Seaport Res Ptn Comments on Wynn Resorts, Limited’s Q2 2024 Earnings (NASDAQ:WYNN)

Wynn Resorts, Limited (NASDAQ:WYNN) – Equities researchers at Seaport Res Ptn upped their Q2 2024 earnings per share (EPS) estimates for shares of Wynn Resorts in a report released on Wednesday, June 26th. Seaport Res Ptn analyst V. Umansky now expects that the casino operator will earn $1.05 per share for the quarter, up from their prior estimate of $1.00. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Wynn Resorts’ current full-year earnings is $5.59 per share. Seaport Res Ptn also issued estimates for Wynn Resorts’ Q3 2024 earnings at $1.02 EPS and Q4 2024 earnings at $1.42 EPS.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Tuesday, May 7th. The casino operator reported $1.59 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.16. Wynn Resorts had a net margin of 12.36% and a negative return on equity of 46.04%. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the business earned $0.29 EPS. The company’s revenue for the quarter was up 30.9% compared to the same quarter last year.

WYNN has been the subject of a number of other research reports. Mizuho assumed coverage on Wynn Resorts in a research report on Thursday, April 4th. They set a “buy” rating and a $131.00 price target for the company. Morgan Stanley raised their price objective on Wynn Resorts from $107.00 to $114.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Citigroup upped their target price on Wynn Resorts from $132.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Wells Fargo & Company raised their price target on Wynn Resorts from $125.00 to $128.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Finally, Barclays upped their price objective on Wynn Resorts from $124.00 to $128.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.31.

Wynn Resorts Stock Performance

NASDAQ:WYNN opened at $89.50 on Thursday. The stock has a 50-day simple moving average of $93.80 and a 200 day simple moving average of $96.78. Wynn Resorts has a 52-week low of $81.65 and a 52-week high of $112.25. The company has a market cap of $10.03 billion, a PE ratio of 12.26 and a beta of 1.85.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of WYNN. Blue Trust Inc. boosted its holdings in shares of Wynn Resorts by 3,000.0% in the 4th quarter. Blue Trust Inc. now owns 279 shares of the casino operator’s stock valued at $25,000 after purchasing an additional 270 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in Wynn Resorts in the fourth quarter valued at about $27,000. Sunbelt Securities Inc. raised its stake in Wynn Resorts by 4,285.7% during the third quarter. Sunbelt Securities Inc. now owns 307 shares of the casino operator’s stock worth $28,000 after acquiring an additional 300 shares in the last quarter. Register Financial Advisors LLC bought a new position in shares of Wynn Resorts in the first quarter worth about $37,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Wynn Resorts in the 4th quarter valued at approximately $38,000. Institutional investors own 68.87% of the company’s stock.

Insider Buying and Selling

In other news, Director Betsy S. Atkins sold 2,446 shares of Wynn Resorts stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $94.39, for a total transaction of $230,877.94. Following the completion of the sale, the director now owns 9,226 shares of the company’s stock, valued at $870,842.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.52% of the stock is currently owned by insiders.

Wynn Resorts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, May 20th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, May 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.12%. Wynn Resorts’s dividend payout ratio (DPR) is currently 13.70%.

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.