Morgan Stanley Issues Positive Forecast for Wynn Resorts (NASDAQ:WYNN) Stock Price

Wynn Resorts (NASDAQ:WYNN) had its target price lifted by Morgan Stanley from $111.00 to $113.00 in a report issued on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the casino operator’s stock.

Several other analysts have also recently commented on WYNN. Jefferies Financial Group increased their target price on Wynn Resorts from $130.00 to $133.00 and gave the stock a “buy” rating in a report on Monday. JPMorgan Chase & Co. began coverage on Wynn Resorts in a report on Monday, June 23rd. They set an “overweight” rating and a $109.00 target price on the stock. Barclays increased their target price on Wynn Resorts from $101.00 to $127.00 and gave the stock an “overweight” rating in a report on Friday, July 18th. UBS Group reaffirmed a “neutral” rating and set a $101.00 price target (up previously from $83.00) on shares of Wynn Resorts in a research note on Tuesday, July 8th. Finally, Stifel Nicolaus raised their price target on Wynn Resorts from $113.00 to $130.00 and gave the company a “buy” rating in a report on Friday, August 8th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Wynn Resorts currently has a consensus rating of “Moderate Buy” and an average target price of $118.64.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $112.49 on Tuesday. The business’s fifty day moving average price is $100.72 and its two-hundred day moving average price is $90.08. Wynn Resorts has a fifty-two week low of $65.25 and a fifty-two week high of $112.57. The stock has a market capitalization of $11.70 billion, a price-to-earnings ratio of 33.78, a price-to-earnings-growth ratio of 2.99 and a beta of 1.41.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Thursday, August 7th. The casino operator reported $1.09 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.11). The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%. Wynn Resorts’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.12 EPS. Research analysts expect that Wynn Resorts will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $1.00 annualized dividend and a yield of 0.9%. Wynn Resorts’s dividend payout ratio is presently 30.03%.

Insiders Place Their Bets

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $92.12, for a total value of $208,375.44. Following the transaction, the director owned 3,066 shares of the company’s stock, valued at approximately $282,439.92. This represents a 42.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds have recently added to or reduced their stakes in the stock. AlphaQuest LLC acquired a new position in Wynn Resorts in the first quarter valued at about $25,000. Dagco Inc. acquired a new stake in shares of Wynn Resorts during the first quarter worth about $25,000. Global X Japan Co. Ltd. raised its position in shares of Wynn Resorts by 120.7% during the first quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator’s stock worth $27,000 after purchasing an additional 175 shares during the period. Manchester Capital Management LLC raised its position in shares of Wynn Resorts by 1,500.0% during the second quarter. Manchester Capital Management LLC now owns 320 shares of the casino operator’s stock worth $30,000 after purchasing an additional 300 shares during the period. Finally, MTM Investment Management LLC acquired a new stake in shares of Wynn Resorts during the second quarter worth about $31,000. Institutional investors and hedge funds own 88.64% of the company’s stock.

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.