Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Increases Dividend to $0.17 Per Share

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) announced a quarterly dividend on Wednesday, July 24th, Fidelity reports. Stockholders of record on Monday, August 5th will be given a dividend of 0.1651 per share on Thursday, August 15th. This represents a $0.66 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date is Friday, August 2nd. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.02.

Melco Resorts & Entertainment has a dividend payout ratio of 61.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Melco Resorts & Entertainment to earn $1.28 per share next year, which means the company should continue to be able to cover its $0.65 annual dividend with an expected future payout ratio of 50.8%.

MLCO stock opened at $23.37 on Wednesday. The stock has a market capitalization of $11.84 billion, a PE ratio of 26.26, a P/E/G ratio of 1.07 and a beta of 1.78. Melco Resorts & Entertainment has a 52 week low of $15.33 and a 52 week high of $26.97. The stock’s 50-day moving average is $22.79. The company has a quick ratio of 0.80, a current ratio of 0.82 and a debt-to-equity ratio of 1.47.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.32 billion. Melco Resorts & Entertainment had a net margin of 6.55% and a return on equity of 14.53%. Melco Resorts & Entertainment’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.12 earnings per share. On average, equities research analysts expect that Melco Resorts & Entertainment will post 1.03 earnings per share for the current year.

MLCO has been the topic of a number of recent research reports. Wolfe Research lowered shares of Walmart from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, May 8th. ValuEngine upgraded shares of Zimmer Biomet from a “hold” rating to a “buy” rating in a report on Saturday. Macquarie assumed coverage on shares of Wynn Macau in a report on Monday, April 8th. They issued an “outperform” rating on the stock. Zacks Investment Research lowered shares of Hallmark Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Finally, Nomura boosted their target price on shares of Melco Resorts & Entertainment from $27.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $27.46.

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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Dividend History for Melco Resorts & Entertainment (NASDAQ:MLCO)

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