JPMorgan Chase & Co. Begins Coverage on Wynn Resorts (NASDAQ:WYNN)

Research analysts at JPMorgan Chase & Co. began coverage on shares of Wynn Resorts (NASDAQ:WYNN) in a research note issued on Monday, Marketbeat reports. The firm set an “overweight” rating and a $109.00 price target on the casino operator’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 19.82% from the company’s previous close.

A number of other equities research analysts also recently commented on the stock. Citigroup upgraded shares of Wynn Resorts from a “neutral” rating to a “buy” rating in a report on Wednesday, May 7th. Morgan Stanley lowered their price target on shares of Wynn Resorts from $105.00 to $103.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Barclays lowered their price target on shares of Wynn Resorts from $116.00 to $99.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Mizuho lowered their target price on shares of Wynn Resorts from $132.00 to $122.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Finally, Argus downgraded shares of Wynn Resorts from a “buy” rating to a “hold” rating in a report on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $112.82.

Wynn Resorts Trading Up 1.4%

NASDAQ:WYNN opened at $90.97 on Monday. The firm has a 50-day moving average price of $86.58 and a two-hundred day moving average price of $85.26. Wynn Resorts has a twelve month low of $65.25 and a twelve month high of $107.81. The company has a market capitalization of $9.51 billion, a P/E ratio of 25.27, a price-to-earnings-growth ratio of 2.53 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Tuesday, May 6th. The casino operator reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.17). Wynn Resorts had a net margin of 6.17% and a negative return on equity of 62.13%. The business had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same quarter last year, the business posted $1.59 earnings per share. The business’s revenue was down 8.7% compared to the same quarter last year. On average, equities research analysts predict that Wynn Resorts will post 5.17 earnings per share for the current year.

Insider Activity at Wynn Resorts

In related news, major shareholder Tilman J. Fertitta purchased 100,000 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The shares were purchased at an average cost of $67.62 per share, with a total value of $6,762,000.00. Following the completion of the acquisition, the insider now directly owns 13,000,000 shares of the company’s stock, valued at approximately $879,060,000. The trade was a 0.78% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Patricia Mulroy sold 2,262 shares of the company’s stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $92.12, for a total transaction of $208,375.44. Following the completion of the sale, the director now directly owns 3,066 shares in the company, valued at $282,439.92. This represents a 42.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Wynn Resorts

Several institutional investors have recently added to or reduced their stakes in the business. Strs Ohio bought a new position in shares of Wynn Resorts during the first quarter worth about $7,515,000. Geneos Wealth Management Inc. grew its position in shares of Wynn Resorts by 69.0% during the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator’s stock worth $32,000 after acquiring an additional 156 shares during the last quarter. Glenview Trust co grew its position in shares of Wynn Resorts by 3.2% during the first quarter. Glenview Trust co now owns 23,665 shares of the casino operator’s stock worth $1,976,000 after acquiring an additional 725 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co bought a new position in shares of Wynn Resorts during the first quarter worth about $1,253,000. Finally, Bayforest Capital Ltd bought a new position in shares of Wynn Resorts during the first quarter worth about $365,000. Institutional investors own 88.64% of the company’s stock.

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.