Citigroup Has Lowered Expectations for Wynn Resorts (NASDAQ:WYNN) Stock Price

Wynn Resorts (NASDAQ:WYNN) had its price target lowered by research analysts at Citigroup from $135.00 to $103.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the casino operator’s stock. Citigroup’s target price would suggest a potential upside of 37.41% from the company’s previous close.

A number of other research firms have also commented on WYNN. Mizuho cut their price objective on Wynn Resorts from $133.00 to $125.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 28th. UBS Group reduced their target price on Wynn Resorts from $145.00 to $138.00 and set a “buy” rating on the stock in a report on Friday, September 11th. Barclays decreased their target price on shares of Wynn Resorts from $136.00 to $128.00 and set an “overweight” rating for the company in a research report on Friday. The Goldman Sachs Group set a $120.00 price target on shares of Wynn Resorts in a report on Wednesday, July 15th. Finally, Morgan Stanley restated an “overweight” rating and issued a $128.00 price target on shares of Wynn Resorts in a research report on Wednesday, July 22nd. One investment 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. Based on data from MarketBeat, Wynn Resorts has a consensus rating of “Moderate Buy” and a consensus target price of $131.18.

Wynn Resorts Stock Down 0.3%

WYNN traded down $0.19 during midday trading on Monday, hitting $74.96. 2,027,265 shares of the company were exchanged, compared to its average volume of 1,667,736. The firm has a market capitalization of $7.72 billion, a P/E ratio of 18.60, a P/E/G ratio of 0.90 and a beta of 0.96. Wynn Resorts has a 1-year low of $73.07 and a 1-year high of $134.72. The firm’s 50 day moving average price is $90.27 and its 200-day moving average price is $97.47.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.25. The firm 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%. The business’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.09 EPS. On average, sell-side analysts predict that Wynn Resorts will post 4.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wynn Resorts

Several institutional investors and hedge funds have recently made changes to their positions in WYNN. SHP Wealth Management acquired a new stake in Wynn Resorts during the fourth quarter worth approximately $32,000. Operose Advisors LLC increased its holdings in Wynn Resorts by 400.0% in the second quarter. Operose Advisors LLC now owns 500 shares of the casino operator’s stock worth $49,000 after purchasing an additional 400 shares in the last quarter. Parallel Advisors LLC lifted its stake in Wynn Resorts by 18.5% in the first quarter. Parallel Advisors LLC now owns 756 shares of the casino operator’s stock valued at $77,000 after buying an additional 118 shares during the period. Optiver Holding B.V. acquired a new position in Wynn Resorts in the first quarter valued at approximately $90,000. Finally, GKV Capital Management Co. Inc. bought a new position in shares of Wynn Resorts during the 1st quarter worth approximately $102,000. Institutional investors own 88.64% of the company’s stock.

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.