Wynn Resorts (NASDAQ:WYNN) Price Target Lowered to $101.00 at JPMorgan Chase & Co.

Wynn Resorts (NASDAQ:WYNN) had its price objective decreased by equities researchers at JPMorgan Chase & Co. from $110.00 to $101.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the casino operator’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 34.13% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Wells Fargo & Company lowered their target price on shares of Wynn Resorts from $126.00 to $115.00 and set an “overweight” rating on the stock in a report on Wednesday. Seaport Res Ptn upgraded shares of Wynn Resorts from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Citigroup raised their target price on shares of Wynn Resorts from $132.00 to $138.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Stifel Nicolaus boosted their price target on Wynn Resorts from $135.00 to $138.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Macquarie reaffirmed an “outperform” rating and issued a $126.00 price objective on shares of Wynn Resorts in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $116.73.

Wynn Resorts Stock Down 1.3 %

Shares of NASDAQ:WYNN traded down $0.99 during mid-day trading on Wednesday, reaching $75.30. 3,127,284 shares of the stock were exchanged, compared to its average volume of 1,883,464. The stock’s 50 day simple moving average is $86.75 and its 200-day simple moving average is $95.15. Wynn Resorts has a one year low of $71.63 and a one year high of $110.38. The company has a market cap of $8.44 billion, a P/E ratio of 10.32 and a beta of 1.82.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a net margin of 12.36% and a negative return on equity of 46.04%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 earnings per share. Analysts anticipate that Wynn Resorts will post 5.62 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Betsy S. Atkins sold 2,446 shares of the business’s 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 transaction, the director now owns 9,226 shares of the company’s stock, valued at approximately $870,842.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Wynn Resorts

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Daiwa Securities Group Inc. grew its stake in shares of Wynn Resorts by 7.7% during the second quarter. Daiwa Securities Group Inc. now owns 10,642 shares of the casino operator’s stock worth $952,000 after buying an additional 759 shares during the last quarter. Andra AP fonden grew its position in Wynn Resorts by 9.6% during the 2nd quarter. Andra AP fonden now owns 102,600 shares of the casino operator’s stock worth $9,183,000 after acquiring an additional 9,000 shares during the last quarter. Choreo LLC acquired a new position in Wynn Resorts in the 2nd quarter worth about $361,000. Pacific Heights Asset Management LLC raised its position in Wynn Resorts by 100.0% in the second quarter. Pacific Heights Asset Management LLC now owns 140,000 shares of the casino operator’s stock valued at $12,530,000 after purchasing an additional 70,000 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in shares of Wynn Resorts by 91,240.0% during the second quarter. Quest Partners LLC now owns 9,134 shares of the casino operator’s stock valued at $817,000 after purchasing an additional 9,124 shares in the last quarter. 68.87% of the stock is owned by institutional investors.

About Wynn Resorts

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.