Wynn Resorts, Limited (NASDAQ:WYNN) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Wynn Resorts, Limited (NASDAQ:WYNN) from a buy rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Wynn Resorts’ second-quarter earnings of $1.18 per share beat the Zacks Consensus Estimate by 8.3% and were up 10.3% year over year on higher revenues. Revenues of $1.53 billion beat the consensus mark by 5.3% and grew 44.5% year over year. Notably, the company failed to fully capitalize on the rebound in Macau gaming revenues in the quarter, given somewhat lower-than-expected results at Wynn Palace. Though foot traffic has been low at Wynn Palace of late, it is poised to witness increased visits from tourists and leisure gamblers over the long term. Meanwhile, Wynn Resorts’ shares outpaced the industry in the past six months. Further, the company’s strong brand recognition, higher non-gaming revenues along with an improving economy and growing tourism in Las Vegas should drive the top line. Yet, fears of another corruption crackdown by the authorities and high debt burden raises concern.”
A number of other research firms have also weighed in on WYNN. Vetr lowered shares of Wynn Resorts, Limited from a buy rating to a hold rating and set a $119.59 price objective on the stock. in a research report on Monday, April 10th. UBS AG reissued a buy rating on shares of Wynn Resorts, Limited in a research report on Tuesday, April 11th. Wells Fargo & Company reissued a neutral rating on shares of Wynn Resorts, Limited in a research report on Wednesday, April 19th. Susquehanna Bancshares Inc reissued a neutral rating on shares of Wynn Resorts, Limited in a research report on Thursday, April 20th. Finally, CLSA raised shares of Wynn Resorts, Limited from an underperform rating to an outperform rating in a research report on Thursday, April 20th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Wynn Resorts, Limited has a consensus rating of Hold and an average target price of $125.62.
Shares of Wynn Resorts, Limited (NASDAQ WYNN) traded up 0.52% on Monday, hitting $130.41. The stock had a trading volume of 881,845 shares. The stock has a market cap of $13.29 billion, a PE ratio of 48.81 and a beta of 1.72. Wynn Resorts, Limited has a 12 month low of $82.51 and a 12 month high of $139.67. The company has a 50 day moving average price of $133.80 and a 200-day moving average price of $117.30.
Wynn Resorts, Limited (NASDAQ:WYNN) last announced its earnings results on Tuesday, July 25th. The casino operator reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.02. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Wynn Resorts, Limited had a net margin of 5.02% and a return on equity of 205.76%. The business’s revenue was up 44.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.07 EPS. On average, equities research analysts anticipate that Wynn Resorts, Limited will post $4.92 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 22nd. Stockholders of record on Thursday, August 10th will be paid a dividend of $0.50 per share. The ex-dividend date is Tuesday, August 8th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.54%. Wynn Resorts, Limited’s dividend payout ratio is presently 74.91%.
In other Wynn Resorts, Limited news, Director Patricia Mulroy sold 2,226 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $128.08, for a total value of $285,106.08. Following the completion of the sale, the director now directly owns 8,011 shares in the company, valued at $1,026,048.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Matt Maddox sold 44,309 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $134.35, for a total transaction of $5,952,914.15. Following the completion of the sale, the president now owns 344,895 shares of the company’s stock, valued at $46,336,643.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 73,309 shares of company stock worth $9,693,891. Insiders own 13.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. increased its stake in shares of Wynn Resorts, Limited by 83.2% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,017 shares of the casino operator’s stock valued at $117,000 after buying an additional 462 shares during the period. FNY Partners Fund LP increased its stake in shares of Wynn Resorts, Limited by 5,400.0% in the first quarter. FNY Partners Fund LP now owns 1,100 shares of the casino operator’s stock valued at $126,000 after buying an additional 1,080 shares during the period. Reilly Financial Advisors LLC increased its stake in shares of Wynn Resorts, Limited by 1,000.0% in the second quarter. Reilly Financial Advisors LLC now owns 1,100 shares of the casino operator’s stock valued at $148,000 after buying an additional 1,000 shares during the period. Mercer Capital Advisers Inc. purchased a new stake in shares of Wynn Resorts, Limited during the first quarter valued at $143,000. Finally, Financial Architects Inc increased its stake in shares of Wynn Resorts, Limited by 4.2% in the second quarter. Financial Architects Inc now owns 1,250 shares of the casino operator’s stock valued at $168,000 after buying an additional 50 shares during the period. Institutional investors own 75.06% of the company’s stock.
Wynn Resorts, Limited Company Profile
Wynn Resorts, Limited (Wynn Resorts) is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company’s segments include Macau Operations and Las Vegas Operations.
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