Morgan Stanley Cuts Wynn Resorts (NASDAQ:WYNN) Price Target to $103.00

Wynn Resorts (NASDAQ:WYNN) had its target price cut by Morgan Stanley from $105.00 to $103.00 in a research report released on Monday morning,Benzinga reports. They currently have an overweight rating on the casino operator’s stock.

Other analysts have also issued research reports about the stock. Macquarie reiterated an “outperform” rating and issued a $115.00 price objective on shares of Wynn Resorts in a research note on Friday, February 14th. Jefferies Financial Group raised Wynn Resorts from a “hold” rating to a “buy” rating and increased their price target for the stock from $105.00 to $118.00 in a research report on Tuesday, February 18th. JPMorgan Chase & Co. lifted their price objective on Wynn Resorts from $101.00 to $113.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Stifel Nicolaus raised their target price on Wynn Resorts from $123.00 to $128.00 and gave the stock a “buy” rating in a report on Friday, February 14th. Finally, Barclays lifted their price target on Wynn Resorts from $115.00 to $116.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Wynn Resorts presently has an average rating of “Moderate Buy” and an average target price of $119.58.

Wynn Resorts Stock Performance

Shares of WYNN opened at $91.10 on Monday. The stock has a 50-day moving average of $85.35 and a two-hundred day moving average of $87.66. The stock has a market cap of $9.69 billion, a P/E ratio of 21.64, a P/E/G ratio of 2.35 and a beta of 1.76. Wynn Resorts has a one year low of $71.63 and a one year high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last released its earnings results on Thursday, February 13th. The casino operator reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $1.15. Wynn Resorts had a negative return on equity of 71.17% and a net margin of 7.03%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.78 billion. Analysts predict that Wynn Resorts will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be issued a $0.25 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.00 annualized dividend and a yield of 1.10%. Wynn Resorts’s payout ratio is 23.75%.

Insider Buying and Selling

In other Wynn Resorts news, Director Philip G. Satre bought 22,200 shares of Wynn Resorts stock in a transaction on Tuesday, February 18th. The shares were bought at an average cost of $92.18 per share, for a total transaction of $2,046,396.00. Following the acquisition, the director now directly owns 34,195 shares in the company, valued at $3,152,095.10. This represents a 185.08 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WYNN. Regal Partners Ltd lifted its position in Wynn Resorts by 24.0% in the third quarter. Regal Partners Ltd now owns 898,705 shares of the casino operator’s stock valued at $86,168,000 after acquiring an additional 174,005 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Wynn Resorts by 90.6% during the third quarter. Wellington Management Group LLP now owns 115,707 shares of the casino operator’s stock worth $11,094,000 after purchasing an additional 54,995 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Wynn Resorts during the fourth quarter worth about $903,000. Crystal Rock Capital Management purchased a new stake in Wynn Resorts in the third quarter valued at approximately $719,000. Finally, ARGA Investment Management LP acquired a new stake in Wynn Resorts during the 3rd quarter worth $2,174,000. Hedge funds and other institutional investors own 88.64% 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.