Wells Fargo & Company Lowers Wynn Resorts (NASDAQ:WYNN) Price Target to $122.00

Wynn Resorts (NASDAQ:WYNN) had its target price reduced by Wells Fargo & Company from $125.00 to $122.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the casino operator’s stock.

A number of other research firms have also issued reports on WYNN. Deutsche Bank Aktiengesellschaft cut their price target on shares of Wynn Resorts from $122.00 to $118.00 and set a “buy” rating on the stock in a report on Tuesday. Jefferies Financial Group reduced their target price on Wynn Resorts from $111.00 to $96.00 and set a “hold” rating for the company in a report on Thursday, July 11th. UBS Group raised Wynn Resorts to a “hold” rating in a research report on Friday, August 23rd. StockNews.com lowered Wynn Resorts from a “buy” rating to a “hold” rating in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. decreased their price objective on Wynn Resorts from $110.00 to $101.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $115.71.

Wynn Resorts Stock Up 2.2 %

WYNN opened at $87.17 on Tuesday. The firm has a market cap of $9.67 billion, a PE ratio of 10.75, a P/E/G ratio of 2.48 and a beta of 1.80. The business has a fifty day simple moving average of $90.81 and a 200-day simple moving average of $88.65. Wynn Resorts has a fifty-two week low of $71.63 and a fifty-two week high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Monday, November 4th. The casino operator reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Wynn Resorts had a net margin of 13.37% and a negative return on equity of 62.44%. The company’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.99 EPS. On average, equities research analysts anticipate that Wynn Resorts will post 5.42 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, November 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.15%. Wynn Resorts’s dividend payout ratio (DPR) is presently 12.33%.

Insider Activity

In related news, Director Patricia Mulroy sold 2,650 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $78.73, for a total value of $208,634.50. Following the completion of the sale, the director now directly owns 5,689 shares in the company, valued at approximately $447,894.97. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.52% of the stock is currently owned by insiders.

Institutional Trading of Wynn Resorts

A number of institutional investors and hedge funds have recently modified their holdings of WYNN. Norden Group LLC acquired a new position in Wynn Resorts in the 1st quarter valued at $231,000. First Trust Direct Indexing L.P. acquired a new stake in shares of Wynn Resorts in the first quarter valued at about $260,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Wynn Resorts by 25.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,810 shares of the casino operator’s stock valued at $1,567,000 after purchasing an additional 2,982 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Wynn Resorts by 10.8% in the first quarter. Daiwa Securities Group Inc. now owns 9,883 shares of the casino operator’s stock worth $1,010,000 after purchasing an additional 965 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of Wynn Resorts by 42.9% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 5,796 shares of the casino operator’s stock worth $593,000 after purchasing an additional 1,740 shares during the last quarter. 68.87% of the stock is currently owned by institutional investors and hedge funds.

About Wynn Resorts

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.