Wynn Resorts (NASDAQ:WYNN) Hits New 52-Week High - Time to Buy?

Key Points

• Wynn Resorts shares reached a new 52-week high of $115.21, reflecting positive sentiment in the market after several analysts upgraded their ratings.
• Multiple investment firms have raised their price targets for Wyn Resorts, with an average target of $118.64 and a consensus rating of "Moderate Buy."
• The company recently reported earnings of $1.09 per share, missing analyst expectations, and announced a quarterly dividend of $0.25, signifying a structured return to shareholders.

Shares of Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report) hit a new 52-week high on Monday . The stock traded as high as $115.10 and last traded at $115.21, with a volume of 30887 shares trading hands. The stock had previously closed at $114.31.

Wall Street Analyst Weigh In

Several research firms have recently commented on WYNN. Bank of America raised Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a report on Wednesday, May 7th. Morgan Stanley raised their price target on Wynn Resorts from $111.00 to $113.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Mizuho raised their price target on Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a report on Monday, August 11th. Stifel Nicolaus raised their price target on Wynn Resorts from $113.00 to $130.00 and gave the company a "buy" rating in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. began coverage on Wynn Resorts in a report on Monday, June 23rd. They set an "overweight" rating and a $109.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Wynn Resorts presently has a consensus rating of "Moderate Buy" and an average price target of $118.64.

Wynn Resorts Price Performance

The firm has a market cap of $12.14 billion, a PE ratio of 35.01, a P/E/G ratio of 6.08 and a beta of 1.41. The stock has a 50-day moving average price of $104.87 and a 200 day moving average price of $91.63.

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

Wynn Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. Wynn Resorts's payout ratio is currently 30.03%.

Insider Activity at Wynn Resorts

In other news, Director Patricia Mulroy sold 2,262 shares of Wynn Resorts stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $92.12, for a total value of $208,375.44. Following the completion of the sale, the director owned 3,066 shares of the company's stock, valued at $282,439.92. The trade was a 42.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wynn Resorts

A number of institutional investors have recently added to or reduced their stakes in the company. State of Tennessee Department of Treasury grew its stake in shares of Wynn Resorts by 73.0% in the fourth quarter. State of Tennessee Department of Treasury now owns 23,791 shares of the casino operator's stock valued at $2,050,000 after buying an additional 10,041 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Wynn Resorts in the fourth quarter valued at about $2,296,000. Boothbay Fund Management LLC grew its stake in shares of Wynn Resorts by 67.2% in the fourth quarter. Boothbay Fund Management LLC now owns 27,973 shares of the casino operator's stock valued at $2,410,000 after buying an additional 11,238 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of Wynn Resorts in the first quarter valued at about $1,690,000. Finally, Mackenzie Financial Corp acquired a new stake in Wynn Resorts during the 4th quarter valued at approximately $282,000. Hedge funds and other 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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