Raymond James Financial Inc. Purchases 111,428 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Raymond James Financial Inc. increased its holdings in Wynn Resorts by 12.7%, acquiring an additional 111,428 shares during the first quarter, thus owning approximately 0.95% of the company, valued at $82.83 million.
• Wynn Resorts recently announced a quarterly dividend of $0.25 per share, scheduled for payment on August 29th, with a dividend yield of 0.9%.
• Analysts have raised their price targets for Wynn Resorts, with Barclays increasing its target to $127.00 and twelve analysts currently rating the stock as a Moderate Buy.

Raymond James Financial Inc. lifted its holdings in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 12.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 992,022 shares of the casino operator's stock after acquiring an additional 111,428 shares during the period. Raymond James Financial Inc. owned approximately 0.95% of Wynn Resorts worth $82,834,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Dagco Inc. acquired a new position in shares of Wynn Resorts in the first quarter valued at about $25,000. Global X Japan Co. Ltd. grew its stake in shares of Wynn Resorts by 120.7% in the first quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator's stock valued at $27,000 after acquiring an additional 175 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Wynn Resorts by 3,408.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator's stock valued at $35,000 after acquiring an additional 409 shares in the last quarter. Garde Capital Inc. acquired a new position in shares of Wynn Resorts in the first quarter valued at about $73,000. Finally, Mather Group LLC. grew its stake in shares of Wynn Resorts by 32.7% in the first quarter. Mather Group LLC. now owns 896 shares of the casino operator's stock valued at $75,000 after acquiring an additional 221 shares in the last quarter. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $92.12, for a total value of $208,375.44. Following the sale, the director owned 3,066 shares in the company, valued at $282,439.92. This trade represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.52% of the stock is owned by corporate insiders.

Wynn Resorts Stock Up 4.3%

Shares of WYNN stock opened at $112.83 on Wednesday. Wynn Resorts, Limited has a twelve month low of $65.25 and a twelve month high of $112.91. The company has a market cap of $11.73 billion, a P/E ratio of 33.88, a P/E/G ratio of 5.75 and a beta of 1.41. The business has a fifty day simple moving average of $103.31 and a 200 day simple moving average of $90.94.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the prior year, the company earned $1.12 earnings per share. Wynn Resorts's quarterly revenue was up .6% compared to the same quarter last year. As a group, equities research analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, August 18th. Wynn Resorts's dividend payout ratio is currently 30.03%.

Analysts Set New Price Targets

WYNN has been the topic of a number of recent research reports. Barclays raised their price objective on Wynn Resorts from $101.00 to $127.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Bank of America upgraded Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Wednesday, May 7th. Mizuho raised their price objective on Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a research note on Monday, August 11th. Stifel Nicolaus raised 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, Citigroup restated a "neutral" rating and issued a $114.00 target price (up from $108.00) on shares of Wynn Resorts in a research report on Wednesday, July 9th. Twelve research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $118.64.

About Wynn Resorts

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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