Jacobs Levy Equity Management Inc. Trims Position in Wynn Resorts, Limited $WYNN

Key Points

• Jacobs Levy Equity Management Inc. reduced its holdings in Wynn Resorts by 88.0%, selling 160,934 shares during the first quarter, leaving them with just 21,842 shares worth about $1.82 million.
• Wynn Resorts announced a quarterly dividend of $0.25 per share, equivalent to an annualized yield of 0.8%, which reflects a dividend payout ratio of 30.03%.
• Recent analyst reports have led to varying price targets for Wynn Resorts, with Argus upgrading their rating to "buy" and setting a price objective of $145.00.

Jacobs Levy Equity Management Inc. lessened its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 88.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,842 shares of the casino operator's stock after selling 160,934 shares during the quarter. Jacobs Levy Equity Management Inc.'s holdings in Wynn Resorts were worth $1,824,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Wynn Resorts by 1.9% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 7,057 shares of the casino operator's stock worth $589,000 after purchasing an additional 132 shares during the period. Snowden Capital Advisors LLC lifted its stake in shares of Wynn Resorts by 5.6% during the 4th quarter. Snowden Capital Advisors LLC now owns 2,589 shares of the casino operator's stock worth $223,000 after purchasing an additional 138 shares during the period. Navalign LLC increased its holdings in shares of Wynn Resorts by 1.8% during the 1st quarter. Navalign LLC now owns 8,252 shares of the casino operator's stock worth $689,000 after buying an additional 144 shares during the last quarter. Grassi Investment Management increased its holdings in shares of Wynn Resorts by 4.2% during the 1st quarter. Grassi Investment Management now owns 3,690 shares of the casino operator's stock worth $308,000 after buying an additional 150 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Wynn Resorts by 7.2% during the 1st quarter. Fifth Third Bancorp now owns 2,341 shares of the casino operator's stock worth $195,000 after buying an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 88.64% of the company's stock.

Insider Transactions at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total value of $554,750.00. Following the transaction, the director owned 3,066 shares of the company's stock, valued at $383,250. This trade represents a 59.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.52% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

WYNN has been the subject of a number of research analyst reports. Citigroup restated a "neutral" rating and set a $114.00 price objective (up from $108.00) on shares of Wynn Resorts in a report on Wednesday, July 9th. Macquarie upped their price objective on Wynn Resorts from $110.00 to $124.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. JPMorgan Chase & Co. initiated coverage on Wynn Resorts in a report on Monday, June 23rd. They set an "overweight" rating and a $109.00 price objective for the company. Argus upgraded Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 price objective for the company in a report on Wednesday, September 3rd. Finally, Jefferies Financial Group upped their price objective on Wynn Resorts from $130.00 to $133.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Fourteen investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $123.47.

Wynn Resorts Trading Up 1.2%

Shares of NASDAQ WYNN opened at $122.90 on Thursday. Wynn Resorts, Limited has a 12-month low of $65.25 and a 12-month high of $128.53. The company has a market cap of $12.78 billion, a P/E ratio of 36.91, a P/E/G ratio of 6.25 and a beta of 1.37. The stock has a fifty day moving average price of $112.96 and a 200 day moving average price of $94.93.

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 analysts' consensus estimates of $1.20 by ($0.11). The firm had revenue of $1.74 billion during 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 quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.12 earnings per share. On average, sell-side analysts forecast that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. Wynn Resorts's dividend payout ratio (DPR) is currently 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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