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

Wynn Resorts (NASDAQ:WYNN) had its target price decreased by analysts at Morgan Stanley from $105.00 to $103.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “overweight” rating on the casino operator’s stock. Morgan Stanley’s target price would suggest a potential upside of 14.62% from the company’s current price.

Several other research firms have also issued reports on WYNN. Stifel Nicolaus lifted their price objective on shares of Wynn Resorts from $123.00 to $128.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Barclays lifted their price target on shares of Wynn Resorts from $115.00 to $116.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Wynn Resorts from $122.00 to $118.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Wells Fargo & Company lowered their price objective on Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. increased their price objective on Wynn Resorts from $101.00 to $113.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $119.58.

Wynn Resorts Stock Down 0.7 %

Shares of Wynn Resorts stock opened at $89.86 on Monday. The business has a fifty day simple moving average of $85.31 and a 200-day simple moving average of $87.42. The firm has a market cap of $9.56 billion, a price-to-earnings ratio of 21.36, a price-to-earnings-growth ratio of 2.35 and a beta of 1.76. Wynn Resorts has a fifty-two week low of $71.63 and a fifty-two week high of $110.38.

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

Insiders Place Their Bets

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

Institutional Trading of Wynn Resorts

A number of institutional investors have recently added to or reduced their stakes in 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. Norges Bank bought a new position in shares of Wynn Resorts during the 4th quarter valued at $117,352,000. Jericho Capital Asset Management L.P. bought a new position in Wynn Resorts during the 4th quarter worth approximately $101,375,000. Raymond James Financial Inc. bought a new stake in Wynn Resorts in the fourth quarter valued at approximately $75,872,000. Finally, Holocene Advisors LP increased its stake in shares of Wynn Resorts by 27,868.5% in the third quarter. Holocene Advisors LP now owns 757,946 shares of the casino operator’s stock worth $72,672,000 after buying an additional 755,236 shares during the period. 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.