Wynn Resorts (NASDAQ:WYNN) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a note issued to investors on Saturday. The brokerage presently has a $123.00 price objective on the casino operator’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 8.32% from the stock’s current price.
According to Zacks, “Shares of Wynn Resorts have outperformed the industry in the past three months. Strength in non-gaming revenues continue to drive the top line. Further, estimates for current quarter and year have witnessed upward revisions over the past 60 days, reflecting analysts’ optimism surrounding the company’s future earnings potential. Wynn Resorts generates a solid share of its revenues from Macau resorts. Gambling revenues from Macau surged 16.6% in December and also came ahead of the analysts’ expectation, which is likely to benefit the company in the current quarter. However, Dismal Las Vegas performance has also been weighing on the company’s performance lately. In the recently reported quarter, Las Vegas revenues was impacted by decline in both casino and non-casino revenues. Moreover, the company’s earnings have missed the consensus mark for the second straight quarter.”
WYNN has been the topic of a number of other reports. BidaskClub lowered Wynn Resorts from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 29th. Morgan Stanley reissued a “hold” rating on shares of Wynn Resorts in a research note on Monday, December 3rd. Bank of America reissued a “hold” rating and set a $125.00 price target on shares of Wynn Resorts in a research note on Tuesday, October 16th. ValuEngine raised Wynn Resorts from a “strong sell” rating to a “sell” rating in a research note on Monday, November 26th. Finally, Deutsche Bank lifted their price target on Wynn Resorts from $123.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, January 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company. Wynn Resorts has an average rating of “Buy” and an average price target of $160.37.
Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings data on Wednesday, November 7th. The casino operator reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.01). The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.67 billion. Wynn Resorts had a net margin of 8.92% and a return on equity of 56.04%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the business earned $1.52 earnings per share. On average, analysts anticipate that Wynn Resorts will post 6.8 EPS for the current fiscal year.
In related news, Director Philip G. Satre acquired 9,800 shares of the stock in a transaction dated Tuesday, November 13th. The stock was bought at an average cost of $103.01 per share, for a total transaction of $1,009,498.00. Following the completion of the transaction, the director now directly owns 100 shares of the company’s stock, valued at $10,301. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.95% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of WYNN. North Star Investment Management Corp. raised its position in shares of Wynn Resorts by 118.6% during the third quarter. North Star Investment Management Corp. now owns 1,600 shares of the casino operator’s stock worth $203,000 after acquiring an additional 868 shares during the last quarter. Financial Architects Inc increased its holdings in Wynn Resorts by 52.1% in the third quarter. Financial Architects Inc now owns 1,635 shares of the casino operator’s stock worth $207,000 after purchasing an additional 560 shares in the last quarter. GHP Investment Advisors Inc. bought a new stake in Wynn Resorts in the third quarter worth approximately $254,000. Princeton Capital Management LLC bought a new stake in Wynn Resorts in the third quarter worth approximately $254,000. Finally, GFS Advisors LLC bought a new stake in Wynn Resorts in the third quarter worth approximately $266,000. Institutional investors own 75.02% of the company’s stock.
Wynn Resorts Company Profile
Wynn Resorts, Limited owns and operates destination casino resorts. As of February 15, 2018, the company's Wynn Macau segment had approximately 273,000 square feet of casino space, which offered 316 table games and 988 slot machines, private gaming salons, sky casinos, and a poker pit; 2 luxury hotel towers with 1,008 guest rooms and suites; 8 food and beverage outlets; 59,000 square feet of retail space; 31,000 square feet of meeting and convention space; recreation and leisure facilities comprising 2 health clubs, spas, a salon, and a pool; and a rotunda show, a Chinese zodiac-inspired ceiling.
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