Bank of Nova Scotia Buys 8,786 Shares of Wynn Resorts, Limited (NASDAQ:WYNN)

Bank of Nova Scotia lifted its stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 276.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,963 shares of the casino operator's stock after buying an additional 8,786 shares during the period. Bank of Nova Scotia's holdings in Wynn Resorts were worth $986,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Global X Japan Co. Ltd. grew its holdings in shares of Wynn Resorts by 120.7% during the 1st quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator's stock worth $27,000 after purchasing an additional 175 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in Wynn Resorts by 3,408.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator's stock worth $35,000 after purchasing an additional 409 shares during the period. Canada Post Corp Registered Pension Plan acquired a new stake in Wynn Resorts during the fourth quarter worth $45,000. Garde Capital Inc. bought a new stake in Wynn Resorts in the 1st quarter valued at $73,000. Finally, Mather Group LLC. increased its holdings in Wynn Resorts by 32.7% in the 1st quarter. Mather Group LLC. now owns 896 shares of the casino operator's stock valued at $75,000 after buying an additional 221 shares during the period. Institutional investors own 88.64% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WYNN. UBS Group reiterated a "neutral" rating and set a $101.00 target price (up from $83.00) on shares of Wynn Resorts in a research report on Tuesday, July 8th. The Goldman Sachs Group started coverage on Wynn Resorts in a research note on Monday, July 7th. They issued a "buy" rating and a $122.00 price objective on the stock. Stifel Nicolaus set a $113.00 target price on Wynn Resorts in a research report on Wednesday, May 7th. Argus cut Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. began coverage on Wynn Resorts in a research note on Monday, June 23rd. They set an "overweight" rating and a $109.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $114.71.

Wynn Resorts Trading Up 0.0%

WYNN opened at $107.23 on Friday. Wynn Resorts, Limited has a 1-year low of $65.25 and a 1-year high of $112.36. The stock has a market capitalization of $11.21 billion, a PE ratio of 29.79, a PEG ratio of 2.96 and a beta of 1.41. The firm has a 50-day moving average price of $99.48 and a two-hundred day moving average price of $89.55.

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 for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). Wynn Resorts had a net margin of 6.17% and a negative return on equity of 62.13%. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the prior year, the business earned $1.12 EPS. The business's revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts predict that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Monday, August 18th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.9%. Wynn Resorts's payout ratio is currently 27.78%.

Insider Buying and Selling at Wynn Resorts

In related news, Director Patricia Mulroy sold 2,262 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $92.12, for a total value of $208,375.44. Following the transaction, the director owned 3,066 shares in the company, valued at $282,439.92. This trade represents a 42.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.52% of the stock is currently owned by insiders.

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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