Melco Resorts & Entertainment (NASDAQ:MLCO) Raised to “Buy” at BidaskClub

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BidaskClub upgraded shares of Melco Resorts & Entertainment (NASDAQ:MLCO) from a hold rating to a buy rating in a research report released on Thursday morning, BidAskClub reports.

Other equities analysts also recently issued research reports about the stock. Goldman Sachs Group set a $27.00 price target on shares of Melco Resorts & Entertainment and gave the stock a buy rating in a research note on Tuesday, May 28th. Zacks Investment Research raised shares of Jack Henry & Associates from a sell rating to a hold rating in a research note on Wednesday, March 27th. Macquarie assumed coverage on shares of Wynn Macau in a research note on Monday, April 8th. They set an outperform rating on the stock. Nomura increased their price target on shares of Melco Resorts & Entertainment from $27.00 to $30.00 and gave the stock a buy rating in a research note on Wednesday, May 8th. Finally, Wolfe Research downgraded shares of Walmart from a peer perform rating to an underperform rating in a research note on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average 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 stock has a market capitalization of $11.74 billion, a P/E ratio of 28.61, a P/E/G ratio of 1.21 and a beta of 1.77. Melco Resorts & Entertainment has a fifty-two week low of $15.33 and a fifty-two week high of $26.97. The stock’s 50 day moving average is $21.20.

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

Several hedge funds have recently modified their holdings of MLCO. Hexavest Inc. purchased a new position in shares of Melco Resorts & Entertainment in the 1st quarter valued at $12,863,000. Legal & General Group Plc raised its stake in shares of Melco Resorts & Entertainment by 284.4% in the 4th quarter. Legal & General Group Plc now owns 720,559 shares of the company’s stock valued at $12,689,000 after acquiring an additional 533,094 shares during the period. Hardman Johnston Global Advisors LLC raised its stake in shares of Melco Resorts & Entertainment by 3.6% in the 1st quarter. Hardman Johnston Global Advisors LLC now owns 11,143,247 shares of the company’s stock valued at $251,726,000 after acquiring an additional 383,562 shares during the period. State of Wisconsin Investment Board raised its stake in shares of Melco Resorts & Entertainment by 148.5% in the 1st quarter. State of Wisconsin Investment Board now owns 462,452 shares of the company’s stock valued at $10,447,000 after acquiring an additional 276,352 shares during the period. Finally, Two Sigma Advisers LP raised its stake in shares of Melco Resorts & Entertainment by 18.0% in the 4th quarter. Two Sigma Advisers LP now owns 1,799,100 shares of the company’s stock valued at $31,700,000 after acquiring an additional 274,700 shares during the period. 33.31% of the stock is currently owned by institutional investors and hedge funds.

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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