Melco Resorts & Entertainment Limited (MLCO) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) have been given a consensus rating of “Buy” by the fourteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $32.02.

MLCO has been the subject of several recent research reports. BidaskClub downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Thursday, June 7th. ValuEngine downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Thursday, June 7th. Zacks Investment Research downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Nomura reduced their target price on shares of Melco Resorts & Entertainment from $42.00 to $32.00 and set a “buy” rating for the company in a research note on Monday, July 9th. Finally, Wolfe Research upgraded shares of Melco Resorts & Entertainment from a “market perform” rating to an “outperform” rating in a research note on Tuesday, July 10th.

MLCO stock traded down $0.06 during mid-day trading on Wednesday, hitting $21.40. The company had a trading volume of 4,218,800 shares, compared to its average volume of 3,148,004. The firm has a market cap of $10.49 billion, a price-to-earnings ratio of 23.16, a P/E/G ratio of 1.67 and a beta of 1.53. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.02 and a current ratio of 1.04. Melco Resorts & Entertainment has a 12 month low of $19.10 and a 12 month high of $32.95.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Tuesday, July 24th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.05). The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.31 billion. Melco Resorts & Entertainment had a return on equity of 15.47% and a net margin of 7.83%. The business’s revenue was down 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 EPS. analysts forecast that Melco Resorts & Entertainment will post 1.06 earnings per share for the current year.

A number of large investors have recently modified their holdings of MLCO. BlackRock Inc. grew its stake in Melco Resorts & Entertainment by 28.9% during the first quarter. BlackRock Inc. now owns 22,186,282 shares of the company’s stock valued at $642,959,000 after acquiring an additional 4,977,655 shares in the last quarter. Renaissance Technologies LLC grew its stake in Melco Resorts & Entertainment by 86.4% during the second quarter. Renaissance Technologies LLC now owns 2,312,600 shares of the company’s stock valued at $64,753,000 after acquiring an additional 1,071,800 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Melco Resorts & Entertainment during the second quarter valued at approximately $24,627,000. Pagoda Asset Management LP purchased a new position in Melco Resorts & Entertainment during the first quarter valued at approximately $22,958,000. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in Melco Resorts & Entertainment by 566.0% during the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 650,233 shares of the company’s stock valued at $18,207,000 after acquiring an additional 552,600 shares in the last quarter. 40.49% of the stock is owned by institutional investors.

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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