Zacks Investment Research upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $26.00 target price on the stock.

According to Zacks, “Melco Resorts & Entertainment Ltd is a developer, owner and operator of casino gaming and entertainment casino resort facilities primarily in Asia. Melco Resorts & Entertainment Ltd, formerly known as Melco Crown Entertainment Limited, is based in Hong Kong. “

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. raised their price objective on shares of Melco Resorts & Entertainment to $24.00 in a research note on Wednesday, January 23rd. They noted that the move was a valuation call. TheStreet raised shares of Melco Resorts & Entertainment from a c+ rating to a b rating in a research report on Wednesday, February 20th. China Renaissance Securities raised shares of Melco Resorts & Entertainment from a hold rating to a buy rating in a research report on Tuesday, February 19th. Deutsche Bank initiated coverage on shares of Melco Resorts & Entertainment in a research report on Tuesday, December 11th. They set a buy rating and a $19.00 price target on the stock. Finally, Citigroup set a $29.00 price target on shares of Melco Resorts & Entertainment and gave the stock a buy rating in a research report on Thursday, December 6th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $28.14.

Shares of MLCO stock opened at $22.67 on Wednesday. Melco Resorts & Entertainment has a 52-week low of $15.33 and a 52-week high of $32.95. The company has a market capitalization of $11.06 billion, a price-to-earnings ratio of 25.47, a price-to-earnings-growth ratio of 1.27 and a beta of 1.62. The company has a current ratio of 0.92, a quick ratio of 0.90 and a debt-to-equity ratio of 1.43.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings data on Tuesday, February 19th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. Melco Resorts & Entertainment had a net margin of 6.81% and a return on equity of 13.92%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the firm earned $0.17 earnings per share. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities analysts anticipate that Melco Resorts & Entertainment will post 0.96 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Monday, March 4th were given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 2.73%. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.15. The ex-dividend date was Friday, March 1st. Melco Resorts & Entertainment’s dividend payout ratio (DPR) is currently 68.54%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Research Global Investors boosted its position in shares of Melco Resorts & Entertainment by 89.2% during the third quarter. Capital Research Global Investors now owns 33,785,801 shares of the company’s stock worth $714,570,000 after purchasing an additional 15,930,285 shares in the last quarter. Capital World Investors boosted its position in shares of Melco Resorts & Entertainment by 7.7% during the third quarter. Capital World Investors now owns 15,327,427 shares of the company’s stock worth $324,175,000 after purchasing an additional 1,094,334 shares in the last quarter. Hardman Johnston Global Advisors LLC boosted its position in shares of Melco Resorts & Entertainment by 8.8% during the fourth quarter. Hardman Johnston Global Advisors LLC now owns 10,759,685 shares of the company’s stock worth $189,586,000 after purchasing an additional 867,250 shares in the last quarter. Boston Partners boosted its position in shares of Melco Resorts & Entertainment by 650.4% during the fourth quarter. Boston Partners now owns 4,969,419 shares of the company’s stock worth $87,561,000 after purchasing an additional 4,307,173 shares in the last quarter. Finally, Coronation Fund Managers Ltd. bought a new position in shares of Melco Resorts & Entertainment during the fourth quarter worth $66,986,000. 33.01% of the stock is currently 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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