Wynn Resorts (NASDAQ:WYNN) Coverage Initiated at JPMorgan Chase & Co.

Investment analysts at JPMorgan Chase & Co. initiated coverage on shares of Wynn Resorts (NASDAQ:WYNN - Get Free Report) in a research note issued to investors on Monday,Briefing.com Automated Import reports. The firm set an "overweight" rating and a $109.00 price target on the casino operator's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 23.18% from the company's current price.

A number of other brokerages have also recently commented on WYNN. Bank of America raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a report on Wednesday, May 7th. Mizuho reduced their price objective on Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Barclays lowered their target price on Wynn Resorts from $116.00 to $99.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Wall Street Zen lowered Wynn Resorts from a "buy" rating to a "hold" rating in a report on Wednesday, March 12th. Finally, Argus cut Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $112.82.

Wynn Resorts Stock Up 1.8%

Shares of NASDAQ WYNN opened at $88.49 on Monday. Wynn Resorts has a 52-week low of $65.25 and a 52-week high of $107.81. The company has a market cap of $9.25 billion, a PE ratio of 24.58, a PEG ratio of 2.50 and a beta of 1.37. The firm's 50-day moving average price is $85.93 and its 200-day moving average price is $85.25.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The casino operator reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.24 by ($0.17). The firm had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 62.13% and a net margin of 6.17%. The business's quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter last year, the business earned $1.59 earnings per share. As a group, equities research analysts anticipate that Wynn Resorts will post 5.17 EPS for the current fiscal year.

Insider Buying and Selling at Wynn Resorts

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new position in shares of Wynn Resorts in the 1st quarter worth approximately $7,515,000. Geneos Wealth Management Inc. lifted its position in Wynn Resorts by 69.0% in the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock worth $32,000 after buying an additional 156 shares during the last quarter. Glenview Trust co boosted its stake in 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 buying an additional 725 shares during the period. Ilmarinen Mutual Pension Insurance Co bought a new position in Wynn Resorts during the first quarter valued at $1,253,000. Finally, Bayforest Capital Ltd purchased a new stake in shares of Wynn Resorts in the first quarter valued at $365,000. Hedge funds and other institutional investors own 88.64% of the company's stock.

About Wynn Resorts

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.

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