Bank of America Corp DE Takes $74.50 Million Position in Wynn Resorts, Limited $WYNN

Key Points

• Bank of America acquired 767,374 Wynn Resorts shares worth approximately $74.5 million, representing about 0.75% of the casino operator. Institutional investors collectively own 88.64% of the company.
• Wynn Resorts reported stronger-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.
• Shares opened at $81.68, near their 52-week low, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus rating and an average price target of $133.35. The company also pays a quarterly dividend of $0.25 per share.

Bank of America Corp DE acquired a new position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 767,374 shares of the casino operator's stock, valued at approximately $74,504,000. Bank of America Corp DE owned approximately 0.75% of Wynn Resorts as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of WYNN. Capital World Investors lifted its stake in Wynn Resorts by 0.6% during the fourth quarter. Capital World Investors now owns 9,542,392 shares of the casino operator's stock valued at $1,148,236,000 after buying an additional 61,209 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Wynn Resorts in the 2nd quarter valued at approximately $609,566,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Wynn Resorts in the 2nd quarter valued at approximately $321,402,000. Egerton Capital UK LLP acquired a new position in Wynn Resorts in the 4th quarter worth approximately $249,053,000. Finally, Renaissance Technologies LLC grew its position in Wynn Resorts by 17.4% during the 1st quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator's stock worth $125,918,000 after purchasing an additional 184,000 shares in the last quarter. Institutional investors own 88.64% of the company's stock.

Wynn Resorts Trading Down 1.5%

Shares of NASDAQ:WYNN opened at $81.68 on Friday. Wynn Resorts, Limited has a 1 year low of $81.40 and a 1 year high of $134.72. The firm has a fifty day moving average price of $95.91 and a 200 day moving average price of $99.94. The stock has a market capitalization of $8.41 billion, a PE ratio of 20.27, a P/E/G ratio of 0.98 and a beta of 1.00.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $0.99 by $0.25. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the firm posted $1.09 EPS. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. On average, sell-side analysts forecast that Wynn Resorts, Limited will post 4.55 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, August 14th. Wynn Resorts's dividend payout ratio is presently 24.81%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Mizuho cut their target price on shares of Wynn Resorts from $133.00 to $125.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 28th. UBS Group decreased their price objective on Wynn Resorts from $145.00 to $138.00 and set a "buy" rating for the company in a research report on Friday, September 11th. JPMorgan Chase & Co. dropped their target price on Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Zacks Research upgraded shares of Wynn Resorts from a "strong sell" rating to a "hold" rating in a report on Monday, August 10th. Finally, The Goldman Sachs Group set a $120.00 price objective on shares of Wynn Resorts in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Wynn Resorts has an average rating of "Moderate Buy" and an average target price of $133.35.

Wynn Resorts Profile

Wynn Resorts, Ltd. is a global luxury hospitality and entertainment company that develops and operates integrated resorts. Its properties combine casino gaming with hotel accommodations, fine dining, retail shopping, nightlife, entertainment, spas and meeting facilities.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Encore Macau in Macau. These properties serve leisure and business travelers, gaming customers and convention guests across the United States and Asia.

Founded in 2002 by casino executive Steve Wynn, Wynn Resorts has expanded its portfolio through destination resorts focused on premium service and design.

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