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

Key Points

• Wynn Resorts shares fell to a new 52-week low of $86.58 and last traded at $86.71, down 1.2% from the prior close.
• Despite the decline, analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $133.35; UBS recently lowered its target to $138 while maintaining a buy rating.
• The company exceeded quarterly expectations with $1.24 in EPS and $1.86 billion in revenue, while maintaining a quarterly dividend of $0.25 per share, equivalent to a 1.2% yield.

Shares of Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report) hit a new 52-week low on Wednesday . The stock traded as low as $86.58 and last traded at $86.71, with a volume of 1766701 shares. The stock had previously closed at $87.76.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on WYNN shares. UBS Group lowered their target price on shares of Wynn Resorts from $145.00 to $138.00 and set a "buy" rating for the company in a report on Friday, September 11th. The Goldman Sachs Group set a $120.00 price target on shares of Wynn Resorts in a report on Wednesday, July 15th. Citigroup reissued a "buy" rating on shares of Wynn Resorts in a research note on Thursday, August 6th. Truist Financial started coverage on Wynn Resorts in a research report on Wednesday, July 8th. They issued a "buy" rating and a $125.00 target price on the stock. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Wynn Resorts in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $133.35.

Wynn Resorts Trading Down 1.2%

The firm has a market cap of $8.93 billion, a PE ratio of 21.52, a P/E/G ratio of 1.06 and a beta of 1.00. The stock's 50 day moving average price is $96.86 and its 200 day moving average price is $100.43.

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, beating the consensus estimate of $0.99 by $0.25. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 EPS. Analysts forecast that Wynn Resorts, Limited will post 4.55 earnings per share for the current year.

Wynn Resorts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors 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 1.2%. The ex-dividend date was Friday, August 14th. Wynn Resorts's dividend payout ratio (DPR) is presently 24.81%.

Hedge Funds Weigh In On Wynn Resorts

A number of institutional investors and hedge funds have recently bought and sold shares of WYNN. Capital World Investors increased its stake in Wynn Resorts by 0.6% during the 4th quarter. Capital World Investors now owns 9,542,392 shares of the casino operator's stock worth $1,148,236,000 after buying an additional 61,209 shares during the period. BlackRock Inc. acquired a new position in shares of Wynn Resorts in the second quarter worth about $609,566,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Wynn Resorts in the second quarter valued at about $321,402,000. Egerton Capital UK LLP purchased a new position in Wynn Resorts in the fourth quarter valued at about $249,053,000. Finally, Renaissance Technologies LLC grew its stake 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 valued at $125,918,000 after purchasing an additional 184,000 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company's stock.

Wynn Resorts Company Profile

Wynn Resorts, Ltd. is a global luxury hospitality and entertainment company that develops and operates integrated resorts. Its properties combine casino gaming with hotel accommodations, fine dining, retail shopping, nightlife, entertainment, spas and meeting facilities.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Encore Macau in Macau. These properties serve leisure and business travelers, gaming customers and convention guests across the United States and Asia.

Founded in 2002 by casino executive Steve Wynn, Wynn Resorts has expanded its portfolio through destination resorts focused on premium service and design.

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