Wells Fargo & Company Lowers Wynn Resorts (NASDAQ:WYNN) Price Target to $126.00

Wynn Resorts (NASDAQ:WYNN) had its price target reduced by stock analysts at Wells Fargo & Company from $128.00 to $126.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the casino operator’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 44.36% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. StockNews.com upgraded shares of Wynn Resorts from a “hold” rating to a “buy” rating in a research report on Friday, May 17th. Argus upgraded shares of Wynn Resorts from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a report on Thursday, May 23rd. Seaport Res Ptn upgraded shares of Wynn Resorts from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 30th. Barclays raised their price target on shares of Wynn Resorts from $124.00 to $128.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Finally, Citigroup raised their price target on shares of Wynn Resorts from $132.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Three analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $121.15.

Wynn Resorts Price Performance

NASDAQ:WYNN opened at $87.28 on Tuesday. The firm’s 50 day simple moving average is $93.16 and its 200 day simple moving average is $96.82. Wynn Resorts has a one year low of $81.65 and a one year high of $112.25. The company has a market cap of $9.78 billion, a PE ratio of 11.96 and a beta of 1.82.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Tuesday, May 7th. The casino operator reported $1.59 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the company earned $0.29 EPS. The firm’s revenue was up 30.9% compared to the same quarter last year. Equities research analysts expect that Wynn Resorts will post 5.59 EPS for the current year.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 2,446 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $94.39, for a total value of $230,877.94. Following the transaction, the director now directly owns 9,226 shares of the company’s stock, valued at approximately $870,842.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Wynn Resorts

A number of hedge funds and other institutional investors have recently made changes to their positions in WYNN. Blue Trust Inc. lifted its holdings in Wynn Resorts by 3,000.0% during the fourth quarter. Blue Trust Inc. now owns 279 shares of the casino operator’s stock valued at $25,000 after purchasing an additional 270 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in Wynn Resorts during the fourth quarter valued at about $27,000. Sunbelt Securities Inc. lifted its holdings in Wynn Resorts by 4,285.7% during the third quarter. Sunbelt Securities Inc. now owns 307 shares of the casino operator’s stock valued at $28,000 after purchasing an additional 300 shares during the last quarter. Register Financial Advisors LLC purchased a new stake in Wynn Resorts during the first quarter valued at about $37,000. Finally, GAMMA Investing LLC purchased a new stake in Wynn Resorts during the fourth quarter valued at about $38,000. 68.87% of the stock is owned by hedge funds and other 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.