Analysts Expect Melco Resorts & Entertainment Limited (MLCO) Will Post Quarterly Sales of $1.29 Billion

Wall Street brokerages predict 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 lowest sales estimate is $1.26 billion and the highest is $1.32 billion. Melco Resorts & Entertainment reported sales of $1.38 billion during the same quarter last year, which indicates a negative year over year growth rate of 6.5%. The business is expected to issue its next quarterly earnings report on Thursday, November 1st.

On average, analysts expect that Melco Resorts & Entertainment will report full year sales of $5.22 billion for the current year, with estimates ranging from $5.21 billion to $5.22 billion. For the next fiscal year, analysts forecast that the firm will post 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 research firms that that provide coverage for Melco Resorts & Entertainment.

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

MLCO has been the topic of a number of research analyst reports. ValuEngine raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, August 22nd. Zacks Investment Research raised shares of Melco Resorts & Entertainment from a “strong sell” rating to a “hold” rating in a research report on Thursday, July 26th. Wolfe Research raised shares of Melco Resorts & Entertainment from a “market perform” rating to an “outperform” rating in a research report on Tuesday, July 10th. BidaskClub raised shares of Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 22nd. Finally, Bank of America reaffirmed a “buy” rating and issued a $35.10 target price (up from $34.40) on shares of Melco Resorts & Entertainment in a research report on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. Melco Resorts & Entertainment presently has an average rating of “Buy” and an average price target of $33.16.

Melco Resorts & Entertainment stock traded up $0.27 during mid-day trading on Wednesday, reaching $20.84. 5,925,024 shares of the company traded hands, compared to its average volume of 3,795,805. The company has a current ratio of 1.04, a quick ratio of 1.02 and a debt-to-equity ratio of 1.05. The company has a market cap of $9.91 billion, a P/E ratio of 22.65, a PEG ratio of 1.45 and a beta of 1.53. Melco Resorts & Entertainment has a 52-week low of $19.10 and a 52-week high of $32.95.

Several large investors have recently added to or reduced their stakes in MLCO. BlackRock Inc. grew its position in shares of Melco Resorts & Entertainment by 28.9% in the 1st quarter. BlackRock Inc. now owns 22,186,282 shares of the company’s stock worth $642,959,000 after buying an additional 4,977,655 shares during the period. Renaissance Technologies LLC grew its position in shares of Melco Resorts & Entertainment by 86.4% in the 2nd quarter. Renaissance Technologies LLC now owns 2,312,600 shares of the company’s stock worth $64,753,000 after buying an additional 1,071,800 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Melco Resorts & Entertainment in the 2nd quarter worth about $24,627,000. Pagoda Asset Management LP purchased a new stake in shares of Melco Resorts & Entertainment in the 1st quarter worth about $22,958,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in Melco Resorts & Entertainment by 566.0% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 650,233 shares of the company’s stock worth $18,207,000 after purchasing an additional 552,600 shares in the last quarter. 40.50% of the stock is currently owned by hedge funds and other 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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