Wynn Resorts (NASDAQ:WYNN) Stock Bumped Down to “Strong Sell” by Zacks Research

Zacks Research downgraded shares of Wynn Resorts (NASDAQ:WYNN) from a hold rating to a strong sell rating in a research note released on Tuesday,Zacks reports.

Several other research firms also recently commented on WYNN. Wells Fargo & Company dropped their price objective on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Friday, November 6th. Stifel Nicolaus set a $110.00 target price on shares of Wynn Resorts in a report on Friday, November 6th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $93.00 price target on shares of Wynn Resorts in a report on Friday, November 6th. Truist Financial cut their price target on Wynn Resorts from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. Finally, Barclays cut their price target on Wynn Resorts from $128.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, November 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $120.88.

Wynn Resorts Stock Down 2.2%

Shares of NASDAQ:WYNN opened at $85.38 on Tuesday. Wynn Resorts has a 52-week low of $70.79 and a 52-week high of $134.72. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 1.31 and a beta of 0.96. The business has a 50-day moving average price of $80.32 and a 200-day moving average price of $97.27.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Thursday, November 5th. The casino operator reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.19). Wynn Resorts had a negative return on equity of 42.73% and a net margin of 5.20%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the company posted $0.86 EPS. Wynn Resorts’s quarterly revenue was down 7.9% compared to the same quarter last year. As a group, equities analysts anticipate that Wynn Resorts will post 3.99 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Monday, November 16th. Wynn Resorts’s dividend payout ratio (DPR) is currently 29.85%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Private Advisor Group LLC boosted its stake in shares of Wynn Resorts by 12.4% during the 3rd quarter. Private Advisor Group LLC now owns 7,284 shares of the casino operator’s stock worth $579,000 after acquiring an additional 803 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new position in shares of Wynn Resorts in the 3rd quarter valued at about $3,859,000. South Dakota Investment Council increased its stake in shares of Wynn Resorts by 53.0% in the 3rd quarter. South Dakota Investment Council now owns 10,971 shares of the casino operator’s stock valued at $871,000 after purchasing an additional 3,800 shares in the last quarter. Goodman Financial Corp raised its holdings in Wynn Resorts by 0.8% in the 3rd quarter. Goodman Financial Corp now owns 169,219 shares of the casino operator’s stock worth $13,441,000 after purchasing an additional 1,315 shares during the period. Finally, Cibc World Market Inc. raised its holdings in Wynn Resorts by 173.4% in the 3rd quarter. Cibc World Market Inc. now owns 46,337 shares of the casino operator’s stock worth $3,681,000 after purchasing an additional 29,386 shares during the period. Institutional investors and hedge funds own 88.64% of the company’s stock.

Key Stories Impacting Wynn Resorts

Investors following WYNN have been watching these stories:

• Neutral Sentiment: A CNBC options strategy article notes that Wynn trades near its five-year valuation averages and that implied volatility is high, while the next earnings report is not expected until February. This is trading commentary, not a change in the company’s outlook. Bouncing Wynn Shares might be primed for the wheel strategy
• Negative Sentiment: Wynn’s third-quarter results missed expectations: EPS was $0.33 versus a $0.52 consensus, and revenue of $1.69 billion fell short of estimates and declined 7.9% year over year. The shortfall adds to concern about weaker earnings. Wynn Resorts stock faces sharp profit decline after weak Q3
• Negative Sentiment: Analyst sentiment was also cautious, with Citigroup lowering its expectations for WYNN’s stock price and Wall Street Zen cutting its rating to Sell. Citigroup Has Lowered Expectations for Wynn Resorts Stock Price Wynn Resorts Cut to Sell at Wall Street Zen

About Wynn Resorts

Wynn Resorts, Limited develops and operates luxury hotels and casino resorts. Its properties offer gaming, hotel accommodations, restaurants, retail, entertainment, and convention and meeting facilities. The company’s portfolio includes Wynn Las Vegas and Encore in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. Its operations therefore span the United States and Macau, a special administrative region of China. Founded in 2002, Wynn Resorts opened Wynn Las Vegas in 2005.