Barclays Raises Wynn Resorts (NASDAQ:WYNN) Price Target to $123.00

Wynn Resorts (NASDAQ:WYNN) had its target price hoisted by Barclays from $117.00 to $123.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the casino operator’s stock.

A number of other equities research analysts have also commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Wynn Resorts from $118.00 to $123.00 and gave the company an overweight rating in a research note on Tuesday, February 27th. Wells Fargo & Company boosted their target price on shares of Wynn Resorts from $122.00 to $124.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Morgan Stanley boosted their target price on shares of Wynn Resorts from $107.00 to $114.00 and gave the company an equal weight rating in a research report on Tuesday. Mizuho began coverage on shares of Wynn Resorts in a research report on Thursday, April 4th. They set a buy rating and a $131.00 target price on the stock. Finally, Bank Of America (Bofa) boosted their target price on shares of Wynn Resorts from $95.00 to $105.00 and gave the company a neutral rating in a research report on Wednesday, January 17th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Wynn Resorts currently has an average rating of Moderate Buy and an average target price of $121.36.

Wynn Resorts Stock Performance

NASDAQ:WYNN opened at $101.18 on Wednesday. The firm’s fifty day moving average is $102.72 and its 200-day moving average is $94.66. Wynn Resorts has a 52 week low of $81.65 and a 52 week high of $117.86. The firm has a market cap of $11.34 billion, a P/E ratio of 16.92 and a beta of 1.93.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings data on Wednesday, February 7th. The casino operator reported $1.91 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.76. Wynn Resorts had a net margin of 11.18% and a negative return on equity of 31.17%. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the firm posted ($1.23) EPS. The company’s quarterly revenue was up 83.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Wynn Resorts will post 5.36 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Tuesday, February 20th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Friday, February 16th. Wynn Resorts’s payout ratio is currently 16.72%.

Insider Activity at Wynn Resorts

In related news, CFO Julie Cameron-Doe sold 6,383 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $105.27, for a total transaction of $671,938.41. Following the transaction, the chief financial officer now directly owns 78,150 shares of the company’s stock, valued at $8,226,850.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Craig Scott Billings sold 19,235 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $108.00, for a total transaction of $2,077,380.00. Following the completion of the sale, the chief executive officer now owns 307,904 shares in the company, valued at $33,253,632. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Julie Cameron-Doe sold 6,383 shares of the firm’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $105.27, for a total transaction of $671,938.41. Following the sale, the chief financial officer now owns 78,150 shares of the company’s stock, valued at approximately $8,226,850.50. The disclosure for this sale can be found here. Insiders have sold 26,578 shares of company stock valued at $2,850,282 over the last ninety days. Corporate insiders own 0.52% of the company’s stock.

Institutional Trading of Wynn Resorts

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Wynn Resorts by 0.9% during the third quarter. Vanguard Group Inc. now owns 11,424,780 shares of the casino operator’s stock worth $720,104,000 after buying an additional 100,246 shares during the last quarter. BlackRock Inc. increased its holdings in Wynn Resorts by 0.4% during the first quarter. BlackRock Inc. now owns 6,846,725 shares of the casino operator’s stock worth $545,957,000 after buying an additional 30,460 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Wynn Resorts by 0.5% during the fourth quarter. Fisher Asset Management LLC now owns 3,931,323 shares of the casino operator’s stock worth $358,183,000 after buying an additional 20,091 shares during the last quarter. State Street Corp increased its stake in shares of Wynn Resorts by 4.8% in the second quarter. State Street Corp now owns 3,910,031 shares of the casino operator’s stock worth $412,938,000 after purchasing an additional 180,839 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Wynn Resorts by 2.4% in the first quarter. Geode Capital Management LLC now owns 2,278,522 shares of the casino operator’s stock worth $254,444,000 after purchasing an additional 54,183 shares in the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.

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.