Wynn Resorts (NASDAQ:WYNN) Raised to Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Wynn Resorts (NASDAQ:WYNN) from a hold rating to a buy rating in a research note released on Tuesday morning, MarketBeat reports. The firm currently has $118.00 target price on the casino operator’s stock, up from their previous target price of $105.00.

Several other equities research analysts have also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Wynn Resorts from $122.00 to $118.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Morgan Stanley increased their price target on shares of Wynn Resorts from $112.00 to $115.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Wells Fargo & Company decreased their price target on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Macquarie reiterated an “outperform” rating and issued a $115.00 price target on shares of Wynn Resorts in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Wynn Resorts from $101.00 to $113.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Wynn Resorts presently has an average rating of “Buy” and an average price target of $120.58.

Wynn Resorts Stock Up 1.3 %

NASDAQ:WYNN opened at $93.47 on Tuesday. The company’s 50 day moving average price is $85.39 and its 200-day moving average price is $87.14. Wynn Resorts has a 52 week low of $71.63 and a 52 week high of $110.38. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of 22.20, a PEG ratio of 2.64 and a beta of 1.76.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $1.15. Wynn Resorts had a net margin of 7.03% and a negative return on equity of 71.17%. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.78 billion. As a group, sell-side analysts anticipate that Wynn Resorts will post 4.87 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be paid a $0.25 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.07%. Wynn Resorts’s payout ratio is currently 23.75%.

Insiders Place Their Bets

In other Wynn Resorts news, Director Philip G. Satre acquired 22,200 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was acquired at an average cost 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 of the company’s stock, valued at approximately $3,152,095.10. This represents a 185.08 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Wynn Resorts

Institutional investors and hedge funds have recently made changes to their positions in the business. New Wave Wealth Advisors LLC purchased a new position in shares of Wynn Resorts during the 4th quarter worth about $26,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Wynn Resorts during the 3rd quarter worth about $31,000. SBI Securities Co. Ltd. purchased a new position in shares of Wynn Resorts during the 4th quarter worth about $36,000. Spire Wealth Management boosted its stake in shares of Wynn Resorts by 116.4% during the 4th quarter. Spire Wealth Management now owns 435 shares of the casino operator’s stock worth $37,000 after purchasing an additional 234 shares during the period. Finally, Canada Post Corp Registered Pension Plan purchased a new position in shares of Wynn Resorts during the 4th quarter worth about $45,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

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.