Nordea Investment Management AB cut its holdings in Wynn Resorts, Limited (NASDAQ:WYNN – Free Report) by 5.0% in the second quarter, HoldingsChannel reports. The firm owned 108,220 shares of the casino operator’s stock after selling 5,710 shares during the quarter. Nordea Investment Management AB’s holdings in Wynn Resorts were worth $10,132,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Resolute Capital Asset Partners LLC bought a new position in Wynn Resorts during the first quarter valued at $3,758,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Wynn Resorts during the 1st quarter valued at about $1,690,000. Oak Harvest Investment Services lifted its holdings in shares of Wynn Resorts by 20.8% in the 1st quarter. Oak Harvest Investment Services now owns 32,058 shares of the casino operator’s stock valued at $2,677,000 after acquiring an additional 5,511 shares during the last quarter. Strs Ohio purchased a new position in Wynn Resorts in the first quarter worth about $7,515,000. Finally, Achmea Investment Management B.V. increased its stake in Wynn Resorts by 41.1% during the first quarter. Achmea Investment Management B.V. now owns 12,400 shares of the casino operator’s stock worth $1,036,000 after acquiring an additional 3,612 shares during the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on WYNN. Barclays raised their price objective on Wynn Resorts from $101.00 to $127.00 and gave the company an “overweight” rating in a research note on Friday, July 18th. Stifel Nicolaus raised their price target on Wynn Resorts from $130.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, September 18th. Citigroup reaffirmed a “neutral” rating and set a $114.00 price objective (up from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. Jefferies Financial Group increased their target price on shares of Wynn Resorts from $130.00 to $133.00 and gave the company a “buy” rating in a research note on Monday, August 11th. Finally, UBS Group upgraded shares of Wynn Resorts from a “neutral” rating to a “buy” rating and raised their target price for the stock from $101.00 to $147.00 in a report on Thursday, August 28th. Thirteen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $129.64.
Insider Buying and Selling
In other news, Director Patricia Mulroy sold 4,438 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total transaction of $554,750.00. Following the transaction, the director directly owned 3,066 shares of the company’s stock, valued at approximately $383,250. This trade represents a 59.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.52% of the stock is owned by corporate insiders.
Wynn Resorts Stock Up 1.6%
WYNN opened at $117.81 on Monday. The business has a fifty day moving average of $121.23 and a 200 day moving average of $102.23. The stock has a market cap of $12.25 billion, a P/E ratio of 35.38, a PEG ratio of 6.09 and a beta of 1.31. Wynn Resorts, Limited has a 52-week low of $65.25 and a 52-week high of $134.23.
Wynn Resorts (NASDAQ:WYNN – Get Free Report) last released its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.11). The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.12 earnings per share. Equities analysts anticipate that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.
Wynn Resorts Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, August 18th. Wynn Resorts’s dividend payout ratio is currently 30.03%.
Wynn Resorts Company Profile
Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.
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