Melco Resorts & Entertainment’s (MLCO) Buy Rating Reaffirmed at Nomura

Share on StockTwits

Nomura reaffirmed their buy rating on shares of Melco Resorts & Entertainment (NASDAQ:MLCO) in a research report sent to investors on Tuesday morning, AnalystRatings.com reports. Nomura currently has a $15.00 target price on the stock.

A number of other brokerages have also recently issued reports on MLCO. BidaskClub cut Melco Resorts & Entertainment from a hold rating to a sell rating in a report on Saturday. Goldman Sachs Group set a $27.00 target price on Melco Resorts & Entertainment and gave the stock a buy rating in a report on Tuesday, May 28th. Wolfe Research cut Melco Resorts & Entertainment from an outperform rating to a peer perform rating in a report on Wednesday, May 8th. Zacks Investment Research upgraded Melco Resorts & Entertainment from a hold rating to a buy rating and set a $28.00 target price on the stock in a report on Thursday, July 25th. Finally, ValuEngine cut Melco Resorts & Entertainment from a buy rating to a hold rating in a report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $25.79.

Shares of MLCO opened at $19.91 on Tuesday. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.80 and a current ratio of 0.82. Melco Resorts & Entertainment has a 1 year low of $15.33 and a 1 year high of $26.97. The company has a market capitalization of $9.96 billion, a PE ratio of 22.37, a P/E/G ratio of 0.89 and a beta of 1.76. The stock’s 50-day moving average is $22.74.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its earnings results on Wednesday, July 24th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.04. Melco Resorts & Entertainment had a return on equity of 14.53% and a net margin of 6.55%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter last year, the business earned $0.12 earnings per share. The company’s revenue was up 17.4% compared to the same quarter last year. Equities analysts expect that Melco Resorts & Entertainment will post 1.03 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be issued a dividend of $0.1651 per share. This represents a $0.66 annualized dividend and a dividend yield of 3.32%. The ex-dividend date is Friday, August 2nd. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.02. Melco Resorts & Entertainment’s payout ratio is 73.03%.

Several large investors have recently added to or reduced their stakes in MLCO. Matthews International Capital Management LLC lifted its holdings in shares of 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 valued at $76,470,000 after purchasing an additional 3,386,387 shares in the last quarter. Broad Peak Investment Management LTD. raised its position in Melco Resorts & Entertainment by 48.1% in the 2nd quarter. Broad Peak Investment Management LTD. now owns 3,978,814 shares of the company’s stock valued at $86,420,000 after buying an additional 1,292,958 shares during the last quarter. Renaissance Technologies LLC raised its position in Melco Resorts & Entertainment by 238.5% in the 2nd quarter. Renaissance Technologies LLC now owns 1,707,500 shares of the company’s stock valued at $37,087,000 after buying an additional 1,203,100 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Melco Resorts & Entertainment by 350.4% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 746,934 shares of the company’s stock valued at $16,224,000 after buying an additional 581,100 shares during the last quarter. Finally, Perpetual Ltd raised its position in Melco Resorts & Entertainment by 71.2% in the 2nd quarter. Perpetual Ltd now owns 1,190,488 shares of the company’s stock valued at $25,857,000 after buying an additional 495,291 shares during the last quarter. Institutional investors and hedge funds own 34.42% of the company’s stock.

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.

Read More: Preferred Stock

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

Receive News & Ratings for Melco Resorts & Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Melco Resorts & Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.