DAVENPORT & Co LLC Raises Stake in Wynn Resorts, Limited $WYNN

Key Points

• DAVENPORT & Co LLC increased its stake in Wynn Resorts by 53.4%, owning 913,086 shares valued at approximately $85.9 million as of the end of the second quarter.
• Several analysts have upgraded their ratings on Wynn Resorts, with UBS raising its price target from $101.00 to $147.00 and Goldman Sachs increasing its target from $124.00 to $150.00, reflecting a positive outlook for the stock.
• Wynn Resorts declared a quarterly dividend of $0.25 per share, representing an annualized yield of 0.8%, with a payout ratio of 30.03%.

DAVENPORT & Co LLC increased its stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 53.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 913,086 shares of the casino operator's stock after buying an additional 317,850 shares during the quarter. DAVENPORT & Co LLC owned 0.87% of Wynn Resorts worth $85,895,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Resolute Capital Asset Partners LLC purchased a new stake in Wynn Resorts during the first quarter valued at about $3,758,000. Oppenheimer & Co. Inc. purchased a new stake in Wynn Resorts during the first quarter valued at about $1,690,000. Oak Harvest Investment Services lifted its holdings in 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 purchasing an additional 5,511 shares during the last quarter. Wedge Capital Management L L P NC lifted its holdings in 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 purchasing an additional 9,298 shares during the last quarter. Finally, Strs Ohio purchased a new stake in Wynn Resorts during the first quarter valued at about $7,515,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WYNN has been the topic of several recent research reports. UBS Group raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating and upped their price objective for the company from $101.00 to $147.00 in a report on Thursday, August 28th. The Goldman Sachs Group upped their price objective on shares of Wynn Resorts from $124.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, October 1st. Stifel Nicolaus upped their price target on Wynn Resorts from $130.00 to $145.00 and gave the company a "buy" rating in a research report on Thursday, September 18th. Mizuho upped their price target on Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. assumed coverage on Wynn Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $109.00 price target on the stock. Fourteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $127.33.

Insider Buying and Selling at Wynn Resorts

In other news, Director Patricia Mulroy sold 4,438 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total transaction of $554,750.00. Following the completion of the sale, the director owned 3,066 shares of the company's stock, valued at approximately $383,250. This represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.52% of the company's stock.

Wynn Resorts Price Performance

Shares of NASDAQ WYNN opened at $123.66 on Monday. Wynn Resorts, Limited has a one year low of $65.25 and a one year high of $134.23. The firm's 50 day simple moving average is $119.03 and its two-hundred day simple moving average is $99.68. The stock has a market capitalization of $12.86 billion, a P/E ratio of 37.14, a PEG ratio of 6.19 and a beta of 1.31.

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

Wynn Resorts Announces Dividend

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

Wynn Resorts Company Profile

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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