Brokerages Set Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Price Target at $24.74

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Melco Resorts & Entertainment Limited (NASDAQ:MLCO) has earned an average recommendation of “Buy” from the sixteen research firms that are currently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and eleven have assigned a buy rating to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $24.74.

Several research firms have commented on MLCO. Zacks Investment Research cut shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Tuesday, November 12th. CLSA set a $26.00 target price on shares of Melco Resorts & Entertainment and gave the stock a “buy” rating in a research report on Friday, September 6th. JPMorgan Chase & Co. dropped their target price on shares of Melco Resorts & Entertainment from $29.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, September 6th. UBS Group lifted their target price on shares of Melco Resorts & Entertainment from $25.60 to $26.80 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, Nomura reissued a “buy” rating and set a $15.00 target price on shares of Melco Resorts & Entertainment in a research report on Tuesday, August 13th.

Several hedge funds have recently modified their holdings of the company. Private Trust Co. NA increased its stake in shares of Melco Resorts & Entertainment by 11.3% during the 3rd quarter. Private Trust Co. NA now owns 10,651 shares of the company’s stock worth $206,000 after purchasing an additional 1,081 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Melco Resorts & Entertainment by 7.5% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 21,400 shares of the company’s stock worth $415,000 after purchasing an additional 1,500 shares during the last quarter. Natixis grew its stake in Melco Resorts & Entertainment by 5.0% in the 2nd quarter. Natixis now owns 37,036 shares of the company’s stock valued at $804,000 after buying an additional 1,768 shares in the last quarter. Usca Ria LLC purchased a new position in Melco Resorts & Entertainment in the 3rd quarter valued at approximately $39,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in Melco Resorts & Entertainment in the 2nd quarter valued at approximately $48,000. Institutional investors own 35.74% of the company’s stock.

NASDAQ MLCO traded down $0.23 during trading hours on Monday, hitting $21.47. The company’s stock had a trading volume of 743,700 shares, compared to its average volume of 2,142,819. Melco Resorts & Entertainment has a 52 week low of $16.50 and a 52 week high of $26.97. The company has a market capitalization of $10.81 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 0.98 and a beta of 1.85. The company has a current ratio of 0.89, a quick ratio of 0.88 and a debt-to-equity ratio of 1.37. The company’s 50-day simple moving average is $21.13 and its two-hundred day simple moving average is $21.37.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.03). Melco Resorts & Entertainment had a net margin of 7.60% and a return on equity of 17.61%. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the business posted $0.05 EPS. Melco Resorts & Entertainment’s revenue was up 16.4% compared to the same quarter last year. Research analysts anticipate that Melco Resorts & Entertainment will post 1.05 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th will be paid a dividend of $0.165 per share. The ex-dividend date is Thursday, November 7th. This represents a $0.66 annualized dividend and a dividend yield of 3.07%. Melco Resorts & Entertainment’s payout ratio is currently 73.03%.

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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Analyst Recommendations for Melco Resorts & Entertainment (NASDAQ:MLCO)

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