Price T Rowe Associates Inc. MD Trims Stake in Wynn Resorts, Limited $WYNN

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Wynn Resorts by 2.3%, now holding 799,247 shares valued at approximately $66.7 million.
• Wynn Resorts reported earnings per share of $1.09 for the last quarter, missing estimates and showing a year-over-year revenue increase of just 0.6%.
• The company recently announced a dividend of $0.25 per share, reflecting a 0.8% dividend yield and a payout ratio of 30.03%.

Price T Rowe Associates Inc. MD lessened its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 2.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 799,247 shares of the casino operator's stock after selling 18,594 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.76% of Wynn Resorts worth $66,738,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Dagco Inc. purchased a new position in shares of Wynn Resorts in the first quarter valued at $25,000. Global X Japan Co. Ltd. lifted its position in Wynn Resorts by 120.7% during the first 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. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Wynn Resorts by 3,408.3% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator's stock worth $35,000 after buying an additional 409 shares in the last quarter. Garde Capital Inc. purchased a new position in shares of Wynn Resorts in the 1st quarter worth $73,000. Finally, Mather Group LLC. increased its holdings in shares of Wynn Resorts by 32.7% in the 1st quarter. Mather Group LLC. now owns 896 shares of the casino operator's stock worth $75,000 after buying an additional 221 shares during the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wynn Resorts Stock Up 0.0%

WYNN traded up $0.01 during trading hours on Friday, reaching $126.75. 2,594,737 shares of the company's stock traded hands, compared to its average volume of 2,171,854. The firm has a 50-day moving average price of $108.39 and a 200 day moving average price of $92.97. The firm has a market capitalization of $13.18 billion, a PE ratio of 38.06, a PEG ratio of 6.74 and a beta of 1.41. Wynn Resorts, Limited has a 52-week low of $65.25 and a 52-week high of $128.53.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its 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). The business had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the business posted $1.12 earnings per share. Equities analysts predict that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. Wynn Resorts's dividend payout ratio (DPR) is presently 30.03%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. The Goldman Sachs Group initiated coverage on shares of Wynn Resorts in a report on Monday, July 7th. They issued a "buy" rating and a $122.00 price target for the company. Mizuho upped their price objective on Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a research report on Monday, August 11th. Jefferies Financial Group lifted their target price on Wynn Resorts from $130.00 to $133.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Barclays boosted their target price on Wynn Resorts from $101.00 to $127.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Finally, Bank of America upgraded Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 price target for the company in a research report on Wednesday, May 7th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $121.93.

Wynn Resorts Company 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.