JPMorgan Chase & Co. Cuts Wynn Resorts (NASDAQ:WYNN) Price Target to $134.00

Wynn Resorts (NASDAQ:WYNN) had its price objective decreased by JPMorgan Chase & Co. from $135.00 to $134.00 in a research note issued to investors on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the casino operator’s stock.

Several other research firms also recently weighed in on WYNN. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $137.00 target price on shares of Wynn Resorts in a research note on Friday, May 8th. Citigroup dropped their price target on shares of Wynn Resorts from $145.00 to $132.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Morgan Stanley cut their price objective on shares of Wynn Resorts from $136.00 to $133.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Bank of America reduced their price objective on shares of Wynn Resorts from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Finally, Truist Financial initiated coverage on shares of Wynn Resorts in a report on Wednesday, July 8th. They set a “buy” rating and a $125.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $136.25.

Wynn Resorts Price Performance

Shares of NASDAQ WYNN opened at $96.64 on Wednesday. Wynn Resorts has a one year low of $93.15 and a one year high of $134.72. The business’s fifty day moving average price is $100.32 and its 200-day moving average price is $105.86. The stock has a market capitalization of $10.03 billion, a PE ratio of 28.85, a P/E/G ratio of 0.92 and a beta of 0.99.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Thursday, May 7th. The casino operator reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.07. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.82 billion. Wynn Resorts had a negative return on equity of 42.03% and a net margin of 5.14%.The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 EPS. As a group, equities analysts expect that Wynn Resorts will post 4.57 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Monday, May 18th. Wynn Resorts’s dividend payout ratio is presently 29.85%.

Hedge Funds Weigh In On Wynn Resorts

A number of large investors have recently modified their holdings of the company. Egerton Capital UK LLP bought a new stake in Wynn Resorts during the fourth quarter valued at approximately $249,053,000. Palidye Holdings Caymans Ltd purchased a new stake in shares of Wynn Resorts during the 2nd quarter valued at $104,629,000. Norges Bank bought a new stake in shares of Wynn Resorts during the 4th quarter worth $122,696,000. Zurich Insurance Group Ltd FI purchased a new position in Wynn Resorts in the third quarter worth $110,213,000. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Wynn Resorts by 9.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,680,631 shares of the casino operator’s stock valued at $442,890,000 after acquiring an additional 320,502 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors.

About Wynn Resorts

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.