DAVENPORT & Co LLC Makes New $49.48 Million Investment in Wynn Resorts, Limited (NASDAQ:WYNN)

DAVENPORT & Co LLC bought a new position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 595,236 shares of the casino operator's stock, valued at approximately $49,476,000. DAVENPORT & Co LLC owned about 0.56% of Wynn Resorts at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of WYNN. Global X Japan Co. Ltd. boosted its position in Wynn Resorts by 120.7% during the first 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. grew its stake in Wynn Resorts by 3,408.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator's stock worth $35,000 after acquiring an additional 409 shares during the period. SBI Securities Co. Ltd. purchased a new position in shares of Wynn Resorts during the 4th quarter worth $36,000. Canada Post Corp Registered Pension Plan purchased a new position in Wynn Resorts during the fourth quarter worth about $45,000. Finally, Garde Capital Inc. purchased a new stake in Wynn Resorts in the first quarter valued at approximately $73,000. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Barclays dropped their price target on Wynn Resorts from $116.00 to $99.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen cut shares of Wynn Resorts from a "buy" rating to a "hold" rating in a report on Wednesday, March 12th. Argus cut Wynn Resorts from a "buy" rating to a "hold" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. initiated coverage on shares of Wynn Resorts in a research report on Monday, June 23rd. They issued an "overweight" rating and a $109.00 price target on the stock. Finally, Bank of America upgraded shares of Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Wednesday, May 7th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $112.82.

Wynn Resorts Price Performance

Shares of NASDAQ WYNN traded up $0.73 during trading hours on Thursday, reaching $105.41. The stock had a trading volume of 889,001 shares, compared to its average volume of 2,592,404. Wynn Resorts, Limited has a twelve month low of $65.25 and a twelve month high of $107.81. The business's fifty day moving average is $89.08 and its two-hundred day moving average is $85.40. The company has a market cap of $11.02 billion, a price-to-earnings ratio of 29.36, a PEG ratio of 2.88 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its earnings results on Tuesday, May 6th. The casino operator reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.17). The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a net margin of 6.17% and a negative return on equity of 62.13%. Wynn Resorts's revenue was down 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.59 earnings per share. Sell-side analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend was Friday, May 16th. Wynn Resorts's dividend payout ratio (DPR) is currently 27.78%.

Insider Transactions at Wynn Resorts

In other news, Director Patricia Mulroy sold 2,262 shares of Wynn Resorts stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $92.12, for a total transaction of $208,375.44. Following the transaction, the director owned 3,066 shares in the company, valued at $282,439.92. The trade was a 42.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Tilman J. Fertitta acquired 300,000 shares of the stock in a transaction dated Friday, April 4th. The shares were bought at an average cost of $70.37 per share, with a total value of $21,111,000.00. Following the transaction, the insider directly owned 12,900,000 shares of the company's stock, valued at $907,773,000. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.52% of the company's stock.

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.