Wynn Resorts (NASDAQ:WYNN) Price Target Raised to $124.00 at Macquarie

Key Points

• Macquarie has raised its price target for Wynn Resorts from $110.00 to $124.00, indicating a potential upside of 16.53% from the current price and maintaining an "outperform" rating.
• Wynn Resorts' stock is currently down 0.8%, trading at $106.41, despite recently reporting quarterly earnings of $1.09 EPS, which missed analysts' estimates of $1.20.
• Institutional investors hold a significant share in Wynn Resorts, with 88.64% of the stock owned by hedge funds and other institutional investors, reflecting a strong interest in the company.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) had its price target lifted by stock analysts at Macquarie from $110.00 to $124.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the casino operator's stock. Macquarie's price objective would suggest a potential upside of 16.53% from the stock's current price.

Several other research firms also recently weighed in on WYNN. Bank of America raised 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. JPMorgan Chase & Co. assumed coverage on shares of Wynn Resorts in a report on Monday, June 23rd. They issued an "overweight" rating and a $109.00 target price on the stock. UBS Group reaffirmed a "neutral" rating and issued a $101.00 price objective (up previously from $83.00) on shares of Wynn Resorts in a report on Tuesday, July 8th. Argus lowered Wynn Resorts from a "buy" rating to a "hold" rating in a report on Wednesday, April 23rd. Finally, Citigroup restated a "neutral" rating and set a $114.00 price objective (up from $108.00) on shares of Wynn Resorts in a report on Wednesday, July 9th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $116.57.

Wynn Resorts Stock Down 0.8%

WYNN stock traded down $0.82 during midday trading on Friday, hitting $106.41. The company's stock had a trading volume of 4,211,094 shares, compared to its average volume of 2,481,182. The firm has a market capitalization of $11.13 billion, a P/E ratio of 29.56, a PEG ratio of 2.96 and a beta of 1.41. Wynn Resorts has a 52-week low of $65.25 and a 52-week high of $112.36. The firm has a 50-day simple moving average of $99.48 and a 200-day simple moving average of $89.55.

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). Wynn Resorts had a negative return on equity of 62.13% and a net margin of 6.17%. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the firm posted $1.12 earnings per share. The business's quarterly revenue was up .6% compared to the same quarter last year. On average, sell-side analysts expect that Wynn Resorts will post 5.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Patricia Mulroy sold 2,262 shares of Wynn Resorts stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $92.12, for a total transaction of $208,375.44. Following the sale, the director directly owned 3,066 shares of the company's stock, valued at approximately $282,439.92. The trade was a 42.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wynn Resorts

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Assets Inc. raised its holdings in Wynn Resorts by 52.2% in the fourth quarter. American Assets Inc. now owns 10,200 shares of the casino operator's stock valued at $879,000 after acquiring an additional 3,500 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Wynn Resorts by 29.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 4,061 shares of the casino operator's stock valued at $350,000 after purchasing an additional 928 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Wynn Resorts by 12.4% during the fourth quarter. Alliancebernstein L.P. now owns 122,760 shares of the casino operator's stock worth $10,577,000 after purchasing an additional 13,553 shares during the last quarter. Cerity Partners LLC grew its stake in Wynn Resorts by 7.4% in the fourth quarter. Cerity Partners LLC now owns 57,687 shares of the casino operator's stock worth $5,198,000 after purchasing an additional 3,976 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in Wynn Resorts by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 44,918 shares of the casino operator's stock valued at $3,870,000 after buying an additional 280 shares during the last quarter. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

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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