Hedges Asset Management LLC raised its holdings in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,715 shares of the casino operator's stock after acquiring an additional 4,900 shares during the period. Wynn Resorts makes up 1.7% of Hedges Asset Management LLC's investment portfolio, making the stock its 11th largest position. Hedges Asset Management LLC's holdings in Wynn Resorts were worth $2,815,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of WYNN. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Wynn Resorts by 18.4% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock valued at $269,308,000 after purchasing an additional 485,204 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Wynn Resorts by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 2,433,052 shares of the casino operator's stock worth $209,120,000 after buying an additional 26,792 shares during the last quarter. Jefferies Financial Group Inc. lifted its holdings in shares of Wynn Resorts by 9.0% during the 4th quarter. Jefferies Financial Group Inc. now owns 1,683,600 shares of the casino operator's stock worth $145,059,000 after acquiring an additional 139,270 shares during the last quarter. Renaissance Technologies LLC grew its position in Wynn Resorts by 16.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,616,756 shares of the casino operator's stock worth $139,300,000 after acquiring an additional 228,000 shares in the last quarter. Finally, Norges Bank purchased a new position in Wynn Resorts in the fourth quarter worth $117,352,000. Institutional investors own 88.64% of the company's stock.
Wall Street Analyst Weigh In
WYNN has been the subject of several research analyst reports. Mizuho dropped their price target on Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Bank of America raised Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Wednesday, May 7th. Barclays reduced their price target on shares of Wynn Resorts from $116.00 to $99.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Argus lowered shares of Wynn Resorts from a "buy" rating to a "hold" rating in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. started coverage on shares of Wynn Resorts in a research note on Monday. They issued an "overweight" rating and a $109.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Wynn Resorts presently has a consensus rating of "Moderate Buy" and an average price target of $112.82.
Read Our Latest Stock Report on WYNN
Insider Activity at Wynn Resorts
In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the company's stock in a transaction that occurred on 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 now owns 3,066 shares in the company, valued at approximately $282,439.92. This represents a 42.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Tilman J. Fertitta bought 100,000 shares of the stock in a transaction dated Monday, April 7th. The stock was purchased at an average price of $67.62 per share, with a total value of $6,762,000.00. Following the purchase, the insider now owns 13,000,000 shares in the company, valued at $879,060,000. This trade represents a 0.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.52% of the stock is currently owned by company insiders.
Wynn Resorts Trading Up 0.8%
Wynn Resorts stock opened at $92.64 on Friday. The firm has a market cap of $9.69 billion, a P/E ratio of 25.73, a P/E/G ratio of 2.60 and a beta of 1.37. Wynn Resorts, Limited has a 1-year low of $65.25 and a 1-year high of $107.81. The firm has a 50-day moving average of $87.30 and a 200-day moving average of $85.28.
Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 62.13% and a net margin of 6.17%. The company's quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.59 EPS. Research analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.
Wynn Resorts Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date was Friday, May 16th. Wynn Resorts's payout ratio is 27.78%.
Wynn Resorts Company Profile
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Free Report)
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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