Macquarie Reaffirms Outperform Rating for Wynn Resorts (NASDAQ:WYNN)

Macquarie reissued their outperform rating on shares of Wynn Resorts (NASDAQ:WYNN) in a report published on Wednesday morning, Benzinga reports. They currently have a $126.00 price objective on the casino operator’s stock.

A number of other analysts also recently commented on WYNN. Barclays boosted their price target on shares of Wynn Resorts from $124.00 to $128.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. Argus raised shares of Wynn Resorts from a hold rating to a buy rating and set a $110.00 target price for the company in a research report on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wynn Resorts from $132.00 to $131.00 and set a buy rating for the company in a research note on Thursday, July 11th. Morgan Stanley cut their target price on shares of Wynn Resorts from $115.00 to $107.00 and set an equal weight rating for the company in a research note on Friday, July 12th. Finally, Jefferies Financial Group dropped their price objective on shares of Wynn Resorts from $111.00 to $96.00 and set a hold rating for the company in a research note on Thursday, July 11th. Five research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $116.73.

Wynn Resorts Stock Performance

Shares of NASDAQ WYNN traded down $2.02 during midday trading on Wednesday, hitting $74.63. The company’s stock had a trading volume of 2,417,886 shares, compared to its average volume of 1,904,753. The firm’s fifty day moving average price is $85.68 and its 200-day moving average price is $94.76. 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 has a 1-year low of $71.63 and a 1-year high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share (EPS) 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 analyst estimates of $1.74 billion. Wynn Resorts had a net margin of 12.22% and a negative return on equity of 50.07%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 earnings per share. As a group, research analysts predict that Wynn Resorts will post 5.62 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The business 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. The ex-dividend date of this dividend is Monday, August 19th. This represents a $1.00 annualized dividend and a yield of 1.34%. Wynn Resorts’s dividend payout ratio (DPR) is currently 13.70%.

Insiders Place Their Bets

In other news, Director Betsy S. Atkins sold 2,446 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $94.39, for a total transaction of $230,877.94. Following the completion of the transaction, the director now directly owns 9,226 shares of the company’s stock, valued at approximately $870,842.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in 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 purchasing an additional 166,594 shares during the period. Fisher Asset Management LLC boosted its position in Wynn Resorts by 0.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,931,323 shares of the casino operator’s stock worth $358,183,000 after purchasing an additional 20,091 shares during the period. Norges Bank bought a new position in Wynn Resorts during the fourth quarter worth $157,305,000. Renaissance Technologies LLC boosted its position in Wynn Resorts by 29.1% during the second quarter. Renaissance Technologies LLC now owns 1,345,100 shares of the casino operator’s stock worth $120,386,000 after purchasing an additional 303,033 shares during the period. Finally, Janus Henderson Group PLC boosted its position in Wynn Resorts by 22.2% during the first quarter. Janus Henderson Group PLC now owns 1,125,718 shares of the casino operator’s stock worth $115,082,000 after purchasing an additional 204,852 shares during the period. 68.87% of the stock is owned by institutional investors.

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.