Wynn Resorts (WYNN) Stock Price Down 13.1% After Earnings Miss

Wynn Resorts, Limited (NASDAQ:WYNN) traded down 13.1% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $97.25 and last traded at $99.02. 13,474,563 shares changed hands during mid-day trading, an increase of 324% from the average session volume of 3,176,122 shares. The stock had previously closed at $113.99.

The casino operator reported $1.68 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.01). Wynn Resorts had a return on equity of 69.17% and a net margin of 7.90%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the firm earned $1.52 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Wednesday, November 21st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 3.03%. Wynn Resorts’s dividend payout ratio is 54.95%.

Several equities research analysts have recently commented on the stock. Telsey Advisory Group lowered their price target on shares of Wynn Resorts from $160.00 to $105.00 and set a “market perform” rating for the company in a research report on Thursday. Credit Suisse Group assumed coverage on shares of Wynn Resorts in a research report on Tuesday, August 14th. They set a “neutral” rating and a $155.00 price target for the company. ValuEngine cut shares of Wynn Resorts from a “hold” rating to a “sell” rating in a research report on Wednesday, August 15th. Bank of America lowered their price target on shares of Wynn Resorts from $125.00 to $114.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, Barclays lowered their price target on shares of Wynn Resorts from $224.00 to $213.00 and set an “overweight” rating for the company in a research report on Thursday, August 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $168.11.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Steward Partners Investment Advisory LLC lifted its stake in Wynn Resorts by 115.4% in the second quarter. Steward Partners Investment Advisory LLC now owns 614 shares of the casino operator’s stock valued at $103,000 after buying an additional 329 shares in the last quarter. Dupont Capital Management Corp lifted its stake in Wynn Resorts by 87.9% in the second quarter. Dupont Capital Management Corp now owns 823 shares of the casino operator’s stock valued at $138,000 after buying an additional 385 shares in the last quarter. Redpoint Investment Management Pty Ltd lifted its stake in Wynn Resorts by 21.6% in the second quarter. Redpoint Investment Management Pty Ltd now owns 2,226 shares of the casino operator’s stock valued at $372,000 after buying an additional 395 shares in the last quarter. Securian Asset Management Inc lifted its stake in Wynn Resorts by 4.9% in the second quarter. Securian Asset Management Inc now owns 8,751 shares of the casino operator’s stock valued at $1,464,000 after buying an additional 407 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its stake in Wynn Resorts by 8.4% in the second quarter. Oppenheimer & Co. Inc. now owns 5,463 shares of the casino operator’s stock valued at $914,000 after buying an additional 422 shares in the last quarter. 75.23% of the stock is currently owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 4.47, a quick ratio of 1.04 and a current ratio of 1.08. The company has a market cap of $11.92 billion, a price-to-earnings ratio of 18.14, a P/E/G ratio of 0.75 and a beta of 1.56.

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Wynn Resorts Company Profile (NASDAQ:WYNN)

Wynn Resorts, Limited owns and operates destination casino resorts. As of February 15, 2018, the company's Wynn Macau segment had approximately 273,000 square feet of casino space, which offered 316 table games and 988 slot machines, private gaming salons, sky casinos, and a poker pit; 2 luxury hotel towers with 1,008 guest rooms and suites; 8 food and beverage outlets; 59,000 square feet of retail space; 31,000 square feet of meeting and convention space; recreation and leisure facilities comprising 2 health clubs, spas, a salon, and a pool; and a rotunda show, a Chinese zodiac-inspired ceiling.

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