Wynn Resorts (NASDAQ:WYNN) Rating Increased to Overweight at Morgan Stanley

Wynn Resorts (NASDAQ:WYNN) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued on Friday, Marketbeat.com reports. The firm presently has a $104.00 target price on the casino operator’s stock, up from their previous target price of $97.00. Morgan Stanley’s price objective indicates a potential upside of 6.54% from the company’s previous close.

A number of other research analysts have also weighed in on WYNN. Deutsche Bank Aktiengesellschaft decreased their price objective on Wynn Resorts from $131.00 to $122.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wells Fargo & Company decreased their price objective on Wynn Resorts from $126.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus reduced their price target on Wynn Resorts from $121.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, September 13th. UBS Group upgraded Wynn Resorts to a “hold” rating in a report on Friday, August 23rd. Finally, Jefferies Financial Group reduced their price target on Wynn Resorts from $111.00 to $96.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Wynn Resorts currently has a consensus rating of “Moderate Buy” and an average price target of $114.20.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $97.62 on Friday. The business’s 50 day moving average price is $78.63 and its 200-day moving average price is $89.18. The firm has a market capitalization of $10.94 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 2.17 and a beta of 1.80. Wynn Resorts has a 1 year low of $71.63 and a 1 year high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $1.74 billion. Wynn Resorts had a net margin of 12.22% and a negative return on equity of 53.84%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.91 EPS. On average, sell-side analysts expect that Wynn Resorts will post 5.44 earnings per share for the current year.

Insider Buying and Selling

In other Wynn Resorts news, Director Patricia Mulroy sold 2,650 shares of Wynn Resorts stock in a transaction dated 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 transaction, the director now directly owns 5,689 shares of the company’s stock, valued at approximately $447,894.97. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Wynn Resorts

Several institutional investors have recently bought and sold shares of WYNN. International Assets Investment Management LLC acquired a new position in Wynn Resorts in the 2nd quarter valued at about $25,000. ICA Group Wealth Management LLC acquired a new position in shares of Wynn Resorts during the fourth quarter worth about $27,000. Register Financial Advisors LLC acquired a new position in shares of Wynn Resorts during the first quarter worth about $37,000. Neo Ivy Capital Management acquired a new position in shares of Wynn Resorts during the fourth quarter worth about $40,000. Finally, Versant Capital Management Inc acquired a new position in shares of Wynn Resorts during the second quarter worth about $51,000. 68.87% of the stock is 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.