Royal Bank of Canada Sells 121,622 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Royal Bank of Canada reduced its Wynn Resorts stake by 62.3%, selling 121,622 shares and retaining 73,581 shares valued at approximately $7.47 million. Institutional investors collectively own 88.64% of the company.
• Analysts remain broadly positive, with an overall “Moderate Buy” rating and an average price target of $134.19, despite several brokerages lowering their targets.
• Wynn Resorts reported quarterly earnings of $1.24 per share, beating estimates of $0.99, while revenue rose 6.9% year over year to $1.86 billion. The company also declared a quarterly dividend of $0.25 per share, representing a 1.0% annualized yield.

Royal Bank of Canada trimmed its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 62.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 73,581 shares of the casino operator's stock after selling 121,622 shares during the quarter. Royal Bank of Canada owned approximately 0.07% of Wynn Resorts worth $7,473,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Wynn Resorts by 10.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,961 shares of the casino operator's stock worth $665,000 after buying an additional 754 shares during the period. Woodline Partners LP increased its position in Wynn Resorts by 36.2% in the 1st quarter. Woodline Partners LP now owns 7,568 shares of the casino operator's stock valued at $632,000 after acquiring an additional 2,012 shares during the period. Geneos Wealth Management Inc. increased its position in Wynn Resorts by 69.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock valued at $32,000 after acquiring an additional 156 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Wynn Resorts by 13.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,659 shares of the casino operator's stock valued at $155,000 after acquiring an additional 201 shares during the last quarter. Finally, Guggenheim Capital LLC raised its stake in shares of Wynn Resorts by 9.5% during the second quarter. Guggenheim Capital LLC now owns 10,008 shares of the casino operator's stock valued at $937,000 after acquiring an additional 868 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on WYNN. JPMorgan Chase & Co. reduced their price objective on shares of Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. Bank of America cut their target price on Wynn Resorts from $150.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Morgan Stanley reiterated an "overweight" rating and issued a $128.00 price target on shares of Wynn Resorts in a research report on Wednesday, July 22nd. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $137.00 price target on shares of Wynn Resorts in a research note on Friday, May 8th. Finally, Wells Fargo & Company cut their price objective on Wynn Resorts from $141.00 to $131.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $134.19.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $102.50 on Tuesday. The company has a market capitalization of $10.64 billion, a price-to-earnings ratio of 25.43, a P/E/G ratio of 1.00 and a beta of 1.01. The business's 50-day moving average is $100.45 and its 200-day moving average is $103.60. Wynn Resorts, Limited has a 1 year low of $92.52 and a 1 year high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, topping the consensus estimate of $0.99 by $0.25. The business had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The firm's revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.09 earnings per share. Analysts anticipate that Wynn Resorts, Limited will post 4.54 EPS for the current year.

Wynn Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. Wynn Resorts's dividend payout ratio (DPR) is 24.81%.

About Wynn Resorts

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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