Melco Resorts & Entertainment (NASDAQ:MLCO) Rating Increased to Buy at BidaskClub

Melco Resorts & Entertainment (NASDAQ:MLCO) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a report issued on Thursday, BidAskClub reports.

A number of other analysts also recently issued reports on the stock. Wolfe Research downgraded shares of Walmart from a “peer perform” rating to an “underperform” rating in a report on Wednesday, May 8th. Macquarie initiated coverage on shares of Wynn Macau in a research note on Monday, April 8th. They issued an “outperform” rating for the company. Zacks Investment Research raised shares of Jack Henry & Associates from a “sell” rating to a “hold” rating in a research report on Wednesday, March 27th. Goldman Sachs Group set a $27.00 price target on shares of Melco Resorts & Entertainment and gave the company a “buy” rating in a research report on Tuesday, May 28th. Finally, Nomura boosted their price target on shares of Melco Resorts & Entertainment from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $28.02.

NASDAQ MLCO opened at $23.75 on Thursday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 1.03 and a current ratio of 1.05. The firm has a fifty day moving average price of $21.20. Melco Resorts & Entertainment has a 1 year low of $15.33 and a 1 year high of $26.97. The firm has a market cap of $11.74 billion, a P/E ratio of 26.69, a price-to-earnings-growth ratio of 1.21 and a beta of 1.77.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its earnings results on Tuesday, May 7th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.03. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.34 billion. Melco Resorts & Entertainment had a net margin of 6.00% and a return on equity of 13.47%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 EPS. As a group, sell-side analysts predict that Melco Resorts & Entertainment will post 0.95 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Advisor Group Inc. boosted its position in Melco Resorts & Entertainment by 261.1% during the fourth quarter. Advisor Group Inc. now owns 33,323 shares of the company’s stock worth $588,000 after purchasing an additional 24,095 shares during the period. Van ECK Associates Corp raised its stake in shares of Melco Resorts & Entertainment by 17.4% during the fourth quarter. Van ECK Associates Corp now owns 42,024 shares of the company’s stock worth $740,000 after acquiring an additional 6,230 shares in the last quarter. Northern Trust Corp raised its stake in shares of Melco Resorts & Entertainment by 2.9% during the fourth quarter. Northern Trust Corp now owns 2,007,540 shares of the company’s stock worth $35,373,000 after acquiring an additional 56,692 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Melco Resorts & Entertainment by 8.2% during the fourth quarter. CIBC Asset Management Inc now owns 16,956 shares of the company’s stock worth $299,000 after acquiring an additional 1,291 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its stake in shares of Melco Resorts & Entertainment by 17.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 38,256 shares of the company’s stock worth $674,000 after buying an additional 5,700 shares during the period. Institutional investors and hedge funds own 33.31% 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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Analyst Recommendations for Melco Resorts & Entertainment (NASDAQ:MLCO)

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