Wynn Resorts (NASDAQ:WYNN) Hits New 1-Year Low on Analyst Downgrade

Shares of Wynn Resorts, Limited (NASDAQ:WYNN) hit a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $135.00 to $103.00. Citigroup currently has a buy rating on the stock. Wynn Resorts traded as low as $73.07 and last traded at $74.96, with a volume of 2,027,800 shares. The stock had previously closed at $75.15.

Several other equities analysts also recently commented on WYNN. Zacks Research upgraded Wynn Resorts from a “strong sell” rating to a “hold” rating in a research report on Monday, August 10th. Stifel Nicolaus set a $143.00 target price on Wynn Resorts in a research report on Wednesday, August 5th. Argus increased their target price on Wynn Resorts from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Truist Financial began coverage on Wynn Resorts in a research note on Wednesday, July 8th. They set a “buy” rating and a $125.00 target price on the stock. Finally, UBS Group lowered their price target on Wynn Resorts from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Wynn Resorts presently has an average rating of “Moderate Buy” and a consensus price target of $130.12.

Institutional Trading of Wynn Resorts

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its holdings in shares of Wynn Resorts by 56.6% in the second quarter. Envestnet Asset Management Inc. now owns 20,324 shares of the casino operator’s stock worth $1,973,000 after purchasing an additional 7,348 shares during the last quarter. State Street Corp lifted its position in shares of Wynn Resorts by 2.6% in the second quarter. State Street Corp now owns 3,047,930 shares of the casino operator’s stock worth $295,924,000 after buying an additional 77,416 shares in the last quarter. Tidal Investments LLC bought a new position in Wynn Resorts during the second quarter valued at approximately $278,000. Nykredit A S bought a new position in Wynn Resorts during the second quarter valued at approximately $307,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Wynn Resorts during the second quarter valued at approximately $495,000. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Stock Performance

The firm has a market cap of $7.79 billion, a PE ratio of 18.78, a PEG ratio of 0.90 and a beta of 0.96. The firm has a fifty day simple moving average of $89.37 and a two-hundred day simple moving average of $97.09.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.25. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS. Equities analysts forecast that Wynn Resorts, Limited will post 4.55 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date was Friday, August 14th. Wynn Resorts’s payout ratio is currently 24.81%.

About Wynn Resorts

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts that combine casino gaming, hotel accommodations, fine dining, entertainment, retail, and convention facilities. Its properties are designed to serve leisure travelers, convention visitors, and gaming customers.

The company operates Wynn and Encore resorts in Las Vegas, Nevada; Wynn Macau and Wynn Palace in Macau; and Encore Boston Harbor in Everett, Massachusetts. These properties offer casino floors, guest rooms and suites, restaurants, spas, theaters and other amenities, with operations serving customers from the United States, China and international markets.

Wynn Resorts was founded in 2002 by Steve Wynn, who previously helped develop major casino resorts in Las Vegas and Macau.