Appaloosa LP Decreases Holdings in Wynn Resorts, Limited $WYNN

Key Points

• Appaloosa LP reduced its shareholding in Wynn Resorts by 36.0%, selling 180,000 shares, and now owns 320,000 shares valued at approximately $26.72 million.
• Wynn Resorts reported earnings per share (EPS) of $1.09 for the last quarter, missing estimates, with a revenue of $1.74 billion, reflecting a 0.6% increase year-over-year.
• The company recently announced a quarterly dividend of $0.25 per share, representing an annualized yield of 0.8% and a payout ratio of 30.03%.

Appaloosa LP cut its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 36.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 320,000 shares of the casino operator's stock after selling 180,000 shares during the quarter. Appaloosa LP owned 0.31% of Wynn Resorts worth $26,720,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Dagco Inc. purchased a new position in shares of Wynn Resorts during the first quarter worth approximately $25,000. AlphaQuest LLC purchased a new position in shares of Wynn Resorts during the first quarter worth approximately $25,000. Global X Japan Co. Ltd. raised its stake in shares of Wynn Resorts by 120.7% during 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. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Wynn Resorts by 3,408.3% during 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. Finally, Garde Capital Inc. purchased a new position in shares of Wynn Resorts during the first quarter worth approximately $73,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wynn Resorts Trading Down 1.0%

Shares of Wynn Resorts stock opened at $125.47 on Wednesday. The company's fifty day simple moving average is $109.82 and its two-hundred day simple moving average is $93.65. The company has a market cap of $13.05 billion, a P/E ratio of 37.68, a PEG ratio of 6.76 and a beta of 1.37. Wynn Resorts, Limited has a 12-month low of $65.25 and a 12-month high of $128.53.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. The firm's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.12 earnings per share. Analysts predict that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were given a dividend of $0.25 per share. 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 payout ratio is presently 30.03%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on WYNN shares. Jefferies Financial Group lifted their price target on shares of Wynn Resorts from $130.00 to $133.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. The Goldman Sachs Group began coverage on shares of Wynn Resorts in a research note on Monday, July 7th. They issued a "buy" rating and a $122.00 target price on the stock. Morgan Stanley lifted their target price on shares of Wynn Resorts from $111.00 to $113.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Bank of America raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Wednesday, May 7th. Finally, Citigroup reaffirmed a "neutral" rating and issued a $114.00 target price (up from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Wynn Resorts presently has an average rating of "Moderate Buy" and a consensus target price of $121.93.

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.

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