Quarry LP Reduces Stock Position in Wynn Resorts, Limited $WYNN

Key Points

• Quarry LP significantly reduced its stake in Wynn Resorts by 80.1%, owning only 782 shares after selling 3,150 shares in the first quarter.
• Insider activity included Director Patricia Mulroy selling 4,438 shares at $125.00, reflecting a 59.14% decrease in her ownership of the stock.
• Analysts have raised their price targets for Wynn Resorts, with ratings reflecting a consensus average price target of $123.47 and many giving a "Buy" rating.

Quarry LP reduced its position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 80.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 782 shares of the casino operator's stock after selling 3,150 shares during the quarter. Quarry LP's holdings in Wynn Resorts were worth $65,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. DAVENPORT & Co LLC acquired a new stake in Wynn Resorts during the first quarter worth approximately $49,476,000. Nuveen LLC bought a new position in shares of Wynn Resorts in the 1st quarter worth $41,731,000. Barrow Hanley Mewhinney & Strauss LLC grew its position in Wynn Resorts by 18.4% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock valued at $269,308,000 after purchasing an additional 485,204 shares during the period. Deutsche Bank AG increased its stake in Wynn Resorts by 108.5% during the 4th quarter. Deutsche Bank AG now owns 848,636 shares of the casino operator's stock valued at $73,118,000 after purchasing an additional 441,558 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Wynn Resorts by 758.8% during the first quarter. Assenagon Asset Management S.A. now owns 386,721 shares of the casino operator's stock worth $32,291,000 after buying an additional 341,688 shares during the last quarter. Institutional investors own 88.64% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on WYNN. Morgan Stanley lifted their price objective on shares of Wynn Resorts from $111.00 to $113.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. UBS Group raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating and raised their price target for the company from $101.00 to $147.00 in a research report on Thursday, August 28th. The Goldman Sachs Group began coverage on Wynn Resorts in a report on Monday, July 7th. They set a "buy" rating and a $122.00 price objective for the company. Stifel Nicolaus increased their price objective on Wynn Resorts from $113.00 to $130.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Mizuho lifted their target price on Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a research report on Monday, August 11th. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Wynn Resorts has a consensus rating of "Moderate Buy" and an average price target of $123.47.

Wynn Resorts Stock Down 1.6%

WYNN traded down $1.99 during trading on Friday, hitting $120.90. 2,439,928 shares of the company traded hands, compared to its average volume of 2,132,621. Wynn Resorts, Limited has a one year low of $65.25 and a one year high of $128.53. The stock's fifty day moving average is $111.62 and its 200 day moving average is $94.32. The firm has a market cap of $12.57 billion, a P/E ratio of 36.31, a price-to-earnings-growth ratio of 6.22 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The casino operator reported $1.09 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.11). The company had revenue of $1.74 billion during 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 business's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 EPS. On average, equities research analysts forecast that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

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

Insider Buying and Selling

In related news, Director Patricia Mulroy sold 4,438 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the transaction, the director owned 3,066 shares in the company, valued at approximately $383,250. This represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.52% of the company's stock.

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.