Wynn Resorts (NASDAQ:WYNN) Given New $101.00 Price Target at JPMorgan Chase & Co.

Wynn Resorts (NASDAQ:WYNN) had its price objective decreased by JPMorgan Chase & Co. from $110.00 to $101.00 in a research note issued to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the casino operator’s stock.

Other research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Wynn Resorts from $131.00 to $122.00 and set a buy rating on the stock in a research note on Wednesday. StockNews.com raised shares of Wynn Resorts from a hold rating to a buy rating in a report on Thursday, July 18th. Citigroup increased their price target on Wynn Resorts from $132.00 to $138.00 and gave the company a buy rating in a research note on Wednesday, May 8th. Jefferies Financial Group decreased their price objective on Wynn Resorts from $111.00 to $96.00 and set a hold rating for the company in a research note on Thursday, July 11th. Finally, Argus raised Wynn Resorts from a hold rating to a buy rating and set a $110.00 target price on the stock in a research note on Thursday, May 23rd. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Wynn Resorts presently has an average rating of Moderate Buy and a consensus target price of $116.73.

Wynn Resorts Price Performance

Shares of Wynn Resorts stock opened at $74.63 on Wednesday. The firm has a 50 day simple moving average of $85.68 and a 200 day simple moving average of $94.78. Wynn Resorts has a fifty-two week low of $71.63 and a fifty-two week high of $110.38. The firm has a market cap of $8.36 billion, a P/E ratio of 10.22 and a beta of 1.82.

Wynn Resorts (NASDAQ:WYNN) last released its earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.74 billion. Wynn Resorts had a negative return on equity of 50.07% and a net margin of 12.22%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.91 EPS. On average, sell-side analysts expect that Wynn Resorts will post 5.62 EPS for the current year.

Wynn Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Monday, August 19th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Monday, August 19th. Wynn Resorts’s dividend payout ratio (DPR) is presently 13.70%.

Insider Activity

In related news, Director Betsy S. Atkins sold 2,446 shares of Wynn Resorts stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $94.39, for a total value of $230,877.94. Following the sale, the director now owns 9,226 shares of the company’s stock, valued at approximately $870,842.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Wynn Resorts

Several hedge funds have recently made changes to their positions in the business. Sei Investments Co. boosted its position in Wynn Resorts by 5.6% during the first quarter. Sei Investments Co. now owns 139,038 shares of the casino operator’s stock worth $14,214,000 after purchasing an additional 7,380 shares during the period. Concord Investment Counsel Inc. bought a new stake in shares of Wynn Resorts during the 1st quarter worth about $2,461,000. CIBC Private Wealth Group LLC acquired a new position in Wynn Resorts in the 4th quarter valued at about $1,376,000. UniSuper Management Pty Ltd raised its holdings in Wynn Resorts by 540.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 10,179 shares of the casino operator’s stock valued at $1,041,000 after acquiring an additional 8,590 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Wynn Resorts by 1.5% during the first quarter. Vanguard Group Inc. now owns 11,028,618 shares of the casino operator’s stock worth $1,127,456,000 after acquiring an additional 166,594 shares during the period. 68.87% of the stock is owned by institutional investors.

Wynn Resorts Company Profile

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.