Wynn Resorts (NASDAQ:WYNN) Sets New 52-Week High After Analyst Upgrade

Key Points

• Wynn Resorts stock reached a new 52-week high of $112.53 after Morgan Stanley raised its price target from $111.00 to $113.00 and maintained an overweight rating on the stock.
• Multiple brokerages are showing varied opinions on Wynn, with Bank of America upgrading to a "buy" rating while Argus has downgraded to "hold," resulting in an overall consensus of a "Moderate Buy" and an average target price of $118.64.
• The company will pay a $0.25 quarterly dividend on August 29, contributing to a 0.9% yield, with a payout ratio of 30.03% as part of its ongoing commitment to shareholder returns.

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday after Morgan Stanley raised their price target on the stock from $111.00 to $113.00. Morgan Stanley currently has an overweight rating on the stock. Wynn Resorts traded as high as $112.37 and last traded at $112.53, with a volume of 1099156 shares trading hands. The stock had previously closed at $108.63.

A number of other brokerages 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 on the stock in a research note on Wednesday, May 7th. Argus lowered shares of Wynn Resorts from a "buy" rating to a "hold" rating in a research note on Wednesday, April 23rd. Citigroup reiterated a "neutral" rating and set a $114.00 price target (up previously from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. Jefferies Financial Group upped their price objective on shares of Wynn Resorts from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Monday. Finally, The Goldman Sachs Group started coverage on shares of Wynn Resorts in a report on Monday, July 7th. They issued a "buy" rating and a $122.00 price target for the company. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $118.64.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were 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 in the company, valued at approximately $282,439.92. This trade represents a 42.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.52% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds and other institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. lifted its holdings in shares of Wynn Resorts by 3.2% during the second quarter. Prudential Financial Inc. now owns 51,571 shares of the casino operator's stock worth $4,831,000 after buying an additional 1,592 shares in the last quarter. Mufg Securities Americas Inc. boosted its holdings in Wynn Resorts by 23.0% in the second quarter. Mufg Securities Americas Inc. now owns 1,950 shares of the casino operator's stock valued at $183,000 after acquiring an additional 364 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Wynn Resorts by 48.1% in the second quarter. Franklin Resources Inc. now owns 22,414 shares of the casino operator's stock valued at $2,100,000 after acquiring an additional 7,277 shares during the last quarter. Brandywine Global Investment Management LLC boosted its holdings in Wynn Resorts by 6.3% in the second quarter. Brandywine Global Investment Management LLC now owns 68,038 shares of the casino operator's stock valued at $6,373,000 after acquiring an additional 4,049 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Wynn Resorts during the 2nd quarter worth approximately $48,000. 88.64% of the stock is owned by institutional investors.

Wynn Resorts Stock Performance

The stock has a market capitalization of $11.70 billion, a P/E ratio of 33.78, a PEG ratio of 2.94 and a beta of 1.41. The business has a fifty day simple moving average of $100.23 and a 200-day simple moving average of $89.92.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%. The firm had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period in the previous year, the company earned $1.12 earnings per share. Wynn Resorts's revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be paid a $0.25 dividend. The ex-dividend date is Monday, August 18th. This represents a $1.00 annualized dividend and a yield of 0.9%. Wynn Resorts's dividend payout ratio (DPR) is 30.03%.

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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