Legal & General Group Plc Invests $13.28 Million in Wynn Resorts, Limited $WYNN

Key Points

• Legal & General Group Plc initiated a $13.28 million position in Wynn Resorts during the second quarter, purchasing 136,735 shares and owning approximately 0.13% of the company. Institutional investors collectively hold 88.64% of Wynn Resorts’ shares.
• Wynn Resorts beat quarterly expectations with adjusted earnings of $1.24 per share versus the $0.99 consensus estimate, while revenue reached $1.86 billion, up 6.9% year over year.
• The company pays a quarterly dividend of $0.25 per share, equivalent to a 1.0% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $134.19, compared with the stock’s recent price of $95.26.

Legal & General Group Plc bought a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 136,735 shares of the casino operator's stock, valued at approximately $13,276,000. Legal & General Group Plc owned 0.13% of Wynn Resorts at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Wynn Resorts by 10.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,961 shares of the casino operator's stock valued at $665,000 after purchasing an additional 754 shares during the last quarter. Woodline Partners LP grew its holdings in shares of Wynn Resorts by 36.2% in the first quarter. Woodline Partners LP now owns 7,568 shares of the casino operator's stock worth $632,000 after purchasing an additional 2,012 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Wynn Resorts by 69.0% in the first 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 period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Wynn Resorts by 13.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,659 shares of the casino operator's stock worth $155,000 after buying an additional 201 shares during the period. Finally, Guggenheim Capital LLC raised its holdings in Wynn Resorts by 9.5% during the 2nd quarter. Guggenheim Capital LLC now owns 10,008 shares of the casino operator's stock valued at $937,000 after buying an additional 868 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Stock Performance

Wynn Resorts stock opened at $95.26 on Monday. Wynn Resorts, Limited has a one year low of $92.52 and a one year high of $134.72. The stock has a fifty day moving average of $99.00 and a 200 day moving average of $102.33. The stock has a market cap of $9.81 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 0.83 and a beta of 1.01.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.25. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.09 EPS. As a group, sell-side analysts predict that Wynn Resorts, Limited will post 4.65 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, August 14th. Wynn Resorts's payout ratio is 24.81%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Barclays lifted their price target on shares of Wynn Resorts from $134.00 to $136.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Mizuho reduced their price target on shares of Wynn Resorts from $133.00 to $125.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 28th. Truist Financial initiated coverage on Wynn Resorts in a report on Wednesday, July 8th. They set a "buy" rating and a $125.00 target price on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Wynn Resorts in a research note on Wednesday, June 24th. Finally, Bank of America dropped their price target on Wynn Resorts from $150.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Wynn Resorts has a consensus rating of "Moderate Buy" and a consensus price target of $134.19.

Wynn Resorts Profile

Wynn Resorts, Limited NASDAQ: WYNN is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.

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