Bank of America Corp DE Reduces Stock Position in Wynn Resorts, Limited $WYNN

Key Points

• Bank of America reduced its Wynn Resorts stake by 1.8% in the first quarter, selling 12,762 shares and retaining 699,171 shares valued at approximately $71 million. Institutional investors collectively own 88.64% of the company.
• Wynn reported better-than-expected quarterly results, with earnings of $1.24 per share versus the $0.99 consensus estimate and revenue of $1.86 billion, up 6.9% year over year.
• The company declared a quarterly dividend of $0.25 per share, while analysts maintain a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $134.19. Concerns remain over delays and rising costs at the Wynn Al Marjan Island project.

Bank of America Corp DE lessened its stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 1.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 699,171 shares of the casino operator's stock after selling 12,762 shares during the period. Bank of America Corp DE owned approximately 0.67% of Wynn Resorts worth $71,001,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Kentucky Retirement Systems bought a new stake in shares of Wynn Resorts in the first quarter worth $677,000. Janus Henderson Group PLC boosted its position in Wynn Resorts by 5.5% in the first quarter. Janus Henderson Group PLC now owns 38,350 shares of the casino operator's stock worth $3,895,000 after purchasing an additional 1,990 shares during the last quarter. Arkadios Wealth Advisors grew its stake in shares of Wynn Resorts by 174.0% during the 1st quarter. Arkadios Wealth Advisors now owns 6,239 shares of the casino operator's stock valued at $634,000 after purchasing an additional 3,962 shares during the period. Amundi increased its position in shares of Wynn Resorts by 161.6% during the 1st quarter. Amundi now owns 65,492 shares of the casino operator's stock valued at $6,651,000 after purchasing an additional 40,454 shares during the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Wynn Resorts by 23.1% during the 1st quarter. California State Teachers Retirement System now owns 96,228 shares of the casino operator's stock valued at $9,772,000 after purchasing an additional 18,079 shares during the last quarter. 88.64% of the stock is owned by institutional investors.

Wynn Resorts Stock Performance

Wynn Resorts stock opened at $102.54 on Monday. Wynn Resorts, Limited has a 12-month low of $92.52 and a 12-month high of $134.72. The firm has a market capitalization of $10.64 billion, a price-to-earnings ratio of 25.44, a P/E/G ratio of 1.00 and a beta of 1.01. The firm has a 50 day moving average of $100.53 and a 200 day moving average of $103.66.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.25. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.83 billion. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The company's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.09 earnings per share. On average, analysts predict that Wynn Resorts, Limited will post 4.54 EPS for the current year.

Wynn Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Wynn Resorts's payout ratio is 24.81%.

Analyst Ratings Changes

A number of research firms recently issued reports on WYNN. Barclays raised their price objective on shares of Wynn Resorts from $134.00 to $136.00 and gave the stock an "overweight" rating in a report on Wednesday. Truist Financial began coverage on shares of Wynn Resorts in a research report on Wednesday, July 8th. They issued a "buy" rating and a $125.00 price target on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Wynn Resorts in a research note on Wednesday, June 24th. Citigroup reissued a "buy" rating on shares of Wynn Resorts in a research report on Thursday. Finally, JPMorgan Chase & Co. reduced their price objective on Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $134.19.

Key Headlines Impacting Wynn Resorts

Here are the key news stories impacting Wynn Resorts this week:

• Positive Sentiment: Q2 earnings beat expectations. Wynn reported $1.24 in adjusted earnings per share versus the $0.99 consensus estimate, while revenue rose 6.9% year over year to $1.86 billion, ahead of the $1.83 billion forecast. Results benefited from broad-based demand in Las Vegas, Boston and Macau, particularly at Wynn Palace. Wynn Resorts Second-Quarter Revenue Rises on Demand from Wealthy Customers
• Positive Sentiment: Capital returns are supporting the investment case. The company declared a $0.25-per-share dividend and completed its long-running $2.74 billion share-repurchase program. Investors viewed the combination of higher profitability, dividends and buybacks favorably. How Strong Q2 Results And Capital Returns at Wynn Resorts Have Changed Its Investment Story
• Positive Sentiment: Analysts see potential upside. Argus raised its price target from $115 to $130 and reiterated a Buy rating. Another analysis estimated that WYNN could be roughly 25% undervalued following the earnings beat and buyback update. Analysts Offer Insights on Wynn Resorts and MercadoLibre
• Neutral Sentiment: Macau remains strong but faces execution risks. Analysts highlighted robust Wynn Palace demand, although a new hotel could create table-management challenges if bettor demand rises faster than available capacity. Bettor Demand Could Create Table-Management Challenges at Wynn Palace
• Negative Sentiment: Wynn Al Marjan Island remains a concern. The UAE project is progressing but has been delayed and is experiencing cost increases, creating uncertainty around timing, capital spending and returns. Wynn Q2 Deep Dive
• Negative Sentiment: Some analysts remain cautious. Wells Fargo issued a pessimistic price forecast, while Wynn Macau disclosed accounting differences related to Wynn Resorts’ unaudited filing. The disclosures may temper enthusiasm despite the earnings beat.

Wynn Resorts Profile

Wynn Resorts, Limited NASDAQ: WYNN is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.

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