Wynn Resorts (NASDAQ:WYNN) Sees Large Volume Increase – Here’s What Happened

Wynn Resorts, Limited (NASDAQ:WYNN) saw strong trading volume on Thursday . 2,047,653 shares changed hands during trading, a decline of 6% from the previous session’s volume of 2,185,648 shares.The stock last traded at $92.07 and had previously closed at $85.80.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Wynn Resorts from $112.00 to $115.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Barclays lowered their price target on shares of Wynn Resorts from $125.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. UBS Group raised Wynn Resorts to a “hold” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus reduced their price target on Wynn Resorts from $121.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.71.

Wynn Resorts Stock Down 2.4 %

The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 11.19, a price-to-earnings-growth ratio of 3.35 and a beta of 1.80. The business’s 50-day moving average is $92.12 and its two-hundred day moving average is $88.26.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Monday, November 4th. The casino operator reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Wynn Resorts had a net margin of 13.37% and a negative return on equity of 61.16%. Wynn Resorts’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the company earned $0.99 earnings per share. As a group, analysts forecast that Wynn Resorts, Limited will post 4.87 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Friday, November 15th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.10%. Wynn Resorts’s dividend payout ratio is currently 12.33%.

Insider Activity at Wynn Resorts

In related news, Director Patricia Mulroy sold 2,650 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $78.73, for a total transaction of $208,634.50. Following the completion of the transaction, the director now directly owns 5,689 shares in the company, valued at $447,894.97. This trade represents a 31.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Wynn Resorts

Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC purchased a new stake in shares of Wynn Resorts during the 2nd quarter worth $25,000. Blue Trust Inc. boosted its position in shares of Wynn Resorts by 556.0% during the 3rd quarter. Blue Trust Inc. now owns 551 shares of the casino operator’s stock worth $49,000 after acquiring an additional 467 shares in the last quarter. Versant Capital Management Inc purchased a new position in shares of Wynn Resorts in the 2nd quarter valued at about $51,000. Covestor Ltd raised its position in shares of Wynn Resorts by 421.7% during the 1st quarter. Covestor Ltd now owns 626 shares of the casino operator’s stock worth $64,000 after acquiring an additional 506 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Wynn Resorts by 25.1% during the second quarter. GAMMA Investing LLC now owns 828 shares of the casino operator’s stock worth $74,000 after purchasing an additional 166 shares during the last quarter. Institutional investors and hedge funds own 68.87% of the company’s stock.

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.