Hedges Asset Management LLC Sells 11,450 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Hedges Asset Management LLC reduced its stake in Wynn Resorts, Limited by 34.0% after selling 11,450 shares, leaving it with a total of 22,265 shares valued at approximately $2,086,000.
• Wynn Resorts recently reported earnings of $1.09 per share, missing expectations by 11 cents, with revenue of $1.74 billion for the quarter.
• The company's stock has shown a 52-week high of $128.53 and a low of $65.25, with analysts providing an average price target of $124.47.

Hedges Asset Management LLC lowered its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 34.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,265 shares of the casino operator's stock after selling 11,450 shares during the quarter. Wynn Resorts makes up about 1.7% of Hedges Asset Management LLC's investment portfolio, making the stock its 12th largest position. Hedges Asset Management LLC's holdings in Wynn Resorts were worth $2,086,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in WYNN. DAVENPORT & Co LLC bought a new stake in shares of Wynn Resorts during the first quarter worth $49,476,000. Nuveen LLC bought a new stake in shares of Wynn Resorts during the first quarter worth $41,731,000. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Wynn Resorts by 18.4% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock worth $269,308,000 after acquiring an additional 485,204 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Wynn Resorts by 758.8% during the first quarter. Assenagon Asset Management S.A. now owns 386,721 shares of the casino operator's stock worth $32,291,000 after acquiring an additional 341,688 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Wynn Resorts by 9,135.7% during the first quarter. GAMMA Investing LLC now owns 266,449 shares of the casino operator's stock worth $22,248,000 after acquiring an additional 263,564 shares during the last quarter. Institutional investors own 88.64% of the company's stock.

Insider Buying and Selling

In related 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 transaction, the director directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.52% of the company's stock.

Wynn Resorts Price Performance

WYNN stock opened at $121.45 on Friday. The stock has a market capitalization of $12.63 billion, a P/E ratio of 36.47, a P/E/G ratio of 6.37 and a beta of 1.37. The business has a 50-day moving average of $113.64 and a 200-day moving average of $95.40. Wynn Resorts, Limited has a fifty-two week low of $65.25 and a fifty-two week high of $128.53.

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

Wynn Resorts Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on WYNN shares. Stifel Nicolaus boosted their target price on Wynn Resorts from $113.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Argus raised Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 price objective for the company in a research note on Wednesday, September 3rd. Mizuho lifted their price objective on Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a research note on Monday, August 11th. The Goldman Sachs Group initiated coverage on Wynn Resorts in a research note on Monday, July 7th. They issued a "buy" rating and a $122.00 target price for the company. Finally, Citigroup reissued a "neutral" rating and issued a $114.00 target price (up from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $124.47.

Wynn Resorts 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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