Wynn Resorts (NASDAQ:WYNN) Price Target Cut to $126.00

Wynn Resorts (NASDAQ:WYNN) had its target price cut by Macquarie from $128.00 to $126.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the casino operator’s stock. Macquarie’s price objective would indicate a potential upside of 50.16% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company cut their target price on shares of Wynn Resorts from $128.00 to $126.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Argus upgraded Wynn Resorts from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a report on Thursday, May 23rd. Stifel Nicolaus increased their price objective on shares of Wynn Resorts from $135.00 to $138.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Seaport Res Ptn raised Wynn Resorts from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, Barclays upped their target price on Wynn Resorts from $124.00 to $128.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $121.00.

Wynn Resorts Trading Down 1.0 %

Wynn Resorts stock opened at $83.91 on Tuesday. The company has a market capitalization of $9.40 billion, a price-to-earnings ratio of 11.49 and a beta of 1.82. The stock’s 50 day moving average is $92.25 and its 200-day moving average is $96.66. Wynn Resorts has a 12 month low of $81.65 and a 12 month high of $112.25.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Tuesday, May 7th. The casino operator reported $1.59 EPS for the quarter, topping the consensus estimate of $1.43 by $0.16. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Wynn Resorts had a net margin of 12.36% and a negative return on equity of 46.04%. The business’s revenue for the quarter was up 30.9% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. As a group, equities research analysts predict that Wynn Resorts will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, Director Betsy S. Atkins sold 2,446 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $94.39, for a total transaction of $230,877.94. Following the sale, the director now directly owns 9,226 shares of the company’s stock, valued at $870,842.14. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Wynn Resorts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WYNN. Blue Trust Inc. increased its stake in Wynn Resorts by 3,000.0% during the fourth quarter. Blue Trust Inc. now owns 279 shares of the casino operator’s stock worth $25,000 after acquiring an additional 270 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in Wynn Resorts in the fourth quarter worth about $27,000. Sunbelt Securities Inc. boosted its position in shares of Wynn Resorts by 4,285.7% during the third quarter. Sunbelt Securities Inc. now owns 307 shares of the casino operator’s stock valued at $28,000 after buying an additional 300 shares during the period. Register Financial Advisors LLC bought a new position in shares of Wynn Resorts during the first quarter valued at approximately $37,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Wynn Resorts in the fourth quarter worth approximately $38,000. 68.87% of the stock is owned by institutional investors.

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.