Wells Fargo & Company Cuts Wynn Resorts (NASDAQ:WYNN) Price Target to $141.00

Wynn Resorts (NASDAQ:WYNN) had its price target decreased by Wells Fargo & Company from $142.00 to $141.00 in a research report released on Tuesday morning, MarketBeat.com reports. Wells Fargo & Company currently has an overweight rating on the casino operator’s stock.

A number of other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Wynn Resorts from $140.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wynn Resorts in a report on Wednesday, June 24th. Citigroup reduced their target price on Wynn Resorts from $145.00 to $132.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Morgan Stanley dropped their price target on Wynn Resorts from $136.00 to $133.00 and set an “overweight” rating for the company in a research note on Thursday, May 14th. Finally, Truist Financial began coverage on shares of Wynn Resorts in a research note on Wednesday, July 8th. They set a “buy” rating and a $125.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Wynn Resorts currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.25.

Wynn Resorts Stock Performance

Shares of WYNN stock opened at $98.11 on Tuesday. Wynn Resorts has a 52 week low of $93.15 and a 52 week high of $134.72. The company has a market capitalization of $10.18 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 0.90 and a beta of 0.99. The company has a 50-day simple moving average of $100.44 and a 200 day simple moving average of $105.92.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Thursday, May 7th. The casino operator reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Wynn Resorts had a negative return on equity of 42.03% and a net margin of 5.14%.The business’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.07 earnings per share. Sell-side analysts forecast that Wynn Resorts will post 4.61 EPS for the current year.

Wynn Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date was Monday, May 18th. Wynn Resorts’s dividend payout ratio is currently 29.85%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Capital World Investors increased its holdings in Wynn Resorts by 0.6% in the 4th quarter. Capital World Investors now owns 9,542,392 shares of the casino operator’s stock worth $1,148,236,000 after purchasing an additional 61,209 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of 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 buying an additional 320,502 shares during the period. Egerton Capital UK LLP acquired a new position in shares of Wynn Resorts in the fourth quarter valued at approximately $249,053,000. Invesco Ltd. raised its holdings in Wynn Resorts by 14.2% in the 4th quarter. Invesco Ltd. now owns 2,011,462 shares of the casino operator’s stock valued at $242,039,000 after buying an additional 249,704 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Wynn Resorts by 17.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator’s stock worth $125,918,000 after buying an additional 184,000 shares during the period. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Company Profile

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.