Wynn Resorts (NASDAQ:WYNN) Reaches New 52-Week High After Analyst Upgrade

Wynn Resorts, Limited (NASDAQ:WYNN) shares reached a new 52-week high during mid-day trading on Thursday after Stifel Nicolaus raised their price target on the stock from $130.00 to $145.00. Stifel Nicolaus currently has a buy rating on the stock. Wynn Resorts traded as high as $129.01 and last traded at $128.68, with a volume of 1947914 shares changing hands. The stock had previously closed at $123.28.

Several other analysts also recently issued reports on WYNN. UBS Group upgraded Wynn Resorts from a “neutral” rating to a “buy” rating and boosted their price target for the company from $101.00 to $147.00 in a research note on Thursday, August 28th. Argus upgraded 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. Barclays boosted their price target on Wynn Resorts from $101.00 to $127.00 and gave the company an “overweight” rating in a research note on Friday, July 18th. Mizuho boosted their price target on Wynn Resorts from $122.00 to $126.00 and gave the company an “outperform” rating in a research note on Monday, August 11th. Finally, Macquarie boosted their price target on Wynn Resorts from $110.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Fourteen research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.47.

Insider Buying and Selling at Wynn Resorts

In other news, Director Patricia Mulroy sold 4,438 shares of the company’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total transaction of $554,750.00. Following the completion of the sale, the director directly owned 3,066 shares in the company, valued at approximately $383,250. This represents a 59.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Wynn Resorts

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dagco Inc. acquired a new stake in shares of Wynn Resorts in the first quarter valued at about $25,000. AlphaQuest LLC acquired a new stake in Wynn Resorts during the first quarter worth approximately $25,000. MUFG Securities EMEA plc acquired a new stake in Wynn Resorts during the second quarter worth approximately $25,000. Global X Japan Co. Ltd. grew its stake 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 worth $27,000 after purchasing an additional 175 shares during the period. Finally, Manchester Capital Management LLC grew its stake in 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. Institutional investors and hedge funds own 88.64% of the company’s stock.

Wynn Resorts Stock Up 4.4%

The firm has a 50 day moving average of $114.73 and a 200 day moving average of $96.32. The firm has a market cap of $13.38 billion, a price-to-earnings ratio of 38.64, a PEG ratio of 6.34 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN) last released 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 analyst estimates of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The company’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.12 EPS. Equities analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, August 18th. Wynn Resorts’s dividend payout ratio (DPR) is 30.03%.

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.