Wynn Resorts, Limited (NASDAQ:WYNN) Downgraded to “Hold” at Zacks Investment Research

Wynn Resorts, Limited (NASDAQ:WYNN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday, August 7th.

According to Zacks, “Wynn Resorts’ second-quarter earnings of $1.18 per share beat the Zacks Consensus Estimate by 8.3% and were up 10.3% year over year on higher revenues. Revenues of $1.53 billion beat the consensus mark by 5.3% and grew 44.5% year over year. Notably, the company failed to fully capitalize on the rebound in Macau gaming revenues in the quarter, given somewhat lower-than-expected results at Wynn Palace. Though foot traffic has been low at Wynn Palace of late, it is poised to witness increased visits from tourists and leisure gamblers over the long term. Meanwhile, Wynn Resorts’ shares outpaced the industry in the past six months. Further, the company’s strong brand recognition, higher non-gaming revenues along with an improving economy and growing tourism in Las Vegas should drive the top line. Yet, fears of another corruption crackdown by the authorities and high debt burden raises concern.”

A number of other brokerages also recently issued reports on WYNN. Barclays PLC upgraded Wynn Resorts, Limited from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $87.00 to $144.00 in a research note on Friday, May 12th. Vetr upgraded Wynn Resorts, Limited from a “hold” rating to a “buy” rating and set a $140.28 price target for the company in a research note on Thursday, June 29th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Wynn Resorts, Limited in a research note on Wednesday, July 12th. Telsey Advisory Group downgraded Wynn Resorts, Limited from an “outperform” rating to a “market perform” rating and set a $150.00 price target for the company. in a research note on Wednesday, July 26th. Finally, Susquehanna Bancshares Inc reiterated a “neutral” rating on shares of Wynn Resorts, Limited in a research note on Thursday, April 20th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $126.99.

Wynn Resorts, Limited (WYNN) traded up 0.21% during mid-day trading on Monday, hitting $134.90. 1,729,642 shares of the stock were exchanged. The company has a market capitalization of $13.75 billion, a PE ratio of 50.49 and a beta of 1.72. Wynn Resorts, Limited has a 1-year low of $82.51 and a 1-year high of $139.67. The stock has a 50 day moving average price of $131.69 and a 200 day moving average price of $120.08.

Wynn Resorts, Limited (NASDAQ:WYNN) last announced its quarterly earnings data on Tuesday, July 25th. The casino operator reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.02. The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.47 billion. Wynn Resorts, Limited had a return on equity of 165.77% and a net margin of 5.02%. The business’s revenue for the quarter was up 44.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. On average, equities analysts anticipate that Wynn Resorts, Limited will post $4.90 earnings per share for the current fiscal year.

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In related news, President Matt Maddox sold 44,309 shares of Wynn Resorts, Limited stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $134.35, for a total transaction of $5,952,914.15. Following the sale, the president now directly owns 344,895 shares in the company, valued at $46,336,643.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Clark T. Jr. Randt sold 3,000 shares of Wynn Resorts, Limited stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $129.00, for a total value of $387,000.00. Following the sale, the director now owns 7,711 shares in the company, valued at $994,719. The disclosure for this sale can be found here. Over the last quarter, insiders sold 69,933 shares of company stock worth $9,261,125. Corporate insiders own 13.20% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. increased its stake in Wynn Resorts, Limited by 0.4% in the second quarter. Sunbelt Securities Inc. now owns 2,050 shares of the casino operator’s stock valued at $275,000 after buying an additional 8 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Wynn Resorts, Limited by 0.6% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,932 shares of the casino operator’s stock valued at $796,000 after buying an additional 35 shares during the period. Xact Kapitalforvaltning AB increased its stake in Wynn Resorts, Limited by 0.6% in the second quarter. Xact Kapitalforvaltning AB now owns 6,367 shares of the casino operator’s stock valued at $854,000 after buying an additional 39 shares during the period. Cookson Peirce & Co. Inc. increased its stake in Wynn Resorts, Limited by 1.3% in the second quarter. Cookson Peirce & Co. Inc. now owns 3,230 shares of the casino operator’s stock valued at $433,000 after buying an additional 40 shares during the period. Finally, Global X Management Co. LLC increased its stake in Wynn Resorts, Limited by 2.1% in the second quarter. Global X Management Co. LLC now owns 2,127 shares of the casino operator’s stock valued at $285,000 after buying an additional 43 shares during the period. Institutional investors own 72.83% of the company’s stock.

About Wynn Resorts, Limited

Wynn Resorts, Limited (Wynn Resorts) is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company’s segments include Macau Operations and Las Vegas Operations.

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