Argus Downgrades Wynn Resorts (NASDAQ:WYNN) to Hold

Wynn Resorts (NASDAQ:WYNN) was downgraded by equities researchers at Argus from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports.

WYNN has been the subject of several other reports. Jefferies Financial Group upgraded Wynn Resorts from a “hold” rating to a “buy” rating and boosted their price target for the stock from $105.00 to $118.00 in a research report on Tuesday, February 18th. StockNews.com lowered shares of Wynn Resorts from a “buy” rating to a “hold” rating in a report on Wednesday, March 12th. Mizuho increased their target price on shares of Wynn Resorts from $118.00 to $132.00 and gave the company an “outperform” rating in a research report on Friday, February 14th. Stifel Nicolaus boosted their price target on shares of Wynn Resorts from $123.00 to $128.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Finally, Barclays cut their price objective on shares of Wynn Resorts from $116.00 to $99.00 and set an “overweight” rating for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Wynn Resorts currently has an average rating of “Moderate Buy” and a consensus target price of $118.17.

Wynn Resorts Stock Performance

NASDAQ:WYNN opened at $81.58 on Wednesday. The stock has a market capitalization of $8.66 billion, a PE ratio of 19.38, a P/E/G ratio of 2.35 and a beta of 1.53. Wynn Resorts has a fifty-two week low of $65.25 and a fifty-two week high of $107.81. The company has a fifty day moving average of $82.24 and a two-hundred day moving average of $87.26.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share for the quarter, topping the consensus estimate of $1.27 by $1.15. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.78 billion. Wynn Resorts had a net margin of 7.03% and a negative return on equity of 71.17%. Research analysts forecast that Wynn Resorts will post 5.17 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Tilman J. Fertitta acquired 5,025 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was purchased at an average price of $80.99 per share, with a total value of $406,974.75. Following the transaction, the insider now owns 10,905,025 shares of the company’s stock, valued at approximately $883,197,974.75. This trade represents a 0.05 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Philip G. Satre bought 22,200 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was purchased at an average cost of $92.18 per share, for a total transaction of $2,046,396.00. Following the transaction, the director now owns 34,195 shares of the company’s stock, valued at $3,152,095.10. This trade represents a 185.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 438,700 shares of company stock valued at $31,300,943. 0.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wynn Resorts

A number of hedge funds and other institutional investors have recently bought and sold shares of WYNN. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Wynn Resorts by 10.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,465 shares of the casino operator’s stock worth $944,000 after purchasing an additional 1,128 shares in the last quarter. Achmea Investment Management B.V. increased its stake in Wynn Resorts by 41.1% during the 1st quarter. Achmea Investment Management B.V. now owns 12,400 shares of the casino operator’s stock worth $1,036,000 after buying an additional 3,612 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in Wynn Resorts by 61.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 13,971 shares of the casino operator’s stock worth $1,167,000 after buying an additional 5,342 shares in the last quarter. Hedges Asset Management LLC boosted its position in Wynn Resorts by 17.0% in the 1st quarter. Hedges Asset Management LLC now owns 33,715 shares of the casino operator’s stock valued at $2,815,000 after buying an additional 4,900 shares during the period. Finally, KG&L Capital Management LLC acquired a new position in shares of Wynn Resorts in the first quarter worth $292,000. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

Wynn Resorts Company Profile

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.