Wynn Resorts (WYNN) Now Has Even More Cash for a Fatter Special Dividend - Analyst
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Price: $141.64 -0.55%
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
19 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade WYNN Now!
Wynn Resorts (NASDAQ: WYNN) disclosed today that Wynn Las Vegas transferred Wynn Golf, LLC to the parent, and with it $700 million in cash. According to analysts at Goldman Sachs, this cash could be used for a special dividend.
"While the company has not stated a direct use of this extra cash, given WYNN's track record and history, we would not be surprised if management returns that cash back to shareholders in the form of a special dividend," the firm said.
Goldman had expected the company to issue at least $400-$500 million in special dividends. However, with this extra cast, this gives them even more flexibility to issue a larger special. WYNN has historically paid a $4-$8 special dividend.
Goldman Sachs maintained their Buy rating and price target of $125 on Wynn.
For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.
Shares of Wynn Resorts closed at $112.73 yesterday, with a 52 week range of $90.11-$161.33.
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"While the company has not stated a direct use of this extra cash, given WYNN's track record and history, we would not be surprised if management returns that cash back to shareholders in the form of a special dividend," the firm said.
Goldman had expected the company to issue at least $400-$500 million in special dividends. However, with this extra cast, this gives them even more flexibility to issue a larger special. WYNN has historically paid a $4-$8 special dividend.
Goldman Sachs maintained their Buy rating and price target of $125 on Wynn.
For an analyst ratings summary and ratings history on Wynn Resorts click here. For more ratings news on Wynn Resorts click here.
Shares of Wynn Resorts closed at $112.73 yesterday, with a 52 week range of $90.11-$161.33.
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