Melco Resorts & Entertainment (NASDAQ:MLCO) Releases Earnings Results, Beats Estimates By $0.03 EPS

Melco Resorts & Entertainment (NASDAQ:MLCO) issued its earnings results on Tuesday, May 7th. The company reported $0.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.03, Morningstar.com reports. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.34 billion. Melco Resorts & Entertainment had a return on equity of 13.47% and a net margin of 6.00%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.32 EPS.

Shares of MLCO stock traded down $0.28 during trading hours on Friday, reaching $19.47. 44,500 shares of the stock were exchanged, compared to its average volume of 3,140,478. Melco Resorts & Entertainment has a 12-month low of $15.33 and a 12-month high of $32.66. The company has a current ratio of 1.05, a quick ratio of 1.03 and a debt-to-equity ratio of 1.51. The stock has a market cap of $10.34 billion, a PE ratio of 21.78, a P/E/G ratio of 1.13 and a beta of 1.64.

The company also recently declared a quarterly dividend, which was paid on Thursday, May 30th. Investors of record on Monday, May 20th were paid a dividend of $0.1551 per share. The ex-dividend date was Friday, May 17th. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.16. This represents a $0.62 dividend on an annualized basis and a dividend yield of 3.19%. Melco Resorts & Entertainment’s payout ratio is currently 68.54%.

Several hedge funds have recently added to or reduced their stakes in the stock. Boston Partners raised its stake in shares of Melco Resorts & Entertainment by 650.4% during the 4th quarter. Boston Partners now owns 4,969,419 shares of the company’s stock worth $87,561,000 after acquiring an additional 4,307,173 shares in the last quarter. Coronation Fund Managers Ltd. purchased a new position in Melco Resorts & Entertainment during the fourth quarter valued at $66,986,000. Platinum Investment Management Ltd. lifted its holdings in Melco Resorts & Entertainment by 393.1% during the first quarter. Platinum Investment Management Ltd. now owns 4,264,262 shares of the company’s stock valued at $96,330,000 after purchasing an additional 3,399,409 shares in the last quarter. Perpetual Ltd raised its position in shares of Melco Resorts & Entertainment by 145.0% in the fourth quarter. Perpetual Ltd now owns 1,961,069 shares of the company’s stock valued at $34,358,000 after buying an additional 1,160,773 shares during the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Melco Resorts & Entertainment by 56,184.1% in the third quarter. Clearbridge Investments LLC now owns 932,627 shares of the company’s stock valued at $19,725,000 after buying an additional 930,970 shares during the last quarter. 33.36% of the stock is owned by hedge funds and other institutional investors.

Several research firms have recently weighed in on MLCO. Goldman Sachs Group set a $27.00 price objective on Melco Resorts & Entertainment and gave the stock a “buy” rating in a research report on Tuesday. BidaskClub downgraded Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Nomura boosted their target price on shares of Melco Resorts & Entertainment from $27.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Wolfe Research cut shares of Melco Resorts & Entertainment from an “outperform” rating to a “peer perform” rating in a report on Wednesday, May 8th. Finally, Macquarie assumed coverage on shares of Melco Resorts & Entertainment in a report on Monday, April 8th. They set an “outperform” rating and a $25.10 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Melco Resorts & Entertainment presently has an average rating of “Buy” and a consensus target price of $28.02.

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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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Earnings History for Melco Resorts & Entertainment (NASDAQ:MLCO)

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