Zacks Investment Research Lowers Wynn Resorts (WYNN) to Hold
According to Zacks, “Shares of Wynn Resorts have outperformed the industry year-to-date. Apart from the gaming business in Macau, the company has been increasingly focusing on boosting non-gaming revenues. Given the decent visitation pattern in Macau, infrastructure development and government’s efforts to boost tourism in Macau, non-gaming sources are expected to boost revenues, going forward. Also, the opening of the world's longest sea-crossing bridge and tunnel in the prior year, which connects Macau to Hong Kong as well as mainland China's Pearl River Delta, is likely to prove beneficial to the casino operator. Earnings estimates for the current-year have also witnessed upward revisions. However, Wynn Resorts’ heavy reliance on debt financing remains a concern.”
Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group upgraded shares of Wynn Resorts from a hold rating to a buy rating and upped their target price for the company from $119.00 to $170.00 in a research note on Monday, April 8th. Deutsche Bank upped their target price on shares of Wynn Resorts from $145.00 to $155.00 and gave the company a buy rating in a research note on Tuesday, April 9th. BidaskClub upgraded shares of Wynn Resorts from a hold rating to a buy rating in a research note on Friday, April 5th. Macquarie restated a neutral rating and set a $121.00 target price (up previously from $116.00) on shares of Wynn Resorts in a research note on Thursday, January 31st. Finally, Nomura restated a buy rating and set a $145.00 target price (up previously from $132.00) on shares of Wynn Resorts in a research note on Thursday, January 31st. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Wynn Resorts has an average rating of Buy and an average price target of $150.83.
Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings data on Wednesday, January 30th. The casino operator reported $1.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.36 by ($0.30). The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Wynn Resorts had a net margin of 8.70% and a return on equity of 47.05%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period last year, the company posted $1.40 earnings per share. On average, analysts forecast that Wynn Resorts will post 6.27 EPS for the current year.
In other news, Director Patricia Mulroy sold 425 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $118.02, for a total value of $50,158.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Matt Maddox sold 18,900 shares of the stock in a transaction that occurred on Monday, February 4th. The stock was sold at an average price of $124.15, for a total transaction of $2,346,435.00. Following the completion of the transaction, the chief executive officer now owns 487,399 shares in the company, valued at approximately $60,510,585.85. The disclosure for this sale can be found here. 0.95% of the stock is owned by corporate insiders.
Large investors have recently modified their holdings of the company. Parallel Advisors LLC raised its stake in Wynn Resorts by 84.2% during the 4th quarter. Parallel Advisors LLC now owns 256 shares of the casino operator’s stock worth $25,000 after acquiring an additional 117 shares during the period. JOYN Advisors Inc. raised its stake in Wynn Resorts by 1,680.0% during the 4th quarter. JOYN Advisors Inc. now owns 267 shares of the casino operator’s stock worth $26,000 after acquiring an additional 252 shares during the period. Somerset Trust Co raised its stake in Wynn Resorts by 152.7% during the 1st quarter. Somerset Trust Co now owns 369 shares of the casino operator’s stock worth $44,000 after acquiring an additional 223 shares during the period. AdvisorNet Financial Inc raised its stake in Wynn Resorts by 47.1% during the 4th quarter. AdvisorNet Financial Inc now owns 456 shares of the casino operator’s stock worth $45,000 after acquiring an additional 146 shares during the period. Finally, First Hawaiian Bank raised its stake in Wynn Resorts by 295.0% during the 1st quarter. First Hawaiian Bank now owns 395 shares of the casino operator’s stock worth $47,000 after acquiring an additional 295 shares during the period. Hedge funds and other institutional investors own 75.10% of the company’s stock.
About Wynn Resorts
Wynn Resorts, Limited owns and operates destination casino resorts. As of February 20, 2019, the company's Wynn Palace segment had approximately 424,000 square feet of casino space, which offered 320 table games and 1,041 slot machines, private gaming salons, and sky casinos; a luxury hotel towers with 1,706 guest rooms, suites, and villas; 13 food and beverage outlets; 106,000 square feet of retail space; 37,000 square feet of meeting and convention space; recreation and leisure facilities comprising a gondola ride, health club, spa, salon, and pool; and public attractions, such as performance lake and floral art displays.
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