 after buying an additional 179,600 shares during the period. Finally, Flowering Tree Investment Management Pte. Ltd. lifted its holdings in shares of Melco Resorts & Entertainment by 44.8% during the 3rd quarter. Flowering Tree Investment Management Pte. Ltd. now owns 3,245,803 shares of the company’s stock valued at $68,649,000 after buying an additional 1,003,934 shares during the period. 39.38% of the stock is currently owned by hedge funds and other institutional investors.

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About Melco Resorts & Entertainment

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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