Penn Capital Management Company LLC Buys New Stake in Wynn Resorts, Limited $WYNN

Key Points

• Penn Capital Management purchased 17,853 shares of Wynn Resorts in the second quarter, valued at approximately $1.75 million. Institutional investors and hedge funds collectively own 88.64% of the company.
• Analysts maintain a broadly positive view of WYNN, with a consensus rating of “Moderate Buy” and an average price target of $134.19, well above the reported share price of $95.26.
• Wynn Resorts exceeded quarterly earnings and revenue expectations, reporting EPS of $1.24 and revenue of $1.86 billion. The company also declared a quarterly dividend of $0.25 per share, representing a 1.0% annualized yield.

Penn Capital Management Company LLC purchased a new stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 17,853 shares of the casino operator's stock, valued at approximately $1,752,000.

Several other large investors also recently bought and sold shares of WYNN. BlackRock Inc. acquired a new stake in shares of Wynn Resorts during the second quarter worth about $609,566,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Wynn Resorts in the 2nd quarter valued at about $321,402,000. Egerton Capital UK LLP acquired a new stake in shares of Wynn Resorts in the 4th quarter valued at about $249,053,000. Palidye Holdings Caymans Ltd purchased a new position in Wynn Resorts during the 2nd quarter worth approximately $104,629,000. Finally, Norges Bank purchased a new position in Wynn Resorts during the 4th quarter worth approximately $122,696,000. Institutional investors and hedge funds own 88.64% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on WYNN. Stifel Nicolaus set a $143.00 price objective on Wynn Resorts in a report on Wednesday, August 5th. Argus lifted their target price on shares of Wynn Resorts from $115.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $137.00 price target on shares of Wynn Resorts in a research report on Friday, May 8th. Barclays increased their price target on shares of Wynn Resorts from $134.00 to $136.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Finally, Citigroup reissued a "buy" rating on shares of Wynn Resorts in a research report on Thursday, August 6th. One investment 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 stock. According to data from MarketBeat, Wynn Resorts has a consensus rating of "Moderate Buy" and a consensus price target of $134.19.

Wynn Resorts Trading Up 1.8%

Shares of WYNN stock opened at $95.26 on Friday. The business's 50 day moving average is $99.00 and its two-hundred day moving average is $102.44. Wynn Resorts, Limited has a twelve month low of $92.52 and a twelve month high of $134.72. The company has a market capitalization of $9.81 billion, a P/E 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 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. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the previous year, the company posted $1.09 earnings per share. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts predict that Wynn Resorts, Limited will post 4.65 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

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

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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