Wynn Resorts (NASDAQ:WYNN) Hits New 52-Week High - Should You Buy?

Key Points

• Wynn Resorts reached a new 52-week high, trading at $130.84, with a recent price of $129.22.
• Several brokerages have upgraded their ratings, with Stifel Nicolaus setting a target price of $145.00 and Argus upgrading to a "buy" rating.
• Wynn Resorts recently announced a quarterly dividend of $0.25 per share, representing a 0.8% yield and a payout ratio of 30.03%.

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report) hit a new 52-week high on Monday . The company traded as high as $130.84 and last traded at $129.22, with a volume of 123168 shares. The stock had previously closed at $128.97.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WYNN. Citigroup restated a "neutral" rating and issued a $114.00 target price (up previously from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. JPMorgan Chase & Co. began coverage on Wynn Resorts in a research note on Monday, June 23rd. They issued an "overweight" rating and a $109.00 target price on the stock. Stifel Nicolaus boosted their target price on Wynn Resorts from $130.00 to $145.00 and gave the stock a "buy" rating in a research note on Thursday, September 18th. Argus upgraded Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 target price on the stock in a research note on Wednesday, September 3rd. Finally, Morgan Stanley boosted their target price on Wynn Resorts from $113.00 to $128.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $125.47.

Wynn Resorts Stock Up 1.2%

The firm has a 50 day moving average of $116.82 and a 200 day moving average of $98.12. The firm has a market cap of $13.57 billion, a PE ratio of 39.20, a P/E/G ratio of 6.56 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The casino operator reported $1.09 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.11). Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. The firm had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.74 billion. During the same quarter in the previous year, the company posted $1.12 EPS. Wynn Resorts's revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts anticipate that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. Wynn Resorts's payout ratio is presently 30.03%.

Insider Transactions at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total transaction of $554,750.00. Following the sale, the director owned 3,066 shares of the company's stock, valued at $383,250. The trade was a 59.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.52% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Wynn Resorts in the second quarter valued at $106,289,000. Palidye Holdings Caymans Ltd purchased a new position in shares of Wynn Resorts in the second quarter worth about $104,629,000. Thrivent Financial for Lutherans lifted its stake in shares of Wynn Resorts by 6,391.3% in the 2nd quarter. Thrivent Financial for Lutherans now owns 748,769 shares of the casino operator's stock valued at $70,138,000 after acquiring an additional 737,234 shares during the last quarter. DAVENPORT & Co LLC bought a new stake in shares of Wynn Resorts in the 1st quarter valued at about $49,476,000. Finally, Greenwich Wealth Management LLC bought a new stake in shares of Wynn Resorts in the 2nd quarter valued at about $46,845,000. Institutional investors own 88.64% of the company's stock.

Wynn Resorts Company Profile

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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