Melco Resorts & Entertainment (MLCO) Announces Earnings Results

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

Shares of NASDAQ:MLCO traded down $0.54 during trading on Friday, hitting $15.60. The stock had a trading volume of 4,995,385 shares, compared to its average volume of 3,290,661. Melco Resorts & Entertainment has a 12 month low of $15.33 and a 12 month high of $32.95. The firm has a market capitalization of $8.98 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.53 and a beta of 1.64. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.02 and a current ratio of 1.04.

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

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

MLCO has been the subject of a number of recent analyst reports. BidaskClub raised Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research report on Friday, September 21st. Sanford C. Bernstein lowered their price target on Melco Resorts & Entertainment from $34.50 to $27.00 and set an “outperform” rating for the company in a research report on Monday, September 17th. They noted that the move was a valuation call. UBS Group lowered Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a research report on Wednesday, September 12th. HSBC set a $33.00 price target on Melco Resorts & Entertainment and gave the company a “buy” rating in a research report on Tuesday, October 16th. Finally, Zacks Investment Research lowered Melco Resorts & Entertainment from a “hold” rating to a “strong sell” rating in a research report on Sunday, July 15th. Two analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $32.73.

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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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