Mitsubishi UFJ Asset Management Co. Ltd. Invests $10.46 Million in Wynn Resorts, Limited $WYNN

Key Points

• Mitsubishi UFJ Asset Management purchased 107,771 Wynn Resorts shares worth approximately $10.46 million, acquiring a 0.10% stake. Institutional investors collectively own 88.64% of the company.
• Wynn Resorts reported quarterly EPS of $1.24, beating estimates of $0.99, while revenue rose 6.9% year over year to $1.86 billion. The company also declared a quarterly dividend of $0.25, or $1.00 annually.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $134.19, compared with the stock’s reported price of $99.60.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 107,771 shares of the casino operator's stock, valued at approximately $10,463,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.10% of Wynn Resorts at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Capital World Investors grew its position in Wynn Resorts by 0.6% in the 4th quarter. Capital World Investors now owns 9,542,392 shares of the casino operator's stock worth $1,148,236,000 after purchasing an additional 61,209 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Wynn Resorts by 9.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,680,631 shares of the casino operator's stock valued at $442,890,000 after buying an additional 320,502 shares during the last quarter. Egerton Capital UK LLP bought a new position in shares of Wynn Resorts during the 4th quarter valued at $249,053,000. Invesco Ltd. boosted its stake in shares of Wynn Resorts by 14.2% in the 4th quarter. Invesco Ltd. now owns 2,011,462 shares of the casino operator's stock worth $242,039,000 after buying an additional 249,704 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Wynn Resorts by 17.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator's stock worth $125,918,000 after buying an additional 184,000 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Price Performance

NASDAQ:WYNN opened at $99.60 on Friday. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 24.71, a PEG ratio of 0.88 and a beta of 1.01. Wynn Resorts, Limited has a 1 year low of $92.52 and a 1 year high of $134.72. The stock's 50 day simple moving average is $99.92 and its two-hundred day simple moving average is $103.01.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.25. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The firm had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.83 billion. During the same period in the prior year, the company earned $1.09 EPS. The business's revenue was up 6.9% compared to the same quarter last year. As a group, analysts anticipate that Wynn Resorts, Limited will post 4.63 EPS for the current year.

Wynn Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, August 14th. Wynn Resorts's payout ratio is 24.81%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Wells Fargo & Company reduced their price target on Wynn Resorts from $141.00 to $131.00 and set an "overweight" rating for the company in a research report on Wednesday, August 5th. Truist Financial initiated coverage on Wynn Resorts in a research report on Wednesday, July 8th. They set a "buy" rating and a $125.00 price objective on the stock. Morgan Stanley reiterated an "overweight" rating and set a $128.00 price objective on shares of Wynn Resorts in a research note on Wednesday, July 22nd. Barclays increased their target price on shares of Wynn Resorts from $134.00 to $136.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average 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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