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

Key Points

• Wynn Resorts shares fell to a new 52-week low of $88.37, compared with the prior close of $90.23; the stock’s 50-day and 200-day moving averages were $97.53 and $101.05, respectively.
• Despite the decline, analysts maintain a generally positive view, with a “Moderate Buy” consensus rating and an average price target of $133.82; individual targets range from $125 to $143.
• The company exceeded quarterly expectations with adjusted earnings of $1.24 per share and revenue of $1.86 billion, while maintaining a quarterly dividend of $0.25 per share, equivalent to a 1.1% annual yield.

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report)'s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $88.37 and last traded at $88.81, with a volume of 256247 shares traded. The stock had previously closed at $90.23.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Mizuho reduced their price target on Wynn Resorts from $133.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, July 28th. Morgan Stanley reissued an "overweight" rating and set a $128.00 price objective on shares of Wynn Resorts in a report on Wednesday, July 22nd. Zacks Research raised Wynn Resorts from a "strong sell" rating to a "hold" rating in a research note on Monday, August 10th. Stifel Nicolaus set a $143.00 target price on Wynn Resorts in a report on Wednesday, August 5th. Finally, Argus upped their target price on Wynn Resorts from $115.00 to $130.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Wynn Resorts currently has an average rating of "Moderate Buy" and an average target price of $133.82.

Wynn Resorts Price Performance

The company has a market capitalization of $9.17 billion, a P/E ratio of 22.09, a PEG ratio of 1.11 and a beta of 1.00. The stock's fifty day simple moving average is $97.53 and its 200-day simple moving average is $101.05.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, topping 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 analyst estimates of $1.83 billion. During the same period in the previous year, the company posted $1.09 earnings per share. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. On average, research analysts predict that Wynn Resorts, Limited will post 4.55 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. Wynn Resorts's payout ratio is 24.81%.

Hedge Funds Weigh In On Wynn Resorts

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC bought a new stake in Wynn Resorts in the 2nd quarter valued at $278,000. Nykredit A S acquired a new position in shares of Wynn Resorts during the second quarter valued at about $307,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Wynn Resorts during the second quarter valued at about $495,000. California State Teachers Retirement System lifted its stake in shares of Wynn Resorts by 9,349.7% in the second quarter. California State Teachers Retirement System now owns 9,093,255 shares of the casino operator's stock valued at $882,864,000 after buying an additional 8,997,027 shares during the period. Finally, Wedmont Private Capital lifted its stake in shares of Wynn Resorts by 5.7% in the second quarter. Wedmont Private Capital now owns 2,845 shares of the casino operator's stock valued at $284,000 after buying an additional 154 shares during the period. Institutional investors own 88.64% of the company's stock.

Wynn Resorts Company Profile

Wynn Resorts, Limited NASDAQ: WYNN is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.

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