Melco Crown Entertainment Limited (MLCO) Raises Dividend to $0.09 Per Share
Melco Crown Entertainment Limited (NASDAQ:MLCO) declared a quarterly dividend on Friday, November 3rd, Wall Street Journal reports. Investors of record on Tuesday, November 14th will be paid a dividend of 0.09 per share on Thursday, November 30th. This represents a $0.36 annualized dividend and a yield of 1.39%. The ex-dividend date is Monday, November 13th. This is an increase from Melco Crown Entertainment Limited’s previous quarterly dividend of $0.03.
Shares of Melco Crown Entertainment Limited (NASDAQ:MLCO) traded down $0.61 during trading hours on Friday, reaching $25.91. 3,135,062 shares of the company traded hands, compared to its average volume of 3,227,305. The firm has a market capitalization of $12.57 billion, a P/E ratio of 30.41 and a beta of 1.92.
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MLCO has been the subject of several research reports. Roth Capital initiated coverage on shares of Melco Crown Entertainment Limited in a research note on Wednesday. They issued a “buy” rating and a $34.00 price objective for the company. Nomura raised shares of Melco Crown Entertainment Limited from a “neutral” rating to a “buy” rating and increased their price objective for the company from $20.00 to $29.00 in a research note on Tuesday, September 19th. Instinet reissued a “neutral” rating on shares of Melco Crown Entertainment Limited in a research note on Monday, July 17th. Zacks Investment Research raised shares of Melco Crown Entertainment Limited from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Wednesday, September 27th. Finally, TheStreet downgraded shares of Melco Crown Entertainment Limited from a “b-” rating to a “c+” rating in a research note on Thursday, July 27th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $24.05.
About Melco Crown Entertainment Limited
Melco Resorts & Entertainment Limited, formerly Melco Crown Entertainment Limited, is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. It is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines.
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