Patton Fund Management Inc. Buys New Position in Wynn Resorts, Limited $WYNN

Key Points

• Patton Fund Management Inc. has acquired a new stake in **Wynn Resorts** by purchasing 2,682 shares valued at approximately **$251,000** during the second quarter.
• Wynn Resorts reported **$1.09 earnings per share** for the latest quarter, falling short of the consensus estimate and showing a slight year-over-year revenue growth of **0.6%**.
• The company recently declared a **quarterly dividend** of **$0.25**, yielding **0.8%**, with a payout ratio of **30.03%**.

Patton Fund Management Inc. 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 (SEC). The fund bought 2,682 shares of the casino operator's stock, valued at approximately $251,000.

Other large investors also recently added to or reduced their stakes in the company. Resolute Capital Asset Partners LLC bought a new stake in Wynn Resorts during the first quarter valued at approximately $3,758,000. Oppenheimer & Co. Inc. bought a new stake in Wynn Resorts during the first quarter valued at approximately $1,690,000. Oak Harvest Investment Services grew its position in Wynn Resorts by 20.8% during the first quarter. Oak Harvest Investment Services now owns 32,058 shares of the casino operator's stock valued at $2,677,000 after buying an additional 5,511 shares during the period. Wedge Capital Management L L P NC grew its position in Wynn Resorts by 19.6% during the first quarter. Wedge Capital Management L L P NC now owns 56,807 shares of the casino operator's stock valued at $4,743,000 after buying an additional 9,298 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in Wynn Resorts during the fourth quarter valued at approximately $282,000. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Stock Performance

Shares of WYNN opened at $128.97 on Friday. The company's fifty day moving average is $116.82 and its 200 day moving average is $98.02. Wynn Resorts, Limited has a fifty-two week low of $65.25 and a fifty-two week high of $130.84. The stock has a market capitalization of $13.41 billion, a PE ratio of 38.73, a P/E/G ratio of 6.56 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly 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 business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the prior year, the firm posted $1.12 EPS. The company's revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.8%. The ex-dividend date was Monday, August 18th. Wynn Resorts's payout ratio is currently 30.03%.

Insiders Place Their Bets

In related 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 value of $554,750.00. Following the sale, the director owned 3,066 shares in the company, valued at approximately $383,250. The trade was a 59.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.52% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on WYNN shares. The Goldman Sachs Group started coverage on shares of Wynn Resorts in a report on Monday, July 7th. They set a "buy" rating and a $122.00 price target on the stock. Morgan Stanley lifted their price target on shares of Wynn Resorts from $113.00 to $128.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Macquarie lifted their price target on shares of Wynn Resorts from $110.00 to $124.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Mizuho lifted their price target on shares of Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a report on Monday, August 11th. Finally, Barclays lifted their price target on shares of Wynn Resorts from $101.00 to $127.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Fourteen analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $125.47.

Wynn Resorts 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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