Wynn Resorts (NASDAQ:WYNN) Stock Price Up 8.8% - Should You Buy?

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

Analysts Set New Price Targets

Several equities analysts have commented on WYNN shares. Wall Street Zen downgraded shares of Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Wednesday, March 12th. Mizuho decreased their price target on Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Citigroup raised Wynn Resorts from a "neutral" rating to a "buy" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. started coverage on Wynn Resorts in a report on Monday, June 23rd. They issued an "overweight" rating and a $109.00 target price for the company. Finally, Stifel Nicolaus set a $113.00 target price on Wynn Resorts in a research report on Wednesday, May 7th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $112.82.

Wynn Resorts Trading Up 0.8%

The stock has a fifty day simple moving average of $89.56 and a 200-day simple moving average of $85.51. The stock has a market cap of $11.03 billion, a price-to-earnings ratio of 29.31, a price-to-earnings-growth ratio of 3.03 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same quarter in the previous year, the business posted $1.59 EPS. The company's revenue was down 8.7% on a year-over-year basis. Sell-side analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a $0.25 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.00 annualized dividend and a yield of 0.95%. Wynn Resorts's dividend payout ratio is 27.78%.

Insider Activity

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the company's stock in a transaction that occurred 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 transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Tilman J. Fertitta acquired 100,000 shares of Wynn Resorts stock in a transaction on Monday, April 7th. The stock was purchased 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 approximately $879,060,000. This trade represents a 0.78% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.52% of the company's stock.

Institutional Trading of Wynn Resorts

A number of institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new stake in Wynn Resorts during the fourth quarter worth $117,352,000. Jericho Capital Asset Management L.P. bought a new position in shares of Wynn Resorts during the 4th quarter worth about $101,375,000. Raymond James Financial Inc. bought a new position in shares of Wynn Resorts during the 4th quarter worth about $75,872,000. DAVENPORT & Co LLC acquired a new stake in shares of Wynn Resorts during the 1st quarter valued at about $49,476,000. Finally, Nuveen LLC bought a new stake in Wynn Resorts in the first quarter valued at about $41,731,000. 88.64% of the stock is currently owned by 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.