Wynn Resorts (NASDAQ:WYNN) Upgraded at Bank of America

Bank of America upgraded shares of Wynn Resorts (NASDAQ:WYNN) from a neutral rating to a buy rating in a research report sent to investors on Wednesday, Marketbeat reports. They currently have $100.00 price objective on the casino operator’s stock.

A number of other equities research analysts have also recently commented on the company. Argus cut Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Wednesday, April 23rd. StockNews.com lowered shares of Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Wednesday, March 12th. Macquarie reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Wynn Resorts in a research note on Friday, February 14th. Barclays decreased their target price on shares of Wynn Resorts from $116.00 to $99.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Stifel Nicolaus raised their price target on shares of Wynn Resorts from $123.00 to $128.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Wynn Resorts currently has a consensus rating of “Moderate Buy” and an average target price of $112.92.

Wynn Resorts Stock Up 1.5 %

NASDAQ:WYNN opened at $87.93 on Wednesday. The firm has a market capitalization of $9.34 billion, a P/E ratio of 20.89, a P/E/G ratio of 2.35 and a beta of 1.33. Wynn Resorts has a twelve month low of $65.25 and a twelve month high of $107.81. The company has a fifty day moving average of $80.65 and a 200-day moving average of $85.88.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings data on Tuesday, May 6th. The casino operator reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.17). The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a net margin of 7.03% and a negative return on equity of 71.17%. Wynn Resorts’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.59 EPS. On average, analysts anticipate that Wynn Resorts will post 5.17 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Investors of record on Friday, May 16th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, May 16th. This represents a $1.00 annualized dividend and a yield of 1.14%. Wynn Resorts’s payout ratio is currently 27.78%.

Insiders Place Their Bets

In other news, major shareholder Tilman J. Fertitta bought 5,025 shares of the stock in a transaction on Friday, March 21st. The shares were purchased at an average cost of $80.99 per share, for a total transaction of $406,974.75. Following the completion of the purchase, the insider now directly owns 10,905,025 shares in the company, valued at $883,197,974.75. This represents a 0.05 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Philip G. Satre purchased 22,200 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were purchased at an average price of $92.18 per share, with a total value of $2,046,396.00. Following the purchase, the director now directly owns 34,195 shares in the company, valued at $3,152,095.10. This trade represents a 185.08 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 438,700 shares of company stock valued at $31,300,943. Company insiders own 0.52% of the company’s stock.

Institutional Trading of Wynn Resorts

Several hedge funds and other institutional investors have recently modified their holdings of the business. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Wynn Resorts by 18.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator’s stock valued at $269,308,000 after acquiring an additional 485,204 shares during the period. Geode Capital Management LLC raised its stake in shares of Wynn Resorts by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 2,433,052 shares of the casino operator’s stock valued at $209,120,000 after purchasing an additional 26,792 shares during the period. Jefferies Financial Group Inc. lifted its holdings in Wynn Resorts by 9.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 1,683,600 shares of the casino operator’s stock worth $145,059,000 after purchasing an additional 139,270 shares in the last quarter. Renaissance Technologies LLC boosted its stake in Wynn Resorts by 16.4% in the 4th quarter. Renaissance Technologies LLC now owns 1,616,756 shares of the casino operator’s stock worth $139,300,000 after purchasing an additional 228,000 shares during the period. Finally, Norges Bank purchased a new position in Wynn Resorts during the 4th quarter valued at about $117,352,000. Institutional investors own 88.64% of the company’s stock.

About Wynn Resorts

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.