Wynn Resorts (NASDAQ:WYNN) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Wynn Resorts, Limited (NASDAQ:WYNN) shares saw unusually-high trading volume on Friday following a stronger than expected earnings report. Approximately 3,423,229 shares were traded during mid-day trading, an increase of 30% from the previous session’s volume of 2,636,404 shares.The stock last traded at $87.30 and had previously closed at $80.47.

The casino operator reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $1.15. Wynn Resorts had a net margin of 13.37% and a negative return on equity of 61.16%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.78 billion.

Wynn Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be paid a dividend of $0.25 per share. The ex-dividend date is Monday, February 24th. This represents a $1.00 annualized dividend and a yield of 1.13%. Wynn Resorts’s dividend payout ratio is currently 12.33%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on WYNN shares. Jefferies Financial Group decreased their price objective on shares of Wynn Resorts from $109.00 to $105.00 and set a “hold” rating for the company in a research note on Friday, January 3rd. Stifel Nicolaus boosted their price objective on shares of Wynn Resorts from $123.00 to $128.00 and gave the stock a “buy” rating in a research note on Friday. Barclays boosted their price objective on shares of Wynn Resorts from $115.00 to $116.00 and gave the stock an “overweight” rating in a research note on Friday. Mizuho upped their target price on shares of Wynn Resorts from $118.00 to $132.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Macquarie restated an “outperform” rating and issued a $115.00 target price on shares of Wynn Resorts in a research note on Friday. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Wynn Resorts has an average rating of “Moderate Buy” and a consensus price target of $119.50.

Institutional Trading of Wynn Resorts

Institutional investors have recently added to or reduced their stakes in the stock. Regal Partners Ltd raised its holdings in Wynn Resorts by 24.0% in the third quarter. Regal Partners Ltd now owns 898,705 shares of the casino operator’s stock valued at $86,168,000 after acquiring an additional 174,005 shares in the last quarter. Wellington Management Group LLP raised its holdings in Wynn Resorts by 90.6% in the third quarter. Wellington Management Group LLP now owns 115,707 shares of the casino operator’s stock valued at $11,094,000 after acquiring an additional 54,995 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in Wynn Resorts in the fourth quarter valued at $903,000. Crystal Rock Capital Management acquired a new stake in Wynn Resorts in the third quarter valued at $719,000. Finally, ARGA Investment Management LP acquired a new stake in Wynn Resorts in the third quarter valued at $2,174,000. 88.64% of the stock is owned by institutional investors and hedge funds.

Wynn Resorts Price Performance

The stock has a market capitalization of $9.75 billion, a price-to-earnings ratio of 10.95, a PEG ratio of 2.32 and a beta of 1.76. The firm’s fifty day moving average is $85.66 and its 200-day moving average is $86.86.

Wynn Resorts Company Profile

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.