Wynn Resorts (NASDAQ:WYNN) Now Covered by Wolfe Research

Wolfe Research initiated coverage on shares of Wynn Resorts (NASDAQ:WYNN) in a research report released on Wednesday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $128.00 price objective on the casino operator’s stock.

A number of other equities analysts have also recently weighed in on WYNN. JPMorgan Chase & Co. reduced their price objective on shares of Wynn Resorts from $135.00 to $134.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Truist Financial assumed coverage on shares of Wynn Resorts in a research note on Wednesday, July 8th. They set a “buy” rating and a $125.00 target price for the company. Citigroup restated a “buy” rating on shares of Wynn Resorts in a research report on Thursday, August 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $128.00 price target on shares of Wynn Resorts in a research note on Wednesday, July 22nd. Finally, Barclays lifted their price objective on Wynn Resorts from $134.00 to $136.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Wynn Resorts has a consensus rating of “Moderate Buy” and an average target price of $133.82.

Wynn Resorts Stock Up 1.0%

Shares of Wynn Resorts stock opened at $91.52 on Wednesday. The firm has a market cap of $9.42 billion, a PE ratio of 22.71, a P/E/G ratio of 1.09 and a beta of 1.00. Wynn Resorts has a twelve month low of $89.44 and a twelve month high of $134.72. The business has a 50-day moving average price of $98.24 and a 200 day moving average price of $101.86.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, beating the consensus estimate of $0.99 by $0.25. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.Wynn Resorts’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company earned $1.09 earnings per share. On average, sell-side analysts expect that Wynn Resorts will post 4.55 EPS for the current year.

Wynn Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Friday, August 14th. Wynn Resorts’s dividend payout ratio is currently 24.81%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Capital World Investors increased its holdings in shares of Wynn Resorts by 0.6% in the fourth quarter. Capital World Investors now owns 9,542,392 shares of the casino operator’s stock valued at $1,148,236,000 after purchasing an additional 61,209 shares during the last quarter. California State Teachers Retirement System grew its holdings in Wynn Resorts by 9,349.7% in the 2nd quarter. California State Teachers Retirement System now owns 9,093,255 shares of the casino operator’s stock valued at $882,864,000 after buying an additional 8,997,027 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Wynn Resorts in the 2nd quarter worth $609,566,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Wynn Resorts by 9.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,680,631 shares of the casino operator’s stock worth $442,890,000 after acquiring an additional 320,502 shares during the period. Finally, Egerton Capital UK LLP purchased a new position in shares of Wynn Resorts during the 4th quarter worth $249,053,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

About Wynn Resorts

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.