Bank of Nova Scotia Sells 10,317 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Bank of Nova Scotia cut its Wynn Resorts stake by 64.2% in the first quarter, selling 10,317 shares and retaining 5,742 shares valued at approximately $583,000. Institutional investors collectively own 88.64% of the company.
• Wynn Resorts reported better-than-expected quarterly results, with earnings of $1.25 per share and revenue of $1.86 billion, up 9.2% year over year. The company also declared a $0.25 quarterly dividend, equivalent to a 1.0% annual yield.
• Shares opened at $100.70, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $135.44, implying potential upside from current levels.

Bank of Nova Scotia lessened its stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 64.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,742 shares of the casino operator's stock after selling 10,317 shares during the quarter. Bank of Nova Scotia's holdings in Wynn Resorts were worth $583,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hantz Financial Services Inc. raised its stake in Wynn Resorts by 54.9% in the fourth quarter. Hantz Financial Services Inc. now owns 251 shares of the casino operator's stock valued at $30,000 after buying an additional 89 shares during the period. Cromwell Holdings LLC lifted its position in shares of Wynn Resorts by 68.2% in the fourth quarter. Cromwell Holdings LLC now owns 254 shares of the casino operator's stock valued at $31,000 after buying an additional 103 shares during the last quarter. MUFG Securities EMEA plc bought a new position in shares of Wynn Resorts during the 2nd quarter worth approximately $25,000. SHP Wealth Management bought a new position in shares of Wynn Resorts during the 4th quarter worth approximately $32,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Wynn Resorts during the 4th quarter worth approximately $34,000. 88.64% of the stock is owned by institutional investors.

Wynn Resorts Stock Up 1.7%

WYNN opened at $100.70 on Friday. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of 30.06, a P/E/G ratio of 0.98 and a beta of 0.99. Wynn Resorts, Limited has a twelve month low of $92.52 and a twelve month high of $134.72. The company has a 50-day simple moving average of $100.44 and a 200 day simple moving average of $104.34.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Thursday, May 7th. The casino operator reported $1.25 EPS for the quarter, beating the consensus estimate of $1.18 by $0.07. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.82 billion. Wynn Resorts had a net margin of 5.14% and a negative return on equity of 42.03%. The business's quarterly revenue was up 9.2% compared to the same quarter last year. During the same period last year, the firm earned $1.07 EPS. Sell-side analysts anticipate that Wynn Resorts, Limited will post 4.49 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were given a dividend of $0.25 per share. The ex-dividend date was Monday, May 18th. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. Wynn Resorts's dividend payout ratio (DPR) is currently 29.85%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Susquehanna reduced their price objective on shares of Wynn Resorts from $133.00 to $127.00 and set a "positive" rating for the company in a research report on Thursday, April 16th. The Goldman Sachs Group set a $120.00 target price on shares of Wynn Resorts in a report on Wednesday, July 15th. Mizuho decreased their price target 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. Morgan Stanley reissued an "overweight" rating and issued a $128.00 price target on shares of Wynn Resorts in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. cut their price objective on shares of Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Wynn Resorts presently has a consensus rating of "Moderate Buy" and an average target price of $135.44.

Wynn Resorts Company 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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