Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Announces Dividend Increase – $0.17 Per Share

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Investors of record on Monday, March 2nd will be given a dividend of 0.1651 per share on Thursday, March 12th. This represents a $0.66 annualized dividend and a yield of 3.61%. The ex-dividend date is Friday, February 28th. This is a boost from Melco Resorts & Entertainment’s previous quarterly dividend of $0.17.

Melco Resorts & Entertainment has raised its dividend payment by an average of 22.6% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Melco Resorts & Entertainment has a dividend payout ratio of 185.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Melco Resorts & Entertainment to earn $1.24 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 52.4%.

NASDAQ MLCO opened at $18.30 on Thursday. The company has a fifty day simple moving average of $21.64 and a 200 day simple moving average of $21.52. Melco Resorts & Entertainment has a 12-month low of $18.17 and a 12-month high of $26.97. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.51. The company has a market cap of $9.22 billion, a P/E ratio of 23.46, a PEG ratio of 2.93 and a beta of 1.91.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.13). The firm had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Melco Resorts & Entertainment had a return on equity of 15.06% and a net margin of 6.48%. Sell-side analysts predict that Melco Resorts & Entertainment will post -0.3 EPS for the current year.

A number of research firms have issued reports on MLCO. Nomura cut their price objective on shares of Melco Resorts & Entertainment from $33.00 to $27.00 and set a “buy” rating on the stock in a report on Friday, February 21st. BidaskClub downgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a report on Tuesday. ValuEngine raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Zacks Investment Research downgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a report on Tuesday. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $26.27.

Melco Resorts & Entertainment Company Profile

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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