Wynn Resorts (NASDAQ:WYNN) Upgraded by Zacks Research to “Hold” Rating

Zacks Research upgraded shares of Wynn Resorts (NASDAQ:WYNN) from a strong sell rating to a hold rating in a report released on Monday,Zacks.com reports.

WYNN has been the subject of several other reports. Citigroup restated a “buy” rating on shares of Wynn Resorts in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $137.00 price target on shares of Wynn Resorts in a research note on Friday, May 8th. Truist Financial initiated coverage on shares of Wynn Resorts in a report on Wednesday, July 8th. They set a “buy” rating and a $125.00 price target for the company. Stifel Nicolaus set a $143.00 price target on shares of Wynn Resorts in a research report on Wednesday, August 5th. Finally, Mizuho decreased their price objective on Wynn Resorts from $133.00 to $125.00 and set an “outperform” rating on the stock in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $134.19.

Wynn Resorts Stock Up 2.2%

Shares of NASDAQ:WYNN opened at $104.79 on Monday. The business has a fifty day moving average of $100.45 and a two-hundred day moving average of $103.53. The stock has a market cap of $10.79 billion, a P/E ratio of 26.00, a PEG ratio of 1.00 and a beta of 1.01. Wynn Resorts has a 52-week low of $92.52 and a 52-week high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last issued its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.25. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company earned $1.09 EPS. On average, equities analysts anticipate that Wynn Resorts will post 4.54 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, August 14th. Wynn Resorts’s dividend payout ratio is currently 24.81%.

Institutional Trading of Wynn Resorts

Several institutional investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Wynn Resorts by 10.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,961 shares of the casino operator’s stock valued at $665,000 after purchasing an additional 754 shares during the period. Woodline Partners LP boosted its position in shares of Wynn Resorts by 36.2% during the first quarter. Woodline Partners LP now owns 7,568 shares of the casino operator’s stock worth $632,000 after buying an additional 2,012 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Wynn Resorts by 69.0% during the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator’s stock worth $32,000 after buying an additional 156 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Wynn Resorts by 13.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,659 shares of the casino operator’s stock valued at $155,000 after buying an additional 201 shares in the last quarter. Finally, Guggenheim Capital LLC raised its holdings in shares of Wynn Resorts by 9.5% in the 2nd quarter. Guggenheim Capital LLC now owns 10,008 shares of the casino operator’s stock valued at $937,000 after buying an additional 868 shares during the period. Institutional investors and hedge funds own 88.64% of the company’s stock.

Trending Headlines about Wynn Resorts

Here are the key news stories impacting Wynn Resorts this week:

• Positive Sentiment: Macau-led earnings beat: Wynn’s second-quarter results exceeded expectations, with revenue up year over year and EPS ahead of consensus. The improvement was primarily attributed to strength in Macau, supporting the outlook for the company’s core Asian operations. WYNN’s Q2 Beat Puts Macau Strength and Margin Pressure in Focus
• Positive Sentiment: UAE resort construction progress: Wynn Al Marjan Island completed a 550-meter beachfront, sheltered lagoon and reef ahead of its planned opening. The project also continues to generate hospitality hiring and tourism interest in Ras Al Khaimah, potentially expanding Wynn’s long-term growth beyond Macau and Las Vegas. Wynn Al Marjan Island Completes Shoreline, Sheltered Lagoon, and Reef
• Positive Sentiment: Potential asset monetization: Wynn reportedly sold the Villa Lulu property, which could provide cash proceeds and reduce exposure to a non-core real-estate asset. Financial terms were not provided. Wynn Sells Villa Lulu

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.