Wynn Resorts (NASDAQ:WYNN) Shares Down 7.3% – Here’s Why

Wynn Resorts, Limited (NASDAQ:WYNN)’s share price traded down 7.3% on Monday . The company traded as low as $109.20 and last traded at $106.4970. 126,952 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,429,228 shares. The stock had previously closed at $114.87.

Analyst Ratings Changes

Several research firms have commented on WYNN. Deutsche Bank Aktiengesellschaft set a $144.00 price objective on Wynn Resorts in a research note on Friday, February 13th. Mizuho boosted their target price on Wynn Resorts from $131.00 to $134.00 and gave the stock an “outperform” rating in a report on Tuesday, February 17th. Macquarie Infrastructure reiterated an “outperform” rating and set a $143.00 price objective on shares of Wynn Resorts in a research report on Monday, December 8th. Susquehanna reaffirmed a “positive” rating and issued a $133.00 target price on shares of Wynn Resorts in a research note on Thursday, February 12th. Finally, Wells Fargo & Company lowered their price target on shares of Wynn Resorts from $152.00 to $147.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.07.

Wynn Resorts Stock Performance

The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 35.59, a P/E/G ratio of 13.58 and a beta of 1.06. The business has a 50-day moving average of $117.41 and a 200-day moving average of $120.52.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Thursday, February 12th. The casino operator reported $1.17 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.16). The company had revenue of $1.87 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Wynn Resorts had a negative return on equity of 38.04% and a net margin of 4.59%.The company’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same period last year, the business earned $2.42 EPS. Equities analysts predict that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, February 23rd. Wynn Resorts’s dividend payout ratio is 33.33%.

Institutional Investors Weigh In On Wynn Resorts

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Wynn Resorts during the second quarter worth approximately $106,289,000. Pacific Heights Asset Management LLC increased its stake in Wynn Resorts by 30.4% in the 3rd quarter. Pacific Heights Asset Management LLC now owns 150,000 shares of the casino operator’s stock valued at $19,240,000 after buying an additional 35,000 shares during the period. Thrivent Financial for Lutherans raised its position in Wynn Resorts by 19.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 891,661 shares of the casino operator’s stock worth $114,374,000 after buying an additional 142,892 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Wynn Resorts in the 3rd quarter worth $51,163,000. Finally, Hussman Strategic Advisors Inc. acquired a new stake in shares of Wynn Resorts in the 3rd quarter worth $1,347,000. Hedge funds and other institutional investors own 88.64% of the company’s stock.

Wynn Resorts Company Profile

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.