Morgan Stanley Upgrades Wynn Resorts (NASDAQ:WYNN) to “Overweight”

Wynn Resorts (NASDAQ:WYNN) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Friday, MarketBeat reports. The firm currently has a $104.00 price target on the casino operator’s stock, up from their previous price target of $97.00. Morgan Stanley’s target price indicates a potential upside of 6.54% from the stock’s current price.

Other equities analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered 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. Seaport Res Ptn raised shares of Wynn Resorts from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 30th. StockNews.com downgraded shares of Wynn Resorts from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Stifel Nicolaus lowered their target price on shares of Wynn Resorts from $121.00 to $103.00 and set a “buy” rating on the stock in a report on Friday, September 13th. Finally, Jefferies Financial Group reduced their price target on shares of Wynn Resorts from $111.00 to $96.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Wynn Resorts presently has an average rating of “Moderate Buy” and a consensus target price of $114.20.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $97.62 on Friday. Wynn Resorts has a 1-year low of $71.63 and a 1-year high of $110.38. The company has a market capitalization of $10.94 billion, a P/E ratio of 13.37, a P/E/G ratio of 2.17 and a beta of 1.80. The firm’s 50 day simple moving average is $78.63 and its two-hundred day simple moving average is $89.18.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly 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). Wynn Resorts had a net margin of 12.22% and a negative return on equity of 53.84%. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same period in the prior year, the firm earned $0.91 EPS. Wynn Resorts’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Wynn Resorts will post 5.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 2,650 shares of the business’s stock in a transaction 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 owns 5,689 shares in the company, valued at $447,894.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in WYNN. International Assets Investment Management LLC bought a new position in shares of Wynn Resorts in the second quarter worth about $25,000. ICA Group Wealth Management LLC purchased a new stake in Wynn Resorts in the fourth quarter worth about $27,000. Register Financial Advisors LLC purchased a new stake in Wynn Resorts in the first quarter worth about $37,000. Neo Ivy Capital Management purchased a new stake in Wynn Resorts in the fourth quarter worth about $40,000. Finally, Versant Capital Management Inc purchased a new stake in Wynn Resorts in the second quarter worth about $51,000. 68.87% 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.