Wynn Resorts (NASDAQ:WYNN) Stock Gets Price Target Trim from Citigroup

Wynn Resorts (NASDAQ:WYNN) had its price objective decreased by Citigroup from $103.00 to $100.00 in a research report sent to investors on Monday,Benzinga reports. Citigroup currently has a buy rating on the casino operator’s stock.

Several other research analysts also recently commented on WYNN. Morgan Stanley decreased their target price on shares of Wynn Resorts from $128.00 to $120.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Truist Financial dropped their price objective on Wynn Resorts from $125.00 to $110.00 and set a “buy” rating for the company in a report on Tuesday, October 20th. Barclays cut their price objective on Wynn Resorts from $128.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, November 6th. UBS Group set a $120.00 target price on Wynn Resorts in a research note on Tuesday, October 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Wynn Resorts in a report on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Wynn Resorts presently has an average rating of “Moderate Buy” and an average price target of $120.88.

Wynn Resorts Trading Down 2.2%

Shares of NASDAQ:WYNN opened at $85.38 on Monday. The company has a 50 day moving average of $80.32 and a 200 day moving average of $97.27. The stock has a market cap of $8.76 billion, a P/E ratio of 25.49, a P/E/G ratio of 1.31 and a beta of 0.96. Wynn Resorts has a 12 month low of $70.79 and a 12 month high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Thursday, November 5th. The casino operator reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.19). The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.75 billion. Wynn Resorts had a negative return on equity of 42.73% and a net margin of 5.20%. The business’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.86 earnings per share. On average, equities analysts forecast that Wynn Resorts will post 3.99 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 16th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, November 16th. Wynn Resorts’s dividend payout ratio is presently 29.85%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in WYNN. Operose Advisors LLC lifted its holdings in Wynn Resorts by 400.0% in the second quarter. Operose Advisors LLC now owns 500 shares of the casino operator’s stock valued at $49,000 after acquiring an additional 400 shares during the period. Parallel Advisors LLC boosted its stake in shares of Wynn Resorts by 18.5% in the first quarter. Parallel Advisors LLC now owns 756 shares of the casino operator’s stock worth $77,000 after acquiring an additional 118 shares during the period. Optiver Holding B.V. purchased a new position in Wynn Resorts during the first quarter valued at $90,000. GKV Capital Management Co. Inc. purchased a new stake in shares of Wynn Resorts during the 1st quarter worth approximately $102,000. Finally, Allworth Financial LP purchased a new position in Wynn Resorts in the second quarter worth about $108,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wynn Resorts News Summary

These are some of the WYNN news items that stood out recently:

• Positive Sentiment: Wynn’s planned UAE casino could strengthen finances over time and potentially support a credit-rating upgrade, according to coverage of the project. Wynn UAE Casino Could Boost Finances, Spur Credit Upgrade
• Neutral Sentiment: Wynn is considering what to do with an undeveloped 38-acre Las Vegas Strip parcel across from Encore. Any value from a future project would depend on plans that have not yet been detailed. Wynn Eyes Its Empty 38-Acre Strip Lot Across From Encore Las Vegas
• Negative Sentiment: Wynn’s third-quarter results missed expectations: EPS was $0.33 versus a $0.52 consensus, and revenue of $1.69 billion fell short of estimates and declined 7.9% year over year. The shortfall adds to concern about weaker earnings. Wynn Resorts stock faces sharp profit decline after weak Q3

About Wynn Resorts

Wynn Resorts, Limited develops and operates luxury hotels and casino resorts. Its properties offer gaming, hotel accommodations, restaurants, retail, entertainment, and convention and meeting facilities. The company’s portfolio includes Wynn Las Vegas and Encore in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. Its operations therefore span the United States and Macau, a special administrative region of China. Founded in 2002, Wynn Resorts opened Wynn Las Vegas in 2005.