Wynn Resorts Sees Unusually Large Options Volume (NASDAQ:WYNN)

Wynn Resorts, Limited (NASDAQ:WYNN) was the target of some unusual options trading activity on Monday. Stock traders bought 12,997 call options on the stock. This represents an increase of 101% compared to the typical daily volume of 6,458 call options.

Hedge Funds Weigh In On Wynn Resorts

Several large investors have recently bought and sold shares of WYNN. California State Teachers Retirement System raised its holdings in Wynn Resorts by 9,349.7% in the 2nd quarter. California State Teachers Retirement System now owns 9,093,255 shares of the casino operator’s stock valued at $882,864,000 after buying an additional 8,997,027 shares during the last quarter. BlackRock Inc. bought a new stake in Wynn Resorts during the 2nd quarter worth approximately $609,566,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Wynn Resorts during the 2nd quarter worth approximately $321,402,000. Egerton Capital UK LLP acquired a new position in Wynn Resorts in the 4th quarter valued at approximately $249,053,000. Finally, Palidye Holdings Caymans Ltd acquired a new position in Wynn Resorts in the 2nd quarter valued at approximately $104,629,000. 88.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Stifel Nicolaus set a $143.00 price objective on shares of Wynn Resorts in a research note on Wednesday, August 5th. Bank of America decreased their target price on shares of Wynn Resorts from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, May 11th. Argus lifted their price target on shares of Wynn Resorts from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Barclays boosted their price target on Wynn Resorts from $134.00 to $136.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Finally, Truist Financial initiated coverage on Wynn Resorts in a research report on Wednesday, July 8th. They set a “buy” rating and a $125.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Wynn Resorts presently has an average rating of “Moderate Buy” and an average price target of $134.19.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $90.60 on Wednesday. Wynn Resorts has a one year low of $89.44 and a one year high of $134.72. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 1.10 and a beta of 1.00. The firm has a 50 day simple moving average of $98.48 and a 200 day simple moving average of $101.98.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.25. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the firm posted $1.09 earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. As a group, analysts expect that Wynn Resorts will post 4.55 EPS for the current year.

Wynn Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a dividend of $0.25 per share. The ex-dividend date was Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Wynn Resorts’s payout ratio is currently 24.81%.

About Wynn Resorts

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.