Wynn Resorts (NASDAQ:WYNN) Cut to “Hold” at Zacks Research

Wynn Resorts (NASDAQ:WYNN) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

WYNN has been the topic of a number of other research reports. UBS Group raised Wynn Resorts from a “neutral” rating to a “buy” rating and increased their price target for the stock from $101.00 to $147.00 in a research note on Thursday, August 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Wynn Resorts in a research note on Monday. Argus upgraded Wynn Resorts from a “hold” rating to a “buy” rating and set a $145.00 target price for the company in a research note on Wednesday, September 3rd. Macquarie lifted their price target on shares of Wynn Resorts from $110.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. lifted their price objective on Wynn Resorts from $136.00 to $138.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $134.69.

Wynn Resorts Stock Up 1.6%

Shares of WYNN opened at $129.46 on Tuesday. The company has a 50-day simple moving average of $123.46 and a 200-day simple moving average of $111.13. Wynn Resorts has a 52-week low of $65.25 and a 52-week high of $134.23. The company has a market capitalization of $13.46 billion, a PE ratio of 38.88, a P/E/G ratio of 4.94 and a beta of 1.32.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Thursday, November 6th. The casino operator reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.23). Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the firm earned $0.90 EPS. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, research analysts anticipate that Wynn Resorts will post 5.17 EPS for the current year.

Insiders Place Their Bets

In other news, Director Patricia Mulroy sold 4,438 shares of the business’s stock in a transaction 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 sale, the director owned 3,066 shares of the company’s stock, valued at approximately $383,250. The trade was a 59.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds have recently modified their holdings of the stock. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in Wynn Resorts by 69.9% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 26,836 shares of the casino operator’s stock valued at $2,241,000 after purchasing an additional 11,038 shares during the period. Avantax Advisory Services Inc. raised its stake in shares of Wynn Resorts by 8.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 8,054 shares of the casino operator’s stock worth $673,000 after purchasing an additional 628 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Wynn Resorts by 2.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 60,956 shares of the casino operator’s stock valued at $5,090,000 after acquiring an additional 1,229 shares during the last quarter. LPL Financial LLC lifted its stake in shares of Wynn Resorts by 18.1% in the 1st quarter. LPL Financial LLC now owns 88,226 shares of the casino operator’s stock valued at $7,367,000 after purchasing an additional 13,533 shares during the last quarter. Finally, Bayforest Capital Ltd bought a new position in Wynn Resorts during the first quarter valued at about $365,000. 88.64% of the stock is currently owned by institutional investors and hedge funds.

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.