Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Down to $20.95

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price gapped down before the market opened on Monday . The stock had previously closed at $21.90, but opened at $20.95. Melco Resorts & Entertainment shares last traded at $19.57, with a volume of 4,086,925 shares traded.

A number of brokerages have commented on MLCO. Wolfe Research downgraded shares of Melco Resorts & Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, May 8th. Goldman Sachs Group set a $27.00 price target on shares of Melco Resorts & Entertainment and gave the company a “buy” rating in a report on Tuesday, May 28th. ValuEngine downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, July 27th. BidaskClub downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Finally, Macquarie initiated coverage on shares of Melco Resorts & Entertainment in a report on Monday, April 8th. They issued an “outperform” rating and a $25.10 price target for the company. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $27.46.

The company’s fifty day moving average price is $22.93. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.80 and a current ratio of 0.82. The company has a market cap of $9.67 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 0.92 and a beta of 1.76.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.24 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.04. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Melco Resorts & Entertainment had a net margin of 6.55% and a return on equity of 14.53%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.12 EPS. On average, analysts predict that Melco Resorts & Entertainment Limited will post 1.03 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be paid a $0.1651 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 3.37%. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.02. The ex-dividend date is Friday, August 2nd. Melco Resorts & Entertainment’s dividend payout ratio is presently 68.54%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Maso Capital Partners Ltd acquired a new stake in Melco Resorts & Entertainment in the 1st quarter valued at about $2,711,000. MetLife Investment Advisors LLC grew its stake in Melco Resorts & Entertainment by 18.7% in the 1st quarter. MetLife Investment Advisors LLC now owns 23,500 shares of the company’s stock valued at $531,000 after acquiring an additional 3,700 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH grew its stake in Melco Resorts & Entertainment by 7.4% in the 1st quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 174,000 shares of the company’s stock valued at $3,831,000 after acquiring an additional 12,000 shares during the last quarter. Todd Asset Management LLC boosted its stake in shares of Melco Resorts & Entertainment by 2.7% during the 1st quarter. Todd Asset Management LLC now owns 850,683 shares of the company’s stock worth $19,216,000 after purchasing an additional 22,671 shares during the last quarter. Finally, NumerixS Investment Technologies Inc acquired a new stake in shares of Melco Resorts & Entertainment during the 1st quarter worth about $806,000. 33.41% of the stock is currently owned by hedge funds and other institutional investors.

About Melco Resorts & Entertainment (NASDAQ:MLCO)

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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