Wynn Resorts (NASDAQ:WYNN) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Wynn Resorts (NASDAQ:WYNN) had its target price reduced by JPMorgan Chase & Co. from $134.00 to $115.00 in a report published on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the casino operator’s stock.

Other equities research analysts have also issued reports about the stock. Wolfe Research began coverage on shares of Wynn Resorts in a report on Wednesday, September 2nd. They set an “outperform” rating and a $128.00 target price on the stock. Morgan Stanley decreased their price target on shares of Wynn Resorts from $128.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday. UBS Group set a $120.00 price target on shares of Wynn Resorts in a research note on Tuesday. Argus raised their price target on shares of Wynn Resorts from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company cut their price target on shares of Wynn Resorts from $131.00 to $125.00 and set an “overweight” rating on the stock in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $124.88.

Wynn Resorts Trading Down 0.8%

NASDAQ:WYNN opened at $75.13 on Tuesday. The stock has a market cap of $7.74 billion, a P/E ratio of 18.64, a price-to-earnings-growth ratio of 0.89 and a beta of 0.96. The stock’s 50-day moving average is $85.62 and its 200-day moving average is $95.89. Wynn Resorts has a 1-year low of $73.07 and a 1-year high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.25. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.83 billion. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned $1.09 EPS. As a group, equities analysts forecast that Wynn Resorts will post 4.35 EPS for the current year.

Wynn Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Friday, August 14th. Wynn Resorts’s dividend payout ratio (DPR) is 24.81%.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Sowell Financial Services LLC acquired a new stake in Wynn Resorts during the 3rd quarter valued at approximately $285,000. Lazari Capital Management Inc. raised its holdings in Wynn Resorts by 19.9% during the 3rd quarter. Lazari Capital Management Inc. now owns 12,595 shares of the casino operator’s stock worth $1,000,000 after purchasing an additional 2,091 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in Wynn Resorts by 43.7% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,795 shares of the casino operator’s stock worth $301,000 after purchasing an additional 1,154 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Wynn Resorts by 56.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 20,324 shares of the casino operator’s stock worth $1,973,000 after purchasing an additional 7,348 shares during the period. Finally, State Street Corp lifted its position in shares of Wynn Resorts by 2.6% in the 2nd quarter. State Street Corp now owns 3,047,930 shares of the casino operator’s stock worth $295,924,000 after purchasing an additional 77,416 shares during the period. 88.64% of the stock is owned by institutional investors and hedge funds.

About Wynn Resorts

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts, with a focus on destination casinos, hotels, restaurants, entertainment venues, retail, and convention facilities. Its properties are designed to combine gaming with premium hospitality and leisure experiences.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. These resorts serve visitors in the United States and international markets, offering accommodations, casino gaming, dining, nightlife, retail, spas, entertainment, and meeting and convention services.

Wynn Resorts was founded in 2002 by casino executive Steve Wynn.