The Goldman Sachs Group Forecasts Strong Price Appreciation for Wynn Resorts (NASDAQ:WYNN) Stock

Wynn Resorts (NASDAQ:WYNN) had its price target upped by The Goldman Sachs Group from $124.00 to $150.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a buy rating on the casino operator’s stock.

Several other equities analysts have also recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of Wynn Resorts from $113.00 to $128.00 and gave the stock an “overweight” rating in a research report on Thursday, September 11th. Argus upgraded Wynn Resorts from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a report on Wednesday, September 3rd. Macquarie increased their price objective on Wynn Resorts from $110.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Citigroup restated a “neutral” rating and set a $114.00 price objective (up from $108.00) on shares of Wynn Resorts in a research report on Wednesday, July 9th. Finally, Barclays upped their target price on Wynn Resorts from $101.00 to $127.00 and gave the company an “overweight” rating in a report on Friday, July 18th. Fourteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $127.33.

Wynn Resorts Stock Performance

WYNN opened at $123.66 on Wednesday. Wynn Resorts has a one year low of $65.25 and a one year high of $134.23. The stock’s fifty day moving average is $119.03 and its 200-day moving average is $99.47. The company has a market capitalization of $12.86 billion, a PE ratio of 37.14, a P/E/G ratio of 6.68 and a beta of 1.31.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.11). The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm earned $1.12 earnings per share. On average, equities research analysts forecast that Wynn Resorts will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Monday, August 18th. Wynn Resorts’s payout ratio is currently 30.03%.

Insider Buying and Selling

In related news, Director Patricia Mulroy sold 4,438 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the transaction, the director owned 3,066 shares in the company, valued at approximately $383,250. This represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. MUFG Securities EMEA plc bought a new position in shares of Wynn Resorts during the 2nd quarter valued at $25,000. AlphaQuest LLC bought a new position in Wynn Resorts during the first quarter valued at about $25,000. Dagco Inc. bought a new position in Wynn Resorts during the first quarter valued at about $25,000. Global X Japan Co. Ltd. raised its holdings in Wynn Resorts by 120.7% during the first quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator’s stock valued at $27,000 after buying an additional 175 shares in the last quarter. Finally, Manchester Capital Management LLC raised its holdings in Wynn Resorts by 1,500.0% during the second quarter. Manchester Capital Management LLC now owns 320 shares of the casino operator’s stock valued at $30,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds 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.