Wynn Resorts (NASDAQ:WYNN) Reaches New 52-Week Low - Here's What Happened

Key Points

• Wynn Resorts fell to a new 52-week low of $75.71, significantly below its 50-day and 200-day moving averages of $91.75 and $98.03, respectively.
• Despite the stock’s decline, analysts maintain a largely positive outlook: the company has a consensus “Moderate Buy” rating and an average price target of $133.35.
• Wynn reported quarterly earnings of $1.24 per share, beating estimates of $0.99, while revenue rose 6.9% year over year to $1.86 billion. The company also paid a quarterly dividend of $0.25 per share, representing a 1.3% yield.

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report) hit a new 52-week low on Wednesday. The company traded as low as $75.71 and last traded at $75.9610, with a volume of 130375 shares trading hands. The stock had previously closed at $76.62.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on WYNN shares. The Goldman Sachs Group set a $120.00 price objective on Wynn Resorts in a research note on Wednesday, July 15th. Wells Fargo & Company decreased their target price on Wynn Resorts from $141.00 to $131.00 and set an "overweight" rating for the company in a research note on Wednesday, August 5th. Barclays lifted their target price on Wynn Resorts from $134.00 to $136.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Argus upped their price target on shares of Wynn Resorts from $115.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, UBS Group reduced their price objective on shares of Wynn Resorts from $145.00 to $138.00 and set a "buy" rating for the company in a research report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Wynn Resorts currently has a consensus rating of "Moderate Buy" and a consensus target price of $133.35.

Wynn Resorts Price Performance

The stock has a market capitalization of $7.79 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 0.93 and a beta of 0.96. The stock's 50 day simple moving average is $91.75 and its 200-day simple moving average is $98.03.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.25. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period last year, the business earned $1.09 EPS. The firm's revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Wynn Resorts, Limited will post 4.55 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, August 14th. Wynn Resorts's dividend payout ratio (DPR) is presently 24.81%.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Wynn Resorts during the 2nd quarter worth approximately $609,566,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Wynn Resorts in the second quarter valued at $321,402,000. State Street Corp raised its holdings in shares of Wynn Resorts by 2.6% in the second quarter. State Street Corp now owns 3,047,930 shares of the casino operator's stock valued at $295,924,000 after buying an additional 77,416 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Wynn Resorts by 17.4% in the first quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator's stock valued at $125,918,000 after buying an additional 184,000 shares during the last quarter. Finally, Alyeska Investment Group L.P. acquired a new position in Wynn Resorts during the 2nd quarter worth about $99,277,000. 88.64% of the stock is owned by institutional investors and hedge funds.

Wynn Resorts Company Profile

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts that combine casino gaming, hotel accommodations, fine dining, entertainment, retail, and convention facilities. Its properties are designed to serve leisure travelers, convention visitors, and gaming customers.

The company operates Wynn and Encore resorts in Las Vegas, Nevada; Wynn Macau and Wynn Palace in Macau; and Encore Boston Harbor in Everett, Massachusetts. These properties offer casino floors, guest rooms and suites, restaurants, spas, theaters and other amenities, with operations serving customers from the United States, China and international markets.

Wynn Resorts was founded in 2002 by Steve Wynn, who previously helped develop major casino resorts in Las Vegas and Macau.

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