Wynn Resorts (NASDAQ:WYNN) Stock Gets Price Target Cut from Citigroup

Wynn Resorts (NASDAQ:WYNN) had its price objective reduced by Citigroup from $135.00 to $103.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the casino operator’s stock.

Several other analysts have also recently issued reports on the stock. Truist Financial initiated coverage on shares of Wynn Resorts in a research report on Wednesday, July 8th. They set a “buy” rating and a $125.00 price target on the stock. Wolfe Research began coverage on shares of Wynn Resorts in a report on Wednesday, September 2nd. They issued an “outperform” rating and a $128.00 price objective for the company. The Goldman Sachs Group set a $120.00 target price on shares of Wynn Resorts in a research note on Wednesday, July 15th. UBS Group cut their target price on shares of Wynn Resorts from $145.00 to $138.00 and set a “buy” rating on the stock in a research note on Friday, September 11th. Finally, Argus increased their target price on shares of Wynn Resorts from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $130.12.

Wynn Resorts Trading Down 2.6%

WYNN stock opened at $73.73 on Monday. The business’s fifty day moving average price is $88.82 and its 200 day moving average price is $96.91. Wynn Resorts has a 12-month low of $73.07 and a 12-month high of $134.72. The company has a market capitalization of $7.59 billion, a PE ratio of 18.30, a P/E/G ratio of 0.91 and a beta of 0.96.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.25. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.83 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 up 6.9% on a year-over-year basis. During the same period last year, the business posted $1.09 EPS. Research analysts predict that Wynn Resorts 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 paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, August 14th. Wynn Resorts’s dividend payout ratio (DPR) is presently 24.81%.

Institutional Trading of Wynn Resorts

A number of large investors have recently made changes to their positions in the company. SHP Wealth Management acquired a new position in Wynn Resorts during the 4th quarter worth approximately $32,000. Operose Advisors LLC increased its position in shares of Wynn Resorts by 400.0% in the 2nd quarter. Operose Advisors LLC now owns 500 shares of the casino operator’s stock valued at $49,000 after purchasing an additional 400 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Wynn Resorts by 18.5% in the 1st quarter. Parallel Advisors LLC now owns 756 shares of the casino operator’s stock valued at $77,000 after purchasing an additional 118 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Wynn Resorts in the 1st quarter valued at $90,000. Finally, GKV Capital Management Co. Inc. acquired a new stake in shares of Wynn Resorts in the 1st quarter valued at $102,000. 88.64% of the stock is currently owned by hedge funds and other 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.