Lazari Capital Management Inc. Cuts Position in Wynn Resorts, Limited $WYNN

Key Points

• Lazari Capital Management Inc. reduced its stake in Wynn Resorts by 7.2% in Q2, now holding 27,586 shares worth around $2.58 million.
• Insider Patricia Mulroy sold 4,438 shares of Wynn Resorts at $125.00, a 59.14% decrease in her ownership.
• Analysts remain optimistic with a consensus rating of "Moderate Buy" and an average price target of $125.47 for Wynn Resorts.

Lazari Capital Management Inc. lessened its holdings in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 7.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,586 shares of the casino operator's stock after selling 2,137 shares during the period. Wynn Resorts comprises about 1.0% of Lazari Capital Management Inc.'s portfolio, making the stock its 19th largest holding. Lazari Capital Management Inc.'s holdings in Wynn Resorts were worth $2,584,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky increased its stake in shares of Wynn Resorts by 1.9% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 7,057 shares of the casino operator's stock valued at $589,000 after purchasing an additional 132 shares in the last quarter. Navalign LLC increased its stake in shares of Wynn Resorts by 1.8% in the 1st quarter. Navalign LLC now owns 8,252 shares of the casino operator's stock valued at $689,000 after purchasing an additional 144 shares in the last quarter. Grassi Investment Management increased its stake in shares of Wynn Resorts by 4.2% in the 1st quarter. Grassi Investment Management now owns 3,690 shares of the casino operator's stock valued at $308,000 after purchasing an additional 150 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Wynn Resorts by 69.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock worth $32,000 after buying an additional 156 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in Wynn Resorts by 7.2% in 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 Buying and Selling

In related news, Director Patricia Mulroy sold 4,438 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the transaction, the director directly owned 3,066 shares in the company, valued at approximately $383,250. This represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.52% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on WYNN shares. JPMorgan Chase & Co. started coverage on Wynn Resorts in a report on Monday, June 23rd. They issued an "overweight" rating and a $109.00 price objective on the stock. Argus upgraded Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 price objective on the stock in a report on Wednesday, September 3rd. Macquarie lifted 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. Mizuho lifted their price objective on Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a report on Monday, August 11th. Finally, The Goldman Sachs Group started coverage on Wynn Resorts in a report on Monday, July 7th. They issued a "buy" rating and a $122.00 price objective on the stock. Fourteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $125.47.

Wynn Resorts Price Performance

Shares of Wynn Resorts stock opened at $128.97 on Monday. The stock has a market cap of $13.41 billion, a P/E ratio of 38.73, a P/E/G ratio of 6.56 and a beta of 1.37. The stock's 50 day simple moving average is $116.82 and its 200-day simple moving average is $98.12. Wynn Resorts, Limited has a 1-year low of $65.25 and a 1-year high of $130.84.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its earnings results 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). Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter in the prior year, the firm earned $1.12 earnings per share. The company's revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were issued a $0.25 dividend. The ex-dividend date 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 is currently 30.03%.

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.

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