Morgan Stanley Lowers Wynn Resorts (NASDAQ:WYNN) Price Target to $97.00

Wynn Resorts (NASDAQ:WYNN) had its target price trimmed by Morgan Stanley from $107.00 to $97.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the casino operator’s stock.

Several other equities research analysts also recently issued reports on WYNN. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Wynn Resorts from $131.00 to $122.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. Argus upgraded Wynn Resorts from a hold rating to a buy rating and set a $110.00 price target on the stock in a research note on Thursday, May 23rd. Barclays raised their price target on shares of Wynn Resorts from $124.00 to $128.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. Jefferies Financial Group dropped their price target on shares of Wynn Resorts from $111.00 to $96.00 and set a hold rating for the company in a research note on Thursday, July 11th. Finally, UBS Group upgraded shares of Wynn Resorts to a hold rating in a research note on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $116.07.

Wynn Resorts Price Performance

Shares of WYNN opened at $77.04 on Wednesday. Wynn Resorts has a 12 month low of $71.63 and a 12 month high of $110.38. The stock has a market cap of $8.63 billion, a PE ratio of 10.55, a P/E/G ratio of 1.72 and a beta of 1.82. The stock’s 50-day moving average is $80.42 and its two-hundred day moving average is $91.75.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The company had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 EPS. On average, research analysts anticipate that Wynn Resorts will post 5.56 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were issued a $0.25 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.00 dividend on an annualized basis and a yield of 1.30%. Wynn Resorts’s dividend payout ratio is currently 13.70%.

Hedge Funds Weigh In On Wynn Resorts

Several institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new position in Wynn Resorts during the 4th quarter valued at approximately $157,305,000. Interval Partners LP boosted its holdings in shares of Wynn Resorts by 999.0% during the first quarter. Interval Partners LP now owns 400,911 shares of the casino operator’s stock valued at $40,985,000 after acquiring an additional 364,432 shares during the period. Renaissance Technologies LLC grew its position in shares of Wynn Resorts by 29.1% during the second quarter. Renaissance Technologies LLC now owns 1,345,100 shares of the casino operator’s stock worth $120,386,000 after acquiring an additional 303,033 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Wynn Resorts by 6,720.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 257,537 shares of the casino operator’s stock worth $23,050,000 after acquiring an additional 253,761 shares during the period. Finally, Janus Henderson Group PLC grew its position in Wynn Resorts by 22.2% in the 1st quarter. Janus Henderson Group PLC now owns 1,125,718 shares of the casino operator’s stock worth $115,082,000 after purchasing an additional 204,852 shares during the last quarter. 68.87% of the stock is owned by institutional investors.

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.