Wynn Resorts (NASDAQ:WYNN) Price Target Lowered to $115.00 at Wells Fargo & Company

Wynn Resorts (NASDAQ:WYNN) had its price objective lowered by stock analysts at Wells Fargo & Company from $126.00 to $115.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the casino operator’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 51.38% from the stock’s current price.

A number of other research analysts have also recently commented on the company. StockNews.com raised Wynn Resorts from a “hold” rating to a “buy” rating in a research note on Thursday, July 18th. Morgan Stanley cut their target price on Wynn Resorts from $115.00 to $107.00 and set an “equal weight” rating on the stock in a research note on Friday, July 12th. Deutsche Bank Aktiengesellschaft dropped their price objective on Wynn Resorts from $132.00 to $131.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th. Macquarie reissued an “outperform” rating and issued a $126.00 price objective on shares of Wynn Resorts in a research note on Wednesday. Finally, Argus upgraded Wynn Resorts from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a report on Thursday, May 23rd. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $118.80.

Wynn Resorts Price Performance

Shares of NASDAQ WYNN traded down $0.32 during trading on Wednesday, reaching $75.97. 1,014,378 shares of the stock traded hands, compared to its average volume of 1,867,728. The company has a 50-day moving average of $86.75 and a 200-day moving average of $95.15. The stock has a market capitalization of $8.51 billion, a P/E ratio of 10.36 and a beta of 1.82. Wynn Resorts has a 52-week low of $71.63 and a 52-week high of $110.38.

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

Insiders Place Their Bets

In other Wynn Resorts news, Director Betsy S. Atkins sold 2,446 shares of the company’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 transaction, the director now directly owns 9,226 shares in the company, valued at $870,842.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.52% of the stock is owned by insiders.

Institutional Trading of Wynn Resorts

A number of large investors have recently modified their holdings of the stock. International Assets Investment Management LLC purchased a new position in Wynn Resorts in the second quarter valued at $25,000. ICA Group Wealth Management LLC purchased a new position in Wynn Resorts in the fourth quarter valued at $27,000. Register Financial Advisors LLC purchased a new position in Wynn Resorts in the first quarter valued at $37,000. GAMMA Investing LLC purchased a new position in Wynn Resorts in the fourth quarter valued at $38,000. Finally, Federated Hermes Inc. increased its holdings in Wynn Resorts by 47.5% in the fourth quarter. Federated Hermes Inc. now owns 435 shares of the casino operator’s stock valued at $40,000 after buying an additional 140 shares during the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.

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.