Adage Capital Partners GP L.L.C. Trims Holdings in Wynn Resorts, Limited $WYNN

Key Points

• Adage Capital Partners GP L.L.C. has reduced its stake in Wynn Resorts by 5.3%, selling 4,600 shares and now holding 81,800 shares valued at approximately $6.83 million.
• Wynn Resorts reported earnings of $1.09 per share, missing estimates by $0.11, while its revenue for the quarter was $1.74 billion, matching expectations.
• The company declared a quarterly dividend of $0.25 per share, reflecting a 0.8% dividend yield and a payout ratio of 30.03% as of the latest quarter.

Adage Capital Partners GP L.L.C. trimmed its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 5.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,800 shares of the casino operator's stock after selling 4,600 shares during the period. Adage Capital Partners GP L.L.C. owned 0.08% of Wynn Resorts worth $6,830,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Wynn Resorts by 18.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock worth $269,308,000 after purchasing an additional 485,204 shares during the period. Jefferies Financial Group Inc. raised its stake in shares of Wynn Resorts by 9.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 1,683,600 shares of the casino operator's stock worth $145,059,000 after acquiring an additional 139,270 shares in the last quarter. Regal Partners Ltd increased its stake in Wynn Resorts by 21.5% during the 1st quarter. Regal Partners Ltd now owns 1,091,578 shares of the casino operator's stock valued at $91,147,000 after purchasing an additional 192,873 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Wynn Resorts by 12.7% in the 1st quarter. Raymond James Financial Inc. now owns 992,022 shares of the casino operator's stock valued at $82,834,000 after acquiring an additional 111,428 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in shares of Wynn Resorts by 108.5% in the 4th quarter. Deutsche Bank AG now owns 848,636 shares of the casino operator's stock valued at $73,118,000 after acquiring an additional 441,558 shares during the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. The Goldman Sachs Group began coverage on shares of Wynn Resorts in a report on Monday, July 7th. They set a "buy" rating and a $122.00 price objective on the stock. UBS Group upgraded shares of Wynn Resorts from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $101.00 to $147.00 in a research report on Thursday, August 28th. Citigroup restated a "neutral" rating and issued a $114.00 price objective (up previously from $108.00) on shares of Wynn Resorts in a report on Wednesday, July 9th. Macquarie lifted their price target on shares of Wynn Resorts from $110.00 to $124.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, Morgan Stanley raised their price objective on shares of Wynn Resorts from $111.00 to $113.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $123.47.

Insider Buying and Selling

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the completion of the sale, the director 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 is accessible through this hyperlink. Company insiders own 0.52% of the company's stock.

Wynn Resorts Stock Performance

NASDAQ:WYNN traded down $1.18 during mid-day trading on Tuesday, hitting $121.49. 933,763 shares of the stock were exchanged, compared to its average volume of 2,086,790. The stock has a market capitalization of $12.63 billion, a price-to-earnings ratio of 36.48, a price-to-earnings-growth ratio of 6.31 and a beta of 1.37. The firm's 50-day simple moving average is $112.59 and its 200 day simple moving average is $94.74. Wynn Resorts, Limited has a fifty-two week low of $65.25 and a fifty-two week high of $128.53.

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

Wynn Resorts Announces Dividend

The company also recently disclosed 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 of this dividend was Monday, August 18th. Wynn Resorts's dividend payout ratio (DPR) is 30.03%.

About Wynn Resorts

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.