Bayforest Capital Ltd Takes Position in Wynn Resorts, Limited $WYNN

Key Points

• Bayforest Capital Ltd purchased a new stake of 4,375 shares in Wynn Resorts, valued at approximately $365,000, during the first quarter of 2023.
• Wynn Resorts reported a net margin of 5.51% and a negative return on equity of 56.78%, with revenue of $1.74 billion for the quarter, marginally exceeding the consensus estimate.
• Several brokerages have raised their price targets for Wynn Resorts, with UBS increasing their target to $147.00 and the average rating currently at "Moderate Buy."

Bayforest Capital Ltd purchased a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,375 shares of the casino operator's stock, valued at approximately $365,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Resolute Capital Asset Partners LLC bought a new position in shares of Wynn Resorts during the first quarter valued at $3,758,000. Oppenheimer & Co. Inc. bought a new position in shares of Wynn Resorts during the first quarter valued at $1,690,000. Oak Harvest Investment Services increased its holdings in shares of Wynn Resorts by 20.8% during the first quarter. Oak Harvest Investment Services now owns 32,058 shares of the casino operator's stock valued at $2,677,000 after acquiring an additional 5,511 shares in the last quarter. Mackenzie Financial Corp bought a new position in shares of Wynn Resorts during the fourth quarter valued at $282,000. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Wynn Resorts by 19.6% during the first quarter. Wedge Capital Management L L P NC now owns 56,807 shares of the casino operator's stock valued at $4,743,000 after acquiring an additional 9,298 shares in the last quarter. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Trading Up 1.2%

Shares of NASDAQ:WYNN opened at $122.90 on Thursday. The stock has a 50 day moving average of $112.96 and a 200 day moving average of $94.93. The company has a market cap of $12.78 billion, a PE ratio of 36.91, a price-to-earnings-growth ratio of 6.25 and a beta of 1.37. Wynn Resorts, Limited has a 12-month low of $65.25 and a 12-month high of $128.53.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The casino operator reported $1.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter last year, the firm posted $1.12 earnings per share. The company's revenue was up .6% compared to the same quarter last year. Equities research analysts predict that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. Wynn Resorts's payout ratio is currently 30.03%.

Insider Buying and Selling

In related news, Director Patricia Mulroy sold 4,438 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the transaction, the director directly owned 3,066 shares of the company's stock, valued at approximately $383,250. The trade was a 59.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.52% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WYNN. Barclays raised their price target on Wynn Resorts from $101.00 to $127.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Jefferies Financial Group boosted their target price on Wynn Resorts from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Mizuho boosted their target price on Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a research report on Monday, August 11th. Morgan Stanley boosted their target price on Wynn Resorts from $111.00 to $113.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Finally, UBS Group raised Wynn Resorts from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $101.00 to $147.00 in a research report on Thursday, August 28th. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $123.47.

About Wynn Resorts

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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