Wynn Resorts (NASDAQ:WYNN) Shares Down 4.2% – Here’s Why

Wynn Resorts, Limited (NASDAQ:WYNN) shares traded down 4.2% on Wednesday . The company traded as low as $84.08 and last traded at $83.69. 250,999 shares were traded during mid-day trading, a decline of 91% from the average session volume of 2,646,305 shares. The stock had previously closed at $87.38.

Wall Street Analysts Forecast Growth

WYNN has been the subject of a number of analyst reports. Jefferies Financial Group upgraded Wynn Resorts from a “hold” rating to a “buy” rating and lifted their price target for the company from $105.00 to $118.00 in a research note on Tuesday, February 18th. Stifel Nicolaus lifted their target price on Wynn Resorts from $123.00 to $128.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Mizuho increased their price target on Wynn Resorts from $118.00 to $132.00 and gave the company an “outperform” rating in a research report on Friday, February 14th. Macquarie reaffirmed an “outperform” rating and set a $115.00 price objective on shares of Wynn Resorts in a report on Friday, February 14th. Finally, Morgan Stanley lowered their target price on shares of Wynn Resorts from $105.00 to $103.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wynn Resorts presently has a consensus rating of “Moderate Buy” and an average price target of $119.58.

Wynn Resorts Stock Performance

The company has a market cap of $8.86 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 2.35 and a beta of 1.77. The company’s 50 day moving average price is $85.42 and its 200-day moving average price is $88.52.

Wynn Resorts (NASDAQ:WYNN) last released its earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share (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 business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.78 billion. Equities research analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Monday, February 24th. Wynn Resorts’s dividend payout ratio (DPR) is currently 23.75%.

Insider Buying and Selling

In related news, Director Philip G. Satre purchased 22,200 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were purchased at an average cost of $92.18 per share, for a total transaction of $2,046,396.00. Following the completion of the transaction, the director now directly owns 34,195 shares in the company, valued at approximately $3,152,095.10. This represents a 185.08 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wynn Resorts

Several hedge funds have recently bought and sold shares of WYNN. Fisher Asset Management LLC boosted its holdings in Wynn Resorts by 70.7% in the 3rd quarter. Fisher Asset Management LLC now owns 3,971,846 shares of the casino operator’s stock valued at $380,821,000 after purchasing an additional 1,644,965 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Wynn Resorts by 18.4% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator’s stock valued at $269,308,000 after buying an additional 485,204 shares during the period. Geode Capital Management LLC grew its position in Wynn Resorts by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 2,433,052 shares of the casino operator’s stock worth $209,120,000 after buying an additional 26,792 shares in the last quarter. Jefferies Financial Group Inc. increased its stake in Wynn Resorts by 9.0% in the 4th quarter. Jefferies Financial Group Inc. now owns 1,683,600 shares of the casino operator’s stock worth $145,059,000 after acquiring an additional 139,270 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Wynn Resorts by 16.4% in the 4th quarter. Renaissance Technologies LLC now owns 1,616,756 shares of the casino operator’s stock valued at $139,300,000 after acquiring an additional 228,000 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.

About Wynn Resorts

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.