JPMorgan Chase & Co. Lowers Wynn Resorts (NASDAQ:WYNN) Price Target to $134.00

Wynn Resorts (NASDAQ:WYNN) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $135.00 to $134.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the casino operator’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 39.73% from the stock’s current price.

WYNN has been the subject of several other reports. Jefferies Financial Group lowered their price target on Wynn Resorts from $161.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Barclays cut their price objective on Wynn Resorts from $139.00 to $134.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Susquehanna decreased their target price on Wynn Resorts from $133.00 to $127.00 and set a “positive” rating on the stock in a research note on Thursday, April 16th. Wells Fargo & Company lowered their target price on Wynn Resorts from $142.00 to $141.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wynn Resorts in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $138.62.

Wynn Resorts Stock Performance

Wynn Resorts stock opened at $95.90 on Wednesday. The company’s 50 day simple moving average is $100.82 and its 200-day simple moving average is $106.30. Wynn Resorts has a 1 year low of $93.15 and a 1 year high of $134.72. The company has a market capitalization of $9.95 billion, a price-to-earnings ratio of 28.63, a price-to-earnings-growth ratio of 0.91 and a beta of 0.99.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Thursday, May 7th. The casino operator reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.07. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.82 billion. Wynn Resorts had a net margin of 5.14% and a negative return on equity of 42.03%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 EPS. Equities analysts expect that Wynn Resorts will post 4.61 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital World Investors boosted its stake in shares of Wynn Resorts by 0.6% in the 4th quarter. Capital World Investors now owns 9,542,392 shares of the casino operator’s stock valued at $1,148,236,000 after buying an additional 61,209 shares during the period. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Wynn Resorts by 9.5% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,680,631 shares of the casino operator’s stock worth $442,890,000 after buying an additional 320,502 shares during the period. Egerton Capital UK LLP acquired a new stake in Wynn Resorts in the fourth quarter valued at approximately $249,053,000. Invesco Ltd. raised its holdings in Wynn Resorts by 14.2% in the fourth quarter. Invesco Ltd. now owns 2,011,462 shares of the casino operator’s stock valued at $242,039,000 after acquiring an additional 249,704 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Wynn Resorts by 17.4% in the first quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator’s stock worth $125,918,000 after acquiring an additional 184,000 shares during the last quarter. 88.64% of the stock is owned by institutional investors and hedge funds.

About Wynn Resorts

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.