Morgan Stanley Trims Wynn Resorts (NASDAQ:WYNN) Target Price to $97.00

Wynn Resorts (NASDAQ:WYNN) had its price target reduced by Morgan Stanley from $107.00 to $97.00 in a research report sent to investors on Wednesday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the casino operator’s stock.

WYNN has been the subject of several other research reports. Seaport Res Ptn upgraded Wynn Resorts from a hold rating to a strong-buy rating in a report on Thursday, May 30th. StockNews.com cut shares of Wynn Resorts from a buy rating to a hold rating in a research report on Wednesday, August 7th. Wells Fargo & Company lowered their price objective on shares of Wynn Resorts from $126.00 to $115.00 and set an overweight rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. reduced their target price on shares of Wynn Resorts from $110.00 to $101.00 and set an overweight rating on the stock in a report on Wednesday, August 7th. Finally, UBS Group raised shares of Wynn Resorts to a hold rating in a report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Wynn Resorts presently has a consensus rating of Moderate Buy and a consensus price target of $116.07.

Wynn Resorts Price Performance

WYNN stock opened at $76.72 on Wednesday. Wynn Resorts has a 1-year low of $71.63 and a 1-year high of $110.38. The business has a 50 day simple moving average of $79.92 and a two-hundred day simple moving average of $91.37. The company has a market capitalization of $8.52 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 1.73 and a beta of 1.80.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.74 billion. Wynn Resorts had a net margin of 12.22% and a negative return on equity of 53.84%. The business’s revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the business posted $0.91 earnings per share. Sell-side analysts anticipate that Wynn Resorts will post 5.55 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 19th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.30%. The ex-dividend date of this dividend was Monday, August 19th. Wynn Resorts’s payout ratio is 13.70%.

Hedge Funds Weigh In On Wynn Resorts

A number of large investors have recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new position in shares of Wynn Resorts in the 2nd quarter valued at $25,000. ICA Group Wealth Management LLC bought a new stake in Wynn Resorts during the fourth quarter valued at about $27,000. Register Financial Advisors LLC purchased a new position in Wynn Resorts in the first quarter valued at about $37,000. Federated Hermes Inc. raised its holdings in Wynn Resorts by 47.5% in the fourth quarter. Federated Hermes Inc. now owns 435 shares of the casino operator’s stock worth $40,000 after purchasing an additional 140 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new stake in shares of Wynn Resorts during the fourth quarter valued at about $40,000. Institutional investors own 68.87% of the company’s stock.

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.