Wynn Resorts (NASDAQ:WYNN) Shares Gap Up to $103.05

Posted by Defense World Staff on May 19th, 2023

Wynn Resorts, Limited (NASDAQ:WYNN – Get Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $103.05, but opened at $106.39. Wynn Resorts shares last traded at $109.05, with a volume of 1,503,796 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on WYNN shares. TheStreet raised shares of Wynn Resorts from a “d+” rating to a “c-” rating in a research note on Tuesday, April 4th. Stifel Nicolaus increased their price target on shares of Wynn Resorts from $127.00 to $137.00 in a research note on Wednesday, May 10th. Wells Fargo & Company increased their price target on shares of Wynn Resorts from $128.00 to $134.00 and gave the company an “overweight” rating in a research note on Thursday, April 13th. Citigroup increased their price target on shares of Wynn Resorts from $134.50 to $138.00 in a research note on Wednesday, May 10th. Finally, Jefferies Financial Group increased their price target on shares of Wynn Resorts from $130.00 to $135.00 in a research note on Monday, March 13th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $118.18.

Wynn Resorts Trading Up 1.3 %

The company has a market capitalization of $12.55 billion, a price-to-earnings ratio of -51.54 and a beta of 2.03. The stock’s fifty day simple moving average is $109.51 and its 200-day simple moving average is $97.77.

Wynn Resorts (NASDAQ:WYNN – Get Rating) last released its earnings results on Tuesday, May 9th. The casino operator reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.47. The business had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.37 billion. Wynn Resorts’s quarterly revenue was up 49.3% compared to the same quarter last year. During the same quarter last year, the company earned ($1.21) earnings per share. On average, analysts anticipate that Wynn Resorts, Limited will post 1.43 EPS for the current fiscal year.

Wynn Resorts Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 6th. Shareholders of record on Tuesday, May 23rd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date of this dividend is Monday, May 22nd.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, CFO Julie Cameron-Doe sold 4,000 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $108.08, for a total value of $432,320.00. Following the sale, the chief financial officer now directly owns 65,970 shares of the company’s stock, valued at approximately $7,130,037.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Craig Scott Billings sold 10,901 shares of the stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $103.26, for a total value of $1,125,637.26. Following the transaction, the chief executive officer now directly owns 255,781 shares of the company’s stock, valued at approximately $26,411,946.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Julie Cameron-Doe sold 4,000 shares of the stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $108.08, for a total transaction of $432,320.00. Following the completion of the transaction, the chief financial officer now directly owns 65,970 shares in the company, valued at $7,130,037.60. The disclosure for this sale can be found here. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Titleist Asset Management LLC purchased a new position in shares of Wynn Resorts in the 1st quarter valued at $327,000. Rockefeller Capital Management L.P. grew its position in shares of Wynn Resorts by 7.8% in the 1st quarter. Rockefeller Capital Management L.P. now owns 95,841 shares of the casino operator’s stock valued at $10,724,000 after buying an additional 6,972 shares during the last quarter. Chevy Chase Trust Holdings LLC grew its position in Wynn Resorts by 1.0% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 59,922 shares of the casino operator’s stock worth $6,706,000 after purchasing an additional 614 shares during the last quarter. Cim Investment Management Inc. purchased a new position in Wynn Resorts during the 1st quarter worth $890,000. Finally, Castleview Partners LLC grew its position in Wynn Resorts by 1,397.7% during the 1st quarter. Castleview Partners LLC now owns 644 shares of the casino operator’s stock worth $72,000 after purchasing an additional 601 shares during the last quarter. 70.95% of the stock is owned by hedge funds and other institutional investors.

About Wynn Resorts

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Wynn Resorts Ltd. is a holding company, which engages in the design, development, and operation of destination casino resorts. It operates through the following segments: Wynn Palace, Wynn Macau, Las Vegas Operations, Wynn Interactive and Encore Boston Harbor. The company was founded by Stephen Alan Wynn, Elaine P.