Melco Resorts & Entertainment Limited (MLCO) Expected to Announce Quarterly Sales of $1.29 Billion

Brokerages expect that Melco Resorts & Entertainment Limited (NASDAQ:MLCO) will post $1.29 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Melco Resorts & Entertainment’s earnings. The highest sales estimate is $1.32 billion and the lowest is $1.26 billion. Melco Resorts & Entertainment posted sales of $1.38 billion during the same quarter last year, which suggests a negative year over year growth rate of 6.5%. The company is expected to issue its next earnings results on Thursday, November 1st.

According to Zacks, analysts expect that Melco Resorts & Entertainment will report full-year sales of $5.22 billion for the current fiscal year, with estimates ranging from $5.21 billion to $5.22 billion. For the next year, analysts anticipate that the firm will report sales of $5.61 billion per share, with estimates ranging from $5.55 billion to $5.67 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Melco Resorts & Entertainment.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Tuesday, July 24th. The company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by ($0.05). The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Melco Resorts & Entertainment had a return on equity of 15.47% and a net margin of 7.83%. Melco Resorts & Entertainment’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share.



Several research analysts recently issued reports on the company. BidaskClub lowered Melco Resorts & Entertainment from a “sell” rating to a “strong sell” rating in a research report on Saturday. Zacks Investment Research raised shares of Melco Resorts & Entertainment from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 26th. Bank of America reissued a “buy” rating and set a $35.10 target price (up previously from $34.40) on shares of Melco Resorts & Entertainment in a research note on Tuesday, July 24th. Wolfe Research upgraded shares of Melco Resorts & Entertainment from a “market perform” rating to an “outperform” rating in a report on Tuesday, July 10th. Finally, Nomura cut their price target on shares of Melco Resorts & Entertainment from $42.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, July 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $32.24.

A number of hedge funds and other institutional investors have recently made changes to their positions in MLCO. Envestnet Asset Management Inc. increased its holdings in Melco Resorts & Entertainment by 363.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 155,296 shares of the company’s stock worth $4,347,000 after buying an additional 121,808 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its holdings in Melco Resorts & Entertainment by 52.2% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 22,139 shares of the company’s stock worth $620,000 after buying an additional 7,597 shares in the last quarter. Federated Investors Inc. PA increased its holdings in Melco Resorts & Entertainment by 42.9% in the 2nd quarter. Federated Investors Inc. PA now owns 100,000 shares of the company’s stock worth $2,800,000 after buying an additional 30,000 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in Melco Resorts & Entertainment by 18.1% in the 2nd quarter. Great West Life Assurance Co. Can now owns 117,800 shares of the company’s stock worth $3,298,000 after buying an additional 18,027 shares in the last quarter. Finally, Opera Trading Capital bought a new stake in Melco Resorts & Entertainment in the 2nd quarter worth about $448,000. Hedge funds and other institutional investors own 38.75% of the company’s stock.

Melco Resorts & Entertainment traded down $0.64, hitting $22.58, during mid-day trading on Thursday, Marketbeat reports. 3,022,167 shares of the company’s stock traded hands, compared to its average volume of 4,409,330. Melco Resorts & Entertainment has a twelve month low of $19.99 and a twelve month high of $32.95. The firm has a market capitalization of $11.48 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.68 and a beta of 1.45. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.04 and a quick ratio of 1.02.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 15th. Investors of record on Monday, August 6th will be issued a $0.145 dividend. This is an increase from Melco Resorts & Entertainment’s previous quarterly dividend of $0.14. This represents a $0.58 annualized dividend and a yield of 2.57%. The ex-dividend date is Friday, August 3rd. Melco Resorts & Entertainment’s dividend payout ratio is currently 61.96%.

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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