Bank of Nova Scotia Purchases New Holdings in Wynn Resorts, Limited $WYNN

Key Points

• Bank of Nova Scotia acquired 107,276 Wynn Resorts shares in the second quarter, valued at approximately $10.4 million and representing a 0.10% stake. Institutional investors collectively own 88.64% of the company.
• Analysts maintain a generally positive view, with one Strong Buy, 16 Buy and two Hold ratings. Wynn Resorts has a “Moderate Buy” consensus rating and an average price target of $134.19.
• Wynn Resorts beat quarterly expectations with earnings of $1.24 per share versus the $0.99 consensus and revenue of $1.86 billion. The company also declared a quarterly dividend of $0.25 per share, implying a 1.0% annualized yield.

Bank of Nova Scotia bought a new position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 107,276 shares of the casino operator's stock, valued at approximately $10,415,000. Bank of Nova Scotia owned 0.10% of Wynn Resorts as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Wynn Resorts by 10.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,961 shares of the casino operator's stock worth $665,000 after acquiring an additional 754 shares in the last quarter. Woodline Partners LP grew its holdings in Wynn Resorts by 36.2% during the first quarter. Woodline Partners LP now owns 7,568 shares of the casino operator's stock worth $632,000 after acquiring an additional 2,012 shares during the period. Geneos Wealth Management Inc. increased its holdings in Wynn Resorts by 69.0% in the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock valued at $32,000 after buying an additional 156 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Wynn Resorts by 13.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,659 shares of the casino operator's stock worth $155,000 after buying an additional 201 shares during the period. Finally, Guggenheim Capital LLC lifted its stake in Wynn Resorts by 9.5% in the 2nd quarter. Guggenheim Capital LLC now owns 10,008 shares of the casino operator's stock valued at $937,000 after buying an additional 868 shares in the last quarter. 88.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

WYNN has been the topic of several recent research reports. Bank of America lowered their target price on Wynn Resorts from $150.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Barclays upped their price target on Wynn Resorts from $134.00 to $136.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Morgan Stanley reiterated an "overweight" rating and set a $128.00 price target on shares of Wynn Resorts in a report on Wednesday, July 22nd. Mizuho cut their price objective on Wynn Resorts from $133.00 to $125.00 and set an "outperform" rating for the company in a research report on Tuesday, July 28th. Finally, The Goldman Sachs Group set a $120.00 price objective on shares of Wynn Resorts in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Wynn Resorts presently has an average rating of "Moderate Buy" and a consensus target price of $134.19.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $99.41 on Tuesday. The firm has a market capitalization of $10.24 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 0.88 and a beta of 1.01. Wynn Resorts, Limited has a 1 year low of $92.52 and a 1 year high of $134.72. The firm's 50-day moving average is $99.65 and its two-hundred day moving average is $102.88.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.25. The firm had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.83 billion. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.09 earnings per share. Analysts expect that Wynn Resorts, Limited will post 4.63 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

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

About Wynn Resorts

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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