ARGA Investment Management LP Sells 7,855 Shares of Wynn Resorts, Limited $WYNN

Key Points

• ARGA Investment Management LP has reduced its stake in Wynn Resorts by 23.5%, selling 7,855 shares and now holding a total of 25,514 shares valued at approximately $2.39 million.
• Director Patricia Mulroy sold 4,438 shares at $125 each, decreasing her ownership by 59.14% while maintaining 3,066 shares worth around $383,250.
• Wynn Resorts announced a quarterly dividend of $0.25 per share, translating to an annual dividend yield of 0.8%, with a payout ratio of 30.03%.

ARGA Investment Management LP cut its stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 23.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,514 shares of the casino operator's stock after selling 7,855 shares during the quarter. ARGA Investment Management LP's holdings in Wynn Resorts were worth $2,390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in WYNN. DAVENPORT & Co LLC bought a new stake in shares of Wynn Resorts in the first quarter worth approximately $49,476,000. Nuveen LLC bought a new stake in shares of Wynn Resorts in the first quarter worth approximately $41,731,000. Regal Partners Ltd grew its stake in shares of Wynn Resorts by 21.5% in the first quarter. Regal Partners Ltd now owns 1,091,578 shares of the casino operator's stock worth $91,147,000 after acquiring an additional 192,873 shares during the period. Goodman Financial Corp bought a new stake in shares of Wynn Resorts in the first quarter worth approximately $13,357,000. Finally, Kodai Capital Management LP grew its position in Wynn Resorts by 174.5% during the first quarter. Kodai Capital Management LP now owns 239,031 shares of the casino operator's stock valued at $19,959,000 after buying an additional 151,956 shares during the period. 88.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the company'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 value of $554,750.00. Following the completion of the transaction, the director directly owned 3,066 shares in the company, valued at $383,250. This represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.52% of the stock is currently owned by insiders.

Wynn Resorts Price Performance

WYNN opened at $125.40 on Friday. The firm has a market cap of $13.04 billion, a P/E ratio of 37.66, a PEG ratio of 4.88 and a beta of 1.31. Wynn Resorts, Limited has a 1-year low of $65.25 and a 1-year high of $134.23. The company has a 50 day simple moving average of $122.10 and a two-hundred day simple moving average of $103.24.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). The firm had revenue of $1.74 billion during 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 business's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.12 earnings per share. Equities analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Monday, August 18th. Wynn Resorts's dividend payout ratio is presently 30.03%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of Wynn Resorts in a research report on Tuesday, October 14th. Macquarie boosted their target price on shares of Wynn Resorts from $110.00 to $124.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Wynn Resorts from $123.00 to $136.00 and gave the company an "overweight" rating in a research report on Thursday, October 16th. UBS Group upgraded shares of Wynn Resorts from a "neutral" rating to a "buy" rating and boosted their target price for the company from $101.00 to $147.00 in a research report on Thursday, August 28th. Finally, Argus upgraded shares of Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 target price for the company in a research report on Wednesday, September 3rd. Thirteen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Wynn Resorts presently has an average rating of "Moderate Buy" and a consensus target price of $129.64.

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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