Wynn Resorts (NASDAQ:WYNN) Sets New 12-Month Low - Here's What Happened

Key Points

• Wynn Resorts fell to a new 52-week low, trading as low as $72.91 and closing near $74.17, while its 50-day and 200-day moving averages stood at $85.62 and $95.89, respectively.
• Despite the decline, analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $124.88; recent targets range from $110 to $130.
• The company beat quarterly expectations with adjusted earnings of $1.24 per share and revenue of $1.86 billion, up 6.9% year over year. Wynn also maintained a $0.25 quarterly dividend, equal to a 1.4% yield.

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report) reached a new 52-week low during trading on Friday. The stock traded as low as $72.91 and last traded at $74.1720, with a volume of 195,747 shares traded. The stock had previously closed at $75.13.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on WYNN shares. Truist Financial reduced their price target on Wynn Resorts from $125.00 to $110.00 and set a "buy" rating on the stock in a research report on Tuesday. Argus upped their target price on Wynn Resorts from $115.00 to $130.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Morgan Stanley decreased their price target on Wynn Resorts from $128.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday. Wolfe Research started coverage on Wynn Resorts in a research note on Wednesday, September 2nd. They issued an "outperform" rating and a $128.00 price target for the company. Finally, Stifel Nicolaus lowered their price target on Wynn Resorts from $143.00 to $120.00 and set a "buy" rating for the company in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $124.88.

Wynn Resorts Stock Down 2.7%

The stock has a market cap of $7.53 billion, a PE ratio of 18.16, a P/E/G ratio of 0.89 and a beta of 0.96. The business has a 50 day moving average price of $85.62 and a 200 day moving average price of $95.89.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.25. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the prior year, the firm posted $1.09 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. On average, research analysts predict that Wynn Resorts, Limited will post 4.35 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Friday, August 14th. Wynn Resorts's dividend payout ratio (DPR) is presently 24.81%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WYNN. Sowell Financial Services LLC purchased a new position in Wynn Resorts during the third quarter worth approximately $285,000. Lazari Capital Management Inc. lifted its holdings in Wynn Resorts by 19.9% in the third quarter. Lazari Capital Management Inc. now owns 12,595 shares of the casino operator's stock valued at $1,000,000 after acquiring an additional 2,091 shares during the last quarter. V Square Quantitative Management LLC grew its position in Wynn Resorts by 43.7% in the third quarter. V Square Quantitative Management LLC now owns 3,795 shares of the casino operator's stock worth $301,000 after acquiring an additional 1,154 shares during the period. Envestnet Asset Management Inc. grew its position in Wynn Resorts by 56.6% in the second quarter. Envestnet Asset Management Inc. now owns 20,324 shares of the casino operator's stock worth $1,973,000 after acquiring an additional 7,348 shares during the period. Finally, State Street Corp grew its position in Wynn Resorts by 2.6% in the second quarter. State Street Corp now owns 3,047,930 shares of the casino operator's stock worth $295,924,000 after acquiring an additional 77,416 shares during the period. 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, with a focus on destination casinos, hotels, restaurants, entertainment venues, retail, and convention facilities. Its properties are designed to combine gaming with premium hospitality and leisure experiences.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. These resorts serve visitors in the United States and international markets, offering accommodations, casino gaming, dining, nightlife, retail, spas, entertainment, and meeting and convention services.

Wynn Resorts was founded in 2002 by casino executive Steve Wynn.

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