Beacon Pointe Advisors LLC Takes $1.45 Million Position in Wynn Resorts, Limited $WYNN

Key Points

• Beacon Pointe Advisors acquired 14,909 Wynn Resorts shares valued at approximately $1.45 million during the second quarter. Institutional investors collectively own 88.64% of the company.
• Analysts maintain a favorable outlook, with one Strong Buy, 16 Buy, and two Hold ratings. The stock has a “Moderate Buy” consensus rating and an average price target of $134.19, above its recent $95.26 price.
• Wynn Resorts exceeded quarterly expectations, reporting $1.24 in earnings per share and $1.86 billion in revenue, while revenue grew 6.9% year over year. The company also pays a quarterly dividend of $0.25 per share, equivalent to a 1.0% annual yield.

Beacon Pointe Advisors LLC purchased a new position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 14,909 shares of the casino operator's stock, valued at approximately $1,448,000.

Several other hedge funds have also made changes to their positions in WYNN. Hantz Financial Services Inc. grew its position in shares of Wynn Resorts by 54.9% during the fourth quarter. Hantz Financial Services Inc. now owns 251 shares of the casino operator's stock worth $30,000 after acquiring an additional 89 shares during the last quarter. MUFG Securities EMEA plc acquired a new position in Wynn Resorts during the 2nd quarter valued at about $25,000. SHP Wealth Management bought a new position in Wynn Resorts in the 4th quarter worth about $32,000. International Assets Investment Management LLC acquired a new stake in shares of Wynn Resorts in the fourth quarter valued at approximately $34,000. Finally, Geneos Wealth Management Inc. increased its stake in shares of 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 purchasing an additional 156 shares during the period. Institutional investors own 88.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on WYNN shares. JPMorgan Chase & Co. decreased their price objective on Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating for the company in a report on Wednesday, July 15th. The Goldman Sachs Group set a $120.00 target price on Wynn Resorts in a research note on Wednesday, July 15th. Morgan Stanley reissued an "overweight" rating and issued a $128.00 price target on shares of Wynn Resorts in a research note on Wednesday, July 22nd. Argus raised their price target on Wynn Resorts from $115.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Finally, Bank of America cut their price objective on shares of Wynn Resorts from $150.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $134.19.

Wynn Resorts Stock Performance

WYNN opened at $95.26 on Monday. The company has a market capitalization of $9.81 billion, a PE ratio of 23.64, a P/E/G ratio of 0.83 and a beta of 1.01. The stock's fifty day moving average is $99.00 and its 200-day moving average is $102.33. Wynn Resorts, Limited has a one year low of $92.52 and a one year high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the company earned $1.09 earnings per share. Wynn Resorts's revenue was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Wynn Resorts, Limited will post 4.65 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The firm 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. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.00 annualized dividend and a yield of 1.0%. Wynn Resorts's dividend payout ratio is currently 24.81%.

Wynn Resorts 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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