Wynn Resorts (NASDAQ:WYNN) Reaches New 1-Year Low – Here’s Why

Wynn Resorts, Limited (NASDAQ:WYNN)’s share price reached a new 52-week low during trading on Thursday. The company traded as low as $76.90 and last traded at $77.5360, with a volume of 501229 shares traded. The stock had previously closed at $79.43.

Wall Street Analysts Forecast Growth

Several research analysts have commented on WYNN shares. JPMorgan Chase & Co. lowered their target price on Wynn Resorts from $135.00 to $134.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Wolfe Research started coverage on shares of Wynn Resorts in a research report on Wednesday, September 2nd. They set an “outperform” rating and a $128.00 price objective for the company. Citigroup reissued a “buy” rating on shares of Wynn Resorts in a research note on Thursday, August 6th. The Goldman Sachs Group set a $120.00 target price on shares of Wynn Resorts in a research report on Wednesday, July 15th. Finally, Argus boosted their target price on shares of Wynn Resorts from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $133.35.

Wynn Resorts Stock Performance

The business’s fifty day moving average is $93.45 and its 200-day moving average is $98.72. The firm has a market cap of $7.93 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 0.94 and a beta of 1.00.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, topping the consensus estimate of $0.99 by $0.25. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the previous year, the business earned $1.09 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts predict that Wynn Resorts, Limited will post 4.55 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. Wynn Resorts’s dividend payout ratio (DPR) is 24.81%.

Institutional Trading of Wynn Resorts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Wynn Resorts during the second quarter worth $609,566,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Wynn Resorts during the 2nd quarter valued at $321,402,000. Egerton Capital UK LLP purchased a new stake in shares of Wynn Resorts during the 4th quarter valued at $249,053,000. Alyeska Investment Group L.P. bought a new stake in shares of Wynn Resorts during the 2nd quarter worth $99,277,000. Finally, Norges Bank purchased a new position in shares of Wynn Resorts in the 4th quarter worth about $122,696,000. 88.64% of the stock is owned by institutional investors.

Wynn Resorts Company Profile

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts that combine casino gaming, hotel accommodations, fine dining, entertainment, retail, and convention facilities. Its properties are designed to serve leisure travelers, convention visitors, and gaming customers.

The company operates Wynn and Encore resorts in Las Vegas, Nevada; Wynn Macau and Wynn Palace in Macau; and Encore Boston Harbor in Everett, Massachusetts. These properties offer casino floors, guest rooms and suites, restaurants, spas, theaters and other amenities, with operations serving customers from the United States, China and international markets.

Wynn Resorts was founded in 2002 by Steve Wynn, who previously helped develop major casino resorts in Las Vegas and Macau.