Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Expected to Post Quarterly Sales of $1.43 Billion

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Brokerages expect Melco Resorts & Entertainment Limited (NASDAQ:MLCO) to post $1.43 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Melco Resorts & Entertainment’s earnings, with the highest sales estimate coming in at $1.47 billion and the lowest estimate coming in at $1.39 billion. Melco Resorts & Entertainment posted sales of $1.40 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 2.1%. The company is scheduled to announce its next earnings report on Tuesday, February 18th.

According to Zacks, analysts expect that Melco Resorts & Entertainment will report full year sales of $5.71 billion for the current financial year, with estimates ranging from $5.64 billion to $5.79 billion. For the next financial year, analysts expect that the business will report sales of $5.76 billion, with estimates ranging from $5.44 billion to $5.93 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Melco Resorts & Entertainment.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data 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). The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.41 billion. Melco Resorts & Entertainment had a net margin of 7.60% and a return on equity of 17.61%. Melco Resorts & Entertainment’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.05 earnings per share.

MLCO has been the subject of several analyst reports. UBS Group lifted their price objective on Melco Resorts & Entertainment from $25.60 to $26.80 and gave the company a “buy” rating in a report on Friday, September 13th. BidaskClub cut Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, November 2nd. Zacks Investment Research cut Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Tuesday, November 12th. CLSA set a $26.00 price target on Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, ValuEngine upgraded Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research note on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $24.24.

NASDAQ MLCO traded up $0.35 during midday trading on Tuesday, hitting $21.38. The company had a trading volume of 842,176 shares, compared to its average volume of 1,217,663. The company has a market capitalization of $10.40 billion, a PE ratio of 24.02, a P/E/G ratio of 0.95 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 firm has a 50-day moving average price of $21.66 and a 200-day moving average price of $21.27. Melco Resorts & Entertainment has a twelve month low of $16.50 and a twelve month high of $26.97.

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a $0.165 dividend. The ex-dividend date of this dividend was Thursday, November 7th. This represents a $0.66 annualized dividend and a dividend yield of 3.09%. Melco Resorts & Entertainment’s payout ratio is 73.03%.

Several institutional investors and hedge funds have recently modified their holdings of MLCO. Nuveen Asset Management LLC bought a new position in shares of Melco Resorts & Entertainment in the 2nd quarter valued at $219,643,000. Matthews International Capital Management LLC grew its position in Melco Resorts & Entertainment by 2,521.3% during the 2nd quarter. Matthews International Capital Management LLC now owns 3,520,700 shares of the company’s stock worth $76,470,000 after acquiring an additional 3,386,387 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Melco Resorts & Entertainment during the 2nd quarter worth $44,932,000. Mackenzie Financial Corp bought a new stake in Melco Resorts & Entertainment during the 2nd quarter worth $28,726,000. Finally, Broad Peak Investment Management LTD. grew its position in Melco Resorts & Entertainment by 48.1% during the 2nd quarter. Broad Peak Investment Management LTD. now owns 3,978,814 shares of the company’s stock worth $86,420,000 after acquiring an additional 1,292,958 shares during the last quarter. Institutional investors own 35.04% of the company’s stock.

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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