JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Wynn Resorts (NASDAQ:WYNN) Stock

Wynn Resorts (NASDAQ:WYNN) had its target price increased by investment analysts at JPMorgan Chase & Co. from $136.00 to $138.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the casino operator’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 9.40% from the company’s previous close.

WYNN has been the subject of a number of other research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Wynn Resorts in a research report on Wednesday. Morgan Stanley increased their price objective on Wynn Resorts from $113.00 to $128.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Stifel Nicolaus lifted their price objective on Wynn Resorts from $130.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, September 18th. The Goldman Sachs Group upped their target price on Wynn Resorts from $124.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Finally, Barclays lifted their price target on Wynn Resorts from $127.00 to $141.00 and gave the company an “overweight” rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $132.58.

Wynn Resorts Trading Up 2.9%

Shares of NASDAQ WYNN opened at $126.14 on Friday. Wynn Resorts has a one year low of $65.25 and a one year high of $134.23. The business has a 50-day moving average price of $123.52 and a two-hundred day moving average price of $107.47. The firm has a market capitalization of $13.12 billion, a PE ratio of 37.88, a PEG ratio of 4.94 and a beta of 1.32.

Wynn Resorts (NASDAQ:WYNN) last issued its earnings results on Thursday, November 6th. The casino operator reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.23). The business had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.76 billion. Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. Wynn Resorts’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 EPS. Research analysts anticipate that Wynn Resorts will post 5.17 EPS for the current year.

Insider Buying and Selling

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the business’s stock in a transaction on 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 owned 3,066 shares of the company’s stock, valued at $383,250. The trade was a 59.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wynn Resorts

Institutional investors have recently made changes to their positions in the business. NEOS Investment Management LLC acquired a new position in shares of Wynn Resorts during the 3rd quarter worth about $217,000. Texas Yale Capital Corp. acquired a new position in shares of Wynn Resorts during the third quarter worth approximately $257,000. Fifth Third Bancorp boosted its position in shares of Wynn Resorts by 7.7% in the third quarter. Fifth Third Bancorp now owns 2,447 shares of the casino operator’s stock valued at $314,000 after acquiring an additional 176 shares during the period. Cookson Peirce & Co. Inc. grew its stake in shares of Wynn Resorts by 1.6% in the third quarter. Cookson Peirce & Co. Inc. now owns 55,197 shares of the casino operator’s stock worth $7,080,000 after acquiring an additional 857 shares during the last quarter. Finally, Illinois Municipal Retirement Fund bought a new position in Wynn Resorts during the third quarter worth $894,000. 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.