Wynn Resorts (NASDAQ:WYNN) Stock Gets Price Target Reduction from Wells Fargo & Company

Wynn Resorts (NASDAQ:WYNN) had its price objective dropped by Wells Fargo & Company from $125.00 to $122.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the casino operator’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 53.81% from the company’s current price.

WYNN has been the subject of a number of other research reports. Barclays cut their price target on shares of Wynn Resorts from $136.00 to $128.00 and set an “overweight” rating for the company in a report on Friday, October 9th. Wolfe Research began coverage on Wynn Resorts in a report on Wednesday, September 2nd. They issued an “outperform” rating and a $128.00 price objective on the stock. Citigroup lowered their price objective on Wynn Resorts from $135.00 to $103.00 and set a “buy” rating for the company in a research report on Monday, October 12th. Stifel Nicolaus cut their target price on Wynn Resorts from $143.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, October 20th. Finally, JPMorgan Chase & Co. reduced their target price on Wynn Resorts from $134.00 to $115.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $124.18.

Wynn Resorts Trading Down 3.7%

Wynn Resorts stock opened at $79.32 on Friday. Wynn Resorts has a 12-month low of $70.79 and a 12-month high of $134.72. The stock has a market cap of $8.17 billion, a P/E ratio of 19.68, a PEG ratio of 1.00 and a beta of 0.96. The company has a 50-day moving average price of $80.89 and a 200 day moving average price of $97.82.

Wynn Resorts (NASDAQ:WYNN) last issued its earnings results on Thursday, November 5th. The casino operator reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.19). The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.75 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%. Wynn Resorts’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period last year, the firm earned $0.86 earnings per share. As a group, analysts forecast that Wynn Resorts will post 4.26 EPS for the current year.

Institutional Investors Weigh In On Wynn Resorts

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Wynn Resorts in the 2nd quarter worth approximately $609,566,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Wynn Resorts in the 2nd quarter valued at approximately $321,402,000. State Street Corp increased its holdings in Wynn Resorts by 2.6% in the 2nd quarter. State Street Corp now owns 3,047,930 shares of the casino operator’s stock valued at $295,924,000 after purchasing an additional 77,416 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Wynn Resorts by 17.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator’s stock valued at $125,918,000 after purchasing an additional 184,000 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in Wynn Resorts in the second quarter valued at approximately $99,277,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Key Wynn Resorts News

Here are the key news stories impacting Wynn Resorts this week:

• Positive Sentiment: Wynn declared a quarterly dividend of $0.25 per share, payable November 30 to shareholders of record November 16. The annualized payout is $1.00 per share, equivalent to a 1.3% yield. Wynn Resorts Declares Quarterly Cash Dividend
• Neutral Sentiment: The company said its Al Marjan Island resort remains on track for a September 2027 opening, although it estimates $465 million to $590 million in remaining equity contributions. The timeline is encouraging, but the additional funding requirement is worth monitoring. Wynn outlines remaining Al Marjan equity needs
• Negative Sentiment: Third-quarter revenue declined 7.9% year over year to $1.69 billion, below the $1.75 billion consensus. Adjusted earnings were $0.33 per share, missing estimates and down from $0.86 a year earlier. The earnings and sales shortfalls are the clearest near-term headwinds for WYNN. Wynn Resorts reports third-quarter results
• Negative Sentiment: Wynn Macau’s third-quarter operating revenue fell 8.2% to $919 million, with VIP-market headwinds weighing on results. This reinforces concerns about weakness in a key operating market. Wynn Macau revenue declines amid VIP headwinds

Wynn Resorts Company Profile

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts, with a focus on destination casinos, hotels, restaurants, entertainment venues, retail, and convention facilities. Its properties are designed to combine gaming with premium hospitality and leisure experiences.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. These resorts serve visitors in the United States and international markets, offering accommodations, casino gaming, dining, nightlife, retail, spas, entertainment, and meeting and convention services.

Wynn Resorts was founded in 2002 by casino executive Steve Wynn.