Wynn Resorts (NASDAQ:WYNN) Given New $128.00 Price Target at Morgan Stanley

Wynn Resorts (NASDAQ:WYNN) had its target price hoisted by Morgan Stanley from $113.00 to $128.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the casino operator’s stock.

Other analysts have also issued research reports about the stock. Macquarie raised their target price on shares of Wynn Resorts from $110.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, August 8th. Argus raised shares of Wynn Resorts from a “hold” rating to a “buy” rating and set a $145.00 price target for the company in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. assumed coverage on shares of Wynn Resorts in a research report on Monday, June 23rd. They set an “overweight” rating and a $109.00 target price for the company. Jefferies Financial Group upped their price objective on shares of Wynn Resorts from $130.00 to $133.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. Finally, Citigroup reiterated a “neutral” rating and issued a $114.00 target price (up from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. Fourteen analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $124.47.

Wynn Resorts Stock Performance

Shares of NASDAQ:WYNN opened at $123.86 on Thursday. Wynn Resorts has a 52-week low of $65.25 and a 52-week high of $128.53. The company has a market capitalization of $12.88 billion, a P/E ratio of 37.20, a price-to-earnings-growth ratio of 6.32 and a beta of 1.37. The company has a 50-day simple moving average of $113.33 and a 200 day simple moving average of $95.16.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Thursday, August 7th. The casino operator reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.11). Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter last year, the business earned $1.12 earnings per share. The company’s revenue was up .6% on a year-over-year basis. As a group, equities analysts forecast that Wynn Resorts will post 5.17 earnings per share for the current year.

Wynn Resorts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, August 18th. Wynn Resorts’s dividend payout ratio (DPR) is currently 30.03%.

Insider Transactions at Wynn Resorts

In related news, Director Patricia Mulroy sold 4,438 shares of Wynn Resorts stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total transaction of $554,750.00. Following the completion of the transaction, the director directly owned 3,066 shares of the company’s stock, valued at $383,250. This trade represents a 59.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.52% of the stock is currently owned by company insiders.

Institutional Trading of Wynn Resorts

Large investors have recently made changes to their positions in the stock. Dagco Inc. purchased a new position in shares of Wynn Resorts in the first quarter worth approximately $25,000. AlphaQuest LLC purchased a new position in shares of Wynn Resorts in the first quarter worth $25,000. MUFG Securities EMEA plc bought a new stake in Wynn Resorts in the second quarter worth $25,000. Global X Japan Co. Ltd. increased its position in Wynn Resorts by 120.7% during the first quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator’s stock valued at $27,000 after acquiring an additional 175 shares during the last quarter. Finally, Manchester Capital Management LLC raised its stake in shares of Wynn Resorts by 1,500.0% in the second quarter. Manchester Capital Management LLC now owns 320 shares of the casino operator’s stock valued at $30,000 after acquiring an additional 300 shares during the period. 88.64% of the stock is currently owned by institutional investors.

About Wynn Resorts

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.