Melco Resorts & Entertainment Limited (NASDAQ:MLCO) declared a quarterly dividend on Wednesday, July 24th, Fidelity reports. Stockholders of record on Monday, August 5th will be paid 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 3.43%. The ex-dividend date of this dividend 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% indicating that 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%.
Melco Resorts & Entertainment stock opened at $19.23 on Friday. The company has a market cap of $9.41 billion, a price-to-earnings ratio of 21.61, a PEG ratio of 0.88 and a beta of 1.76. The business’s 50 day simple moving average is $22.65 and its 200 day simple moving average is $22.61. Melco Resorts & Entertainment has a 12 month low of $15.33 and a 12 month high of $26.97. The company has a current ratio of 0.82, a quick ratio of 0.80 and a debt-to-equity ratio of 1.47.
Several research firms have recently weighed in on MLCO. ValuEngine cut shares of Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, July 27th. BidaskClub cut shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, August 10th. Nomura reaffirmed a “buy” rating and issued a $15.00 price target on shares of Melco Resorts & Entertainment in a report on Tuesday. Zacks Investment Research cut Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Goldman Sachs Group set a $27.00 target price on Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $25.79.
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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