Wynn Resorts (NASDAQ:WYNN) Shares Up 8.8% - Here's What Happened

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report)'s stock price rose 8.8% during mid-day trading on Tuesday . The company traded as high as $101.60 and last traded at $101.88. Approximately 1,103,590 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 2,580,983 shares. The stock had previously closed at $93.67.

Wall Street Analysts Forecast Growth

Several brokerages have commented on WYNN. Bank of America upgraded shares of Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Wednesday, May 7th. Barclays lowered their price target on Wynn Resorts from $116.00 to $99.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Mizuho reduced their price objective on Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Argus downgraded Wynn Resorts from a "buy" rating to a "hold" rating in a research note on Wednesday, April 23rd. Finally, Citigroup upgraded shares of Wynn Resorts from a "neutral" rating to a "buy" rating in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $112.82.

Wynn Resorts Stock Up 8.2%

The stock has a market cap of $10.60 billion, a P/E ratio of 28.14, a P/E/G ratio of 2.67 and a beta of 1.37. The company's 50 day moving average price is $88.07 and its 200-day moving average price is $85.15.

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 the consensus estimate of $1.24 by ($0.17). Wynn Resorts had a negative return on equity of 62.13% and a net margin of 6.17%. The firm had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the previous year, the business posted $1.59 EPS. The firm's revenue for the quarter was down 8.7% compared to the same quarter last year. 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 announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.00 annualized dividend and a dividend yield of 0.99%. Wynn Resorts's payout ratio is 27.78%.

Insider Activity at Wynn Resorts

In related news, major shareholder Tilman J. Fertitta acquired 100,000 shares of Wynn Resorts stock in a transaction dated Monday, April 7th. The stock was bought at an average price of $67.62 per share, with a total value of $6,762,000.00. Following the transaction, the insider directly owned 13,000,000 shares in the company, valued at $879,060,000. This represents a 0.78% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Patricia Mulroy sold 2,262 shares of Wynn Resorts stock in a transaction 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 completion of the sale, the director owned 3,066 shares of the company's stock, valued at $282,439.92. This represents a 42.45% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.52% of the company's stock.

Institutional Investors Weigh In On Wynn Resorts

A number of large investors have recently bought and sold shares of WYNN. Strs Ohio bought a new position in shares of Wynn Resorts during the 1st quarter worth about $7,515,000. Geneos Wealth Management Inc. raised its stake in Wynn Resorts by 69.0% during the 1st 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 period. Glenview Trust co boosted its holdings in Wynn Resorts by 3.2% in the first quarter. Glenview Trust co now owns 23,665 shares of the casino operator's stock worth $1,976,000 after acquiring an additional 725 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co acquired a new stake in Wynn Resorts in the first quarter valued at approximately $1,253,000. Finally, Bayforest Capital Ltd acquired a new stake in Wynn Resorts in the first quarter valued at approximately $365,000. 88.64% of the stock is currently owned by institutional investors and hedge funds.

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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