Royal Bank of Canada Reduces Stake in Wynn Resorts, Limited $WYNN

Key Points

• Royal Bank of Canada has reduced its stake in Wynn Resorts by 18.9%, selling 41,280 shares and currently owning about 0.17% of the company.
• Wynn Resorts reported a net margin of 5.51% for the last quarter, missing earnings expectations with $1.09 EPS compared to the consensus estimate of $1.20.
• The company declared a quarterly dividend of $0.25 per share, representing an annualized dividend of $1.00 and a dividend yield of 0.8%.

Royal Bank of Canada lessened its position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 18.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 177,114 shares of the casino operator's stock after selling 41,280 shares during the quarter. Royal Bank of Canada owned approximately 0.17% of Wynn Resorts worth $14,789,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WYNN. DAVENPORT & Co LLC bought a new stake in shares of Wynn Resorts in the 1st quarter worth $49,476,000. Nuveen LLC bought a new stake in shares of Wynn Resorts in the 1st quarter worth $41,731,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of 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 worth $269,308,000 after purchasing an additional 485,204 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Wynn Resorts by 758.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 386,721 shares of the casino operator's stock worth $32,291,000 after purchasing an additional 341,688 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Wynn Resorts by 9,135.7% in the 1st quarter. GAMMA Investing LLC now owns 266,449 shares of the casino operator's stock worth $22,248,000 after buying an additional 263,564 shares during the last quarter. Institutional investors own 88.64% of the company's stock.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $122.90 on Thursday. Wynn Resorts, Limited has a 1 year low of $65.25 and a 1 year high of $128.53. The business has a 50 day simple moving average of $112.96 and a two-hundred day simple moving average of $94.93. The firm has a market capitalization of $12.78 billion, a PE ratio of 36.91, a price-to-earnings-growth ratio of 6.25 and a beta of 1.37.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.11). Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. The business had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.74 billion. During the same quarter last year, the firm earned $1.12 EPS. The firm's quarterly revenue was up .6% on a year-over-year basis. Equities research analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The company 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. The ex-dividend date was Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Wynn Resorts's payout ratio is presently 30.03%.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, Director Patricia Mulroy sold 4,438 shares of the business'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 completion of 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 Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.52% of the company's stock.

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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