Legacy Trust Cuts Position in Wynn Resorts, Limited $WYNN

Legacy Trust cut its stake in Wynn Resorts, Limited (NASDAQ:WYNN) by 18.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,626 shares of the casino operator’s stock after selling 7,593 shares during the period. Legacy Trust’s holdings in Wynn Resorts were worth $3,150,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in WYNN. Dagco Inc. purchased a new position in Wynn Resorts in the first quarter worth $25,000. AlphaQuest LLC purchased a new position in Wynn Resorts in the first quarter worth $25,000. Global X Japan Co. Ltd. grew its position in Wynn Resorts by 120.7% in the first quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator’s stock worth $27,000 after acquiring an additional 175 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Wynn Resorts by 69.0% in the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator’s stock worth $32,000 after acquiring an additional 156 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. grew its position in Wynn Resorts by 3,408.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator’s stock worth $35,000 after acquiring an additional 409 shares in the last quarter. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Wynn Resorts

In related news, Director Patricia Mulroy sold 4,438 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total value of $554,750.00. Following the completion of the transaction, the director directly owned 3,066 shares of the company’s stock, valued at $383,250. This represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.52% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Wynn Resorts in a research report on Monday, June 23rd. They issued an “overweight” rating and a $109.00 target price for the company. Barclays upped their target price on shares of Wynn Resorts from $101.00 to $127.00 and gave the stock an “overweight” rating in a research report on Friday, July 18th. The Goldman Sachs Group upped their price target on shares of Wynn Resorts from $124.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley upped their price target on shares of Wynn Resorts from $113.00 to $128.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. Finally, Mizuho upped their price target on shares of Wynn Resorts from $122.00 to $126.00 and gave the company an “outperform” rating in a research report on Monday, August 11th. Fourteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.33.

Wynn Resorts Price Performance

WYNN stock opened at $123.66 on Friday. Wynn Resorts, Limited has a 1 year low of $65.25 and a 1 year high of $134.23. The company has a market cap of $12.86 billion, a P/E ratio of 37.14, a PEG ratio of 6.19 and a beta of 1.31. The firm has a 50-day moving average of $119.03 and a 200 day moving average of $99.57.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.11). Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period in the previous year, the company earned $1.12 earnings per share. Wynn Resorts’s quarterly revenue was up .6% on a year-over-year basis. On average, equities research analysts expect that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors 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 of this dividend was Monday, August 18th. Wynn Resorts’s dividend payout ratio is presently 30.03%.

Wynn Resorts 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.