According to Zacks, “Shares of Wynn Resorts have outperformed the industry year-to-date. Apart from the gaming business in Macau, the company has been increasingly focusing on boosting non-gaming revenues. Given the decent visitation pattern in Macau, infrastructure development and government’s efforts to boost tourism in Macau, non-gaming sources are expected to boost revenues, going forward. Also, the opening of the world's longest sea-crossing bridge and tunnel in the prior year, which connects Macau to Hong Kong as well as mainland China's Pearl River Delta, is likely to prove beneficial to the casino operator. Earnings estimates for the current-year have also witnessed upward revisions. However, Wynn Resorts’ heavy reliance on debt financing remains a concern.”
A number of other brokerages also recently issued reports on WYNN. Deutsche Bank raised their price target on Wynn Resorts from $145.00 to $155.00 and gave the stock a buy rating in a research report on Tuesday, April 9th. Goldman Sachs Group assumed coverage on Wynn Resorts in a research report on Wednesday, April 10th. They issued a neutral rating and a $132.00 price target for the company. Jefferies Financial Group upgraded Wynn Resorts from a hold rating to a buy rating and raised their price target for the stock from $119.00 to $170.00 in a research report on Monday, April 8th. BidaskClub upgraded Wynn Resorts from a hold rating to a buy rating in a research report on Friday, April 5th. Finally, ValuEngine upgraded Wynn Resorts from a sell rating to a hold rating in a research report on Monday, April 1st. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $150.83.
Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Wednesday, January 30th. The casino operator reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.30). The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.63 billion. Wynn Resorts had a return on equity of 47.05% and a net margin of 8.70%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.40 earnings per share. On average, sell-side analysts anticipate that Wynn Resorts will post 6.27 earnings per share for the current fiscal year.
In other news, Director Patricia Mulroy sold 425 shares of Wynn Resorts stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $118.02, for a total transaction of $50,158.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matt Maddox sold 18,900 shares of Wynn Resorts stock in a transaction on Monday, February 4th. The stock was sold at an average price of $124.15, for a total value of $2,346,435.00. Following the sale, the chief executive officer now owns 487,399 shares of the company’s stock, valued at $60,510,585.85. The disclosure for this sale can be found here. 0.95% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc raised its holdings in shares of Wynn Resorts by 4.6% in the third quarter. Vanguard Group Inc now owns 9,850,529 shares of the casino operator’s stock valued at $1,251,608,000 after acquiring an additional 431,304 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Wynn Resorts by 0.4% in the fourth quarter. BlackRock Inc. now owns 6,187,633 shares of the casino operator’s stock valued at $612,019,000 after acquiring an additional 22,975 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Wynn Resorts by 7.7% in the fourth quarter. Geode Capital Management LLC now owns 1,286,319 shares of the casino operator’s stock valued at $127,010,000 after acquiring an additional 91,738 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Wynn Resorts by 1.2% in the fourth quarter. Northern Trust Corp now owns 1,074,036 shares of the casino operator’s stock valued at $106,233,000 after acquiring an additional 13,233 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Wynn Resorts by 24.9% in the fourth quarter. Bank of New York Mellon Corp now owns 1,029,585 shares of the casino operator’s stock valued at $101,837,000 after acquiring an additional 205,157 shares in the last quarter. Hedge funds and other institutional investors own 75.10% of the company’s stock.
About Wynn Resorts
Wynn Resorts, Limited owns and operates destination casino resorts. As of February 20, 2019, the company's Wynn Palace segment had approximately 424,000 square feet of casino space, which offered 320 table games and 1,041 slot machines, private gaming salons, and sky casinos; a luxury hotel towers with 1,706 guest rooms, suites, and villas; 13 food and beverage outlets; 106,000 square feet of retail space; 37,000 square feet of meeting and convention space; recreation and leisure facilities comprising a gondola ride, health club, spa, salon, and pool; and public attractions, such as performance lake and floral art displays.
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