Legacy Trust Has $3.15 Million Stock Holdings in Wynn Resorts, Limited $WYNN

Key Points

• Legacy Trust reduced its holdings in Wynn Resorts by 18.4% in the second quarter, owning a total of 33,626 shares valued at $3.15 million after selling shares during the period.
• Analysts have increased their price targets for Wynn Resorts, with Goldman Sachs raising its target from $124 to $150, while the consensus average target price is $127.33.
• Wynn Resorts recently declared a quarterly dividend of $0.25 per share, translating to an annualized yield of 0.8%, with a payout ratio of approximately 30.03%.

Legacy Trust cut its position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 18.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,626 shares of the casino operator's stock after selling 7,593 shares during the period. Legacy Trust's holdings in Wynn Resorts were worth $3,150,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in WYNN. Dagco Inc. acquired a new stake in shares of Wynn Resorts in the 1st quarter valued at about $25,000. AlphaQuest LLC acquired a new position in Wynn Resorts during the 1st quarter valued at about $25,000. Global X Japan Co. Ltd. boosted its stake in Wynn Resorts by 120.7% during the 1st quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator's stock valued at $27,000 after purchasing an additional 175 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in Wynn Resorts by 69.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock valued at $32,000 after purchasing an additional 156 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its stake in Wynn Resorts by 3,408.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator's stock valued at $35,000 after purchasing an additional 409 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WYNN has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their price target on Wynn Resorts from $124.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday. Macquarie lifted their price target on Wynn Resorts from $110.00 to $124.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Morgan Stanley lifted their price target on Wynn Resorts from $113.00 to $128.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Barclays lifted their price target on Wynn Resorts from $101.00 to $127.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Wynn Resorts in a research note on Saturday, September 27th. Fourteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $127.33.

Wynn Resorts Price Performance

WYNN opened at $123.66 on Friday. The company has a fifty day moving average price of $119.03 and a 200-day moving average price of $99.57. The firm has a market capitalization of $12.86 billion, a P/E ratio of 37.14, a price-to-earnings-growth ratio of 6.19 and a beta of 1.31. Wynn Resorts, Limited has a one year low of $65.25 and a one year high of $134.23.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The casino operator reported $1.09 EPS for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). The firm 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 firm's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $1.12 earnings per share. On average, analysts expect that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were given 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 was Monday, August 18th. Wynn Resorts's payout ratio is 30.03%.

Insider Activity at Wynn Resorts

In other news, Director Patricia Mulroy sold 4,438 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were 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 in the company, valued at $383,250. The trade was a 59.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.52% of the stock is owned by company insiders.

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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