Wynn Resorts (NASDAQ:WYNN) Stock Price Target Lowered at JPMorgan Chase & Co.

Wynn Resorts (NASDAQ:WYNN) had its price target lowered by JPMorgan Chase & Co. from $115.00 to $112.00 in a research report report published on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the casino operator’s stock.

A number of other equities research analysts also recently weighed in on the company. Argus lifted their target price on Wynn Resorts from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Susquehanna restated a “positive” rating and issued a $95.00 price target on shares of Wynn Resorts in a research note on Friday. Truist Financial lowered their price target on shares of Wynn Resorts from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. UBS Group set a $120.00 price target on shares of Wynn Resorts in a research report on Tuesday, October 20th. Finally, Barclays dropped their price objective on shares of Wynn Resorts from $128.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $121.06.

Wynn Resorts Stock Performance

NASDAQ:WYNN opened at $83.11 on Friday. The stock has a 50 day simple moving average of $80.68 and a 200 day simple moving average of $97.68. The stock has a market cap of $8.56 billion, a P/E ratio of 24.81, a PEG ratio of 1.02 and a beta of 0.96. Wynn Resorts has a 1-year low of $70.79 and a 1-year high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Thursday, November 5th. The casino operator reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.19). The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.75 billion. Wynn Resorts had a net margin of 5.20% and a negative return on equity of 42.73%. The business’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.86 earnings per share. As a group, sell-side analysts forecast that Wynn Resorts will post 4.24 EPS for the current year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Monday, November 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Wynn Resorts’s dividend payout ratio is currently 29.85%.

Hedge Funds Weigh In On Wynn Resorts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Operose Advisors LLC lifted its position in shares of Wynn Resorts by 400.0% during the 2nd quarter. Operose Advisors LLC now owns 500 shares of the casino operator’s stock valued at $49,000 after acquiring an additional 400 shares during the period. Parallel Advisors LLC grew its holdings in shares of Wynn Resorts by 18.5% during the 1st quarter. Parallel Advisors LLC now owns 756 shares of the casino operator’s stock worth $77,000 after purchasing an additional 118 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Wynn Resorts in the first quarter worth $90,000. GKV Capital Management Co. Inc. bought a new position in shares of Wynn Resorts in the first quarter worth $102,000. Finally, Allworth Financial LP bought a new position in shares of Wynn Resorts in the second quarter worth $108,000. 88.64% of the stock is owned by institutional investors and hedge funds.

Wynn Resorts Company Profile

Wynn Resorts, Limited develops and operates luxury hotels and casino resorts. Its properties offer gaming, hotel accommodations, restaurants, retail, entertainment, and convention and meeting facilities.

The company’s portfolio includes Wynn Las Vegas and Encore in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. Its operations therefore span the United States and Macau, a special administrative region of China.

Founded in 2002, Wynn Resorts opened Wynn Las Vegas in 2005.