Wynn Resorts (NASDAQ:WYNN) Sets New 52-Week Low – What’s Next?

Wynn Resorts, Limited (NASDAQ:WYNN)’s share price hit a new 52-week low during trading on Friday. The stock traded as low as $72.91 and last traded at $74.1720, with a volume of 195,747 shares trading hands. The stock had previously closed at $75.13.

Analyst Ratings Changes

A number of analysts recently issued reports on WYNN shares. Argus raised their price objective on Wynn Resorts from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Stifel Nicolaus decreased their target price on shares of Wynn Resorts from $143.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wynn Resorts in a research report on Monday, September 21st. Wells Fargo & Company dropped their price target on shares of Wynn Resorts from $131.00 to $125.00 and set an “overweight” rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. reduced their price target on shares of Wynn Resorts from $134.00 to $115.00 and set an “overweight” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $124.88.

Wynn Resorts Stock Performance

The company’s 50-day simple moving average is $85.62 and its 200 day simple moving average is $95.89. The company has a market cap of $7.53 billion, a PE ratio of 18.16, a PEG ratio of 0.89 and a beta of 0.96.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.25. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%. The company’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.09 earnings per share. Analysts forecast that Wynn Resorts, Limited will post 4.35 EPS for the current year.

Wynn Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Wynn Resorts’s payout ratio is currently 24.81%.

Institutional Trading of Wynn Resorts

Several hedge funds have recently added to or reduced their stakes in WYNN. QRG Capital Management Inc. lifted its stake in Wynn Resorts by 4.9% in the first quarter. QRG Capital Management Inc. now owns 2,071 shares of the casino operator’s stock worth $210,000 after acquiring an additional 96 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Wynn Resorts by 18.5% during the 1st quarter. Parallel Advisors LLC now owns 756 shares of the casino operator’s stock worth $77,000 after purchasing an additional 118 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Wynn Resorts by 1.4% during the first quarter. PNC Financial Services Group Inc. now owns 11,093 shares of the casino operator’s stock worth $1,127,000 after purchasing an additional 150 shares in the last quarter. Wedmont Private Capital grew its stake in shares of Wynn Resorts by 5.7% during the second quarter. Wedmont Private Capital now owns 2,845 shares of the casino operator’s stock worth $284,000 after purchasing an additional 154 shares in the last quarter. Finally, Mufg Securities Americas Inc. grew its stake in shares of Wynn Resorts by 8.1% during the second quarter. Mufg Securities Americas Inc. now owns 2,526 shares of the casino operator’s stock worth $245,000 after purchasing an additional 190 shares in the last quarter. Institutional investors and hedge funds own 88.64% of the company’s stock.

About Wynn Resorts

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts, with a focus on destination casinos, hotels, restaurants, entertainment venues, retail, and convention facilities. Its properties are designed to combine gaming with premium hospitality and leisure experiences.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. These resorts serve visitors in the United States and international markets, offering accommodations, casino gaming, dining, nightlife, retail, spas, entertainment, and meeting and convention services.

Wynn Resorts was founded in 2002 by casino executive Steve Wynn.