In a captivating turn of events, Wynn Resorts, Limited (NASDAQ:WYNN) has announced its highly anticipated quarterly dividend. According to reports from Zacks, the casino operator revealed its plans on Wednesday, August 9th. Stockholders who are fortunate enough to be listed as such on Monday, August 21st will receive a generous dividend of $0.25 per share on Thursday, August 31st. Notably, this remarkable payout amounts to an annualized dividend of $1.00 and exhibits a dividend yield of 0.97%. It is worth mentioning that those yearning for ex-dividend status must make their move by Friday, August 18th.

This exciting revelation comes soon after Wynn Resorts’ recent release of its quarterly earnings data on Wednesday, August 9th. Analysts were astounded when they learned that the casino operator reported earnings per share (EPS) of $0.91 for the quarter. Surpassing the consensus estimates of $0.51 by a staggering margin of $0.40 was no mean feat for the company. Moreover, they also witnessed an astonishing surge in revenue as it reached $1.60 billion for the quarter, surpassing analysts’ initial expectations of $1.54 billion.

It is interesting to note that Wynn Resorts’ quarterly revenue experienced a momentous increase of 75.6% when compared to the same period in the previous year. This extraordinary growth signals commendable progress and reveals the company’s impressive ability to thrive even amidst compounding challenges within the industry. For clarity and perspective’s sake, it should not go unnoticed that during this very same period in the preceding year, Wynn Resorts actually posted negative EPS at ($0.82).

Analysts are now eagerly awaiting further developments from Wynn Resorts with predictions pointing towards an anticipated posting of 1.95 EPS for the current fiscal year – undoubtedly an optimistic projection considering the remarkable strides made by the company thus far.

The market has taken notice of Wynn Resorts’ impressive performance, leading several research firms to issue reports on the stock. Notably, Citigroup boosted their price objective for Wynn Resorts from $134.50 to $138.00 in a report released on Wednesday, May 10th. Furthermore, Barclays raised their target price from $135.00 to $136.00 while bestowing the esteemed “overweight” rating upon the company in their research report dated Friday, July 21st. Another noteworthy mention goes to StockNews.com for commencing coverage on Wynn Resorts and subsequently maintaining a “hold” rating on the stock through their research report released on Thursday, May 18th.

Ever diligent in providing comprehensive insights, Wells Fargo & Company increased their price objective from $134.00 to an alluring $138.00 while deeming Wynn Resorts worthy of an “overweight” rating within their July 13th research report. Jefferies Financial Group also weighed in by adjusting their rating downwards from “buy” to “hold,” accompanied by a reduction in the company’s price objective from $135.00 to a more modest $114.00 within their June 8th research report.

Thus far, three equities research analysts have maintained a hold rating on Wynn Resorts’ stock, while an impressive seven analysts have issued commendable buy ratings – clearly highlighting market confidence in the company’s future prospects.

According to data sourced from Bloomberg.com, it is apparent that Wynn Resorts currently holds a consensus rating of “Moderate Buy.” Additionally, analysis reveals that there exists an average target price of $124.50 for this promising entity.

As August 12th draws near its conclusion, investors await eagerly as betting enthusiasts do during a high-stakes game of roulette – all eyes fixed upon Wynn Resorts Limited, where every move seems to be a win.

Wynn Resorts Announces Highly Anticipated Quarterly Dividend and Impressive Earnings Results

Wynn Resorts: A Promising Investment Opportunity in the Casino Industry

August 12, 2023

Wynn Resorts (NASDAQ: WYNN) has recently caught the attention of investors due to its impressive financial performance and positive growth prospects. With a payout ratio of 22.1%, the company’s dividend is well-covered by its earnings, providing shareholders with steady returns. Analysts are optimistic about Wynn Resorts’ future earnings, estimating that it will earn $4.57 per share next year, indicating a future payout ratio of 21.9%.

Shares of WYNN opened at $102.76 on Friday, showcasing a relatively stable performance in recent months. The stock’s 50-day moving average stands at $105.20, while its two-hundred day moving average rests at $106.92. Over the past year, Wynn Resorts experienced fluctuations in its stock price, reaching a low of $53.81 and a high of $117.86. As of now, the company boasts a market capitalization of $11.69 billion.

Industry analysts have closely monitored Wynn Resorts’ trajectory and issued their insights into its performance. Citigroup raised their price objective on Wynn Resorts to $138.00 from $134.50 in May 2023’s report, displaying confidence in the company’s growth potential. Similarly, Barclays gave the casino operator an “overweight” rating and boosted their target price to $136 from $135 in July 2023.

StockNews.com initiated coverage on Wynn Resorts with a “hold” rating in May 2023 but did not further modify their stance on the stock since then. Wells Fargo & Company also supported the bullish sentiment surrounding Wynn Resorts by raising their price objective from $134 to $138 while assigning an “overweight” rating in July 2023.

Jefferies Financial Group diverged slightly by downgrading Wynn Resorts from a “buy” to a “hold” rating and reducing the price objective from $135 to $114 in June 2023. Nevertheless, this move did not significantly impact the overall consensus rating for the company as Bloomberg.com suggests that Wynn Resorts currently maintains a rating of “Moderate Buy” with an average target price of $124.50.

In other news, Director Patricia Mulroy sold 1,000 shares of Wynn Resorts stock on June 20th at an average price of $104.96 per share, resulting in a transaction worth $104,960.00. Post-transaction, Mulroy retains 8,067 shares in Wynn Resorts valued at approximately $846,712.32. This sale was fully reported in compliance with the Securities & Exchange Commission’s regulations.

Institutional investors have also displayed interest in Wynn Resorts and its potential for growth. American Century Companies Inc., for instance, increased its stake in the company by 12% during the first quarter of the year, resulting in ownership of 9,786 shares worth approximately $780,000. Furthermore, Panagora Asset Management Inc. boosted its stake by 147.2%, holding 12,728 shares valued at $1,015,000.

Commonwealth of Pennsylvania Public School Empls Retrmt SYS and MetLife Investment Management LLC also increased their ownership stakes by 6.6% and 43.5%, respectively. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now holds 14,083 shares valued at $1,123,000 while MetLife owns 33,369 shares worth $2,661,000.

Finally , BlackRock Inc., one of the largest investment management firms globally with vast holdings across various sectors and industries experienced a modest increase of its stake in Wynn Resorts by purchasing an additional 30,460 shares during the first quarter, resulting in a total of 6,846,725 shares valued at $545,957,000.

With all these developments and endorsements from reputable research firms and institutional investors, Wynn Resorts presents itself as a compelling investment opportunity in the casino industry. Its robust financials and positive growth projections indicate that the company is well-positioned for success in the coming years. However, investors should continue to monitor market conditions and stay informed about any further updates regarding Wynn Resorts.

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