Wynn Resorts (NASDAQ:WYNN) Given New $107.00 Price Target at Morgan Stanley

Wynn Resorts (NASDAQ:WYNN) had its price target cut by Morgan Stanley from $115.00 to $107.00 in a research note released on Friday, Benzinga reports. They currently have an equal weight rating on the casino operator’s stock.

Other analysts have also recently issued reports about the stock. StockNews.com cut shares of Wynn Resorts from a buy rating to a hold rating in a research note on Wednesday, July 10th. Seaport Res Ptn raised shares of Wynn Resorts from a hold rating to a strong-buy rating in a research note on Thursday, May 30th. Macquarie lowered their price objective on shares of Wynn Resorts from $128.00 to $126.00 and set an outperform rating for the company in a research note on Tuesday, July 9th. Barclays boosted their price objective on shares of Wynn Resorts from $124.00 to $128.00 and gave the company an overweight rating in a research note on Thursday, May 9th. Finally, Stifel Nicolaus upped their price target on shares of Wynn Resorts from $135.00 to $138.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Five 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 MarketBeat.com, Wynn Resorts currently has an average rating of Moderate Buy and a consensus price target of $119.53.

Wynn Resorts Stock Performance

Shares of WYNN opened at $84.60 on Friday. The stock has a fifty day moving average of $91.55 and a two-hundred day moving average of $96.58. The company has a market capitalization of $9.48 billion, a PE ratio of 11.59 and a beta of 1.82. Wynn Resorts has a fifty-two week low of $81.65 and a fifty-two week high of $111.09.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings data on Tuesday, May 7th. The casino operator reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.16. Wynn Resorts had a net margin of 12.36% and a negative return on equity of 46.04%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the previous year, the company earned $0.29 EPS. The business’s quarterly revenue was up 30.9% compared to the same quarter last year. As a group, equities research analysts forecast that Wynn Resorts will post 5.62 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Monday, May 20th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.00 dividend on an annualized basis and a yield of 1.18%. Wynn Resorts’s dividend payout ratio is currently 13.70%.

Insider Activity

In other news, Director Betsy S. Atkins sold 2,446 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were 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 in the company, valued at approximately $870,842.14. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Wynn Resorts

A number of institutional investors have recently modified their holdings of WYNN. Nordea Investment Management AB raised its stake in Wynn Resorts by 130.9% during the fourth quarter. Nordea Investment Management AB now owns 143,480 shares of the casino operator’s stock worth $13,101,000 after acquiring an additional 81,338 shares during the period. Concord Investment Counsel Inc. acquired a new stake in Wynn Resorts during the first quarter worth about $2,461,000. CIBC Private Wealth Group LLC acquired a new stake in Wynn Resorts during the fourth quarter worth about $1,376,000. Jump Financial LLC raised its stake in Wynn Resorts by 28.1% during the fourth quarter. Jump Financial LLC now owns 56,755 shares of the casino operator’s stock worth $5,171,000 after acquiring an additional 12,461 shares during the period. Finally, OPTIMAS CAPITAL Ltd bought a new position in Wynn Resorts in the 1st quarter worth about $3,394,000. Institutional investors and hedge funds own 68.87% of the company’s stock.

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.