Wynn Resorts (NASDAQ:WYNN) Sees Strong Trading Volume – Still a Buy?

Wynn Resorts, Limited (NASDAQ:WYNN) saw an uptick in trading volume on Thursday . 2,047,653 shares traded hands during mid-day trading, a decline of 6% from the previous session’s volume of 2,185,648 shares.The stock last traded at $92.07 and had previously closed at $85.80.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on WYNN. Barclays cut their target price on Wynn Resorts from $125.00 to $119.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Morgan Stanley lifted their price objective on shares of Wynn Resorts from $112.00 to $115.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus reduced their price objective on Wynn Resorts from $121.00 to $103.00 and set a “buy” rating for the company in a research note on Friday, September 13th. UBS Group raised Wynn Resorts to a “hold” rating in a report on Friday, August 23rd. Finally, StockNews.com cut shares of Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Four equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $115.71.

Wynn Resorts Trading Down 2.4 %

The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 3.35 and a beta of 1.80. The stock’s 50 day moving average is $92.12 and its 200 day moving average is $88.26.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Monday, November 4th. The casino operator reported $0.90 earnings per share for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). Wynn Resorts had a negative return on equity of 61.16% and a net margin of 13.37%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the business earned $0.99 earnings per share. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. On average, sell-side analysts anticipate that Wynn Resorts, Limited will post 4.87 EPS for the current year.

Wynn Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Friday, November 15th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date of this dividend is Friday, November 15th. Wynn Resorts’s dividend payout ratio is presently 12.33%.

Insider Buying and Selling

In other Wynn Resorts news, Director Patricia Mulroy sold 2,650 shares of Wynn Resorts stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $78.73, for a total transaction of $208,634.50. Following the transaction, the director now directly owns 5,689 shares of the company’s stock, valued at $447,894.97. The trade was a 31.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wynn Resorts

A number of hedge funds have recently made changes to their positions in WYNN. Vanguard Group Inc. increased its holdings in Wynn Resorts by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 11,028,618 shares of the casino operator’s stock valued at $1,127,456,000 after purchasing an additional 166,594 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Wynn Resorts by 70.7% during the third quarter. Fisher Asset Management LLC now owns 3,971,846 shares of the casino operator’s stock valued at $380,821,000 after acquiring an additional 1,644,965 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Wynn Resorts by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,406,260 shares of the casino operator’s stock worth $229,945,000 after acquiring an additional 34,907 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Wynn Resorts by 29.1% in the second quarter. Renaissance Technologies LLC now owns 1,345,100 shares of the casino operator’s stock worth $120,386,000 after acquiring an additional 303,033 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in Wynn Resorts by 22.2% in the first quarter. Janus Henderson Group PLC now owns 1,125,718 shares of the casino operator’s stock valued at $115,082,000 after purchasing an additional 204,852 shares during the last quarter. Hedge funds and other 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.