State Street Corp Acquires 77,416 Shares of Wynn Resorts, Limited $WYNN

Key Points

• State Street increased its Wynn Resorts stake by 2.6%, purchasing 77,416 additional shares to hold 3.05 million shares valued at approximately $295.9 million. Institutional investors collectively own 88.64% of WYNN.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $133.35. Recent targets range from $128 to $143, despite one-year stock weakness.
• Wynn Resorts reported quarterly revenue of $1.86 billion and earnings of $1.24 per share, exceeding estimates, while revenue rose 6.9% year over year. The company also pays a quarterly dividend of $0.25, equivalent to a 1.2% annual yield.

State Street Corp lifted its holdings in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 2.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,047,930 shares of the casino operator's stock after purchasing an additional 77,416 shares during the period. State Street Corp owned about 2.96% of Wynn Resorts worth $295,924,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Tidal Investments LLC bought a new position in shares of Wynn Resorts in the 2nd quarter worth $278,000. Nykredit A S purchased a new stake in shares of Wynn Resorts during the second quarter valued at about $307,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Wynn Resorts during the second quarter valued at about $495,000. Wedmont Private Capital boosted its holdings in shares of Wynn Resorts by 5.7% in the 2nd quarter. Wedmont Private Capital now owns 2,845 shares of the casino operator's stock valued at $284,000 after buying an additional 154 shares in the last quarter. Finally, Operose Advisors LLC boosted its holdings in shares of Wynn Resorts by 400.0% in the 2nd quarter. Operose Advisors LLC now owns 500 shares of the casino operator's stock valued at $49,000 after buying an additional 400 shares in the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WYNN has been the subject of several recent analyst reports. Zacks Research upgraded shares of Wynn Resorts from a "strong sell" rating to a "hold" rating in a research note on Monday, August 10th. Morgan Stanley reaffirmed an "overweight" rating and issued a $128.00 price target on shares of Wynn Resorts in a report on Wednesday, July 22nd. UBS Group lowered their price objective on shares of Wynn Resorts from $145.00 to $138.00 and set a "buy" rating for the company in a research note on Friday, September 11th. Stifel Nicolaus set a $143.00 price objective on shares of Wynn Resorts in a report on Wednesday, August 5th. Finally, Barclays increased their price target on shares of Wynn Resorts from $134.00 to $136.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $133.35.

Trending Headlines about Wynn Resorts

Here are the key news stories impacting Wynn Resorts this week:

• Positive Sentiment: Wynn Resorts’ CEO and CFO voluntarily agreed to reduce their base salaries by 10% in exchange for common-stock options. The move could modestly reduce costs and aligns executive compensation more closely with shareholder returns, although the options may create some dilution. Wynn Resorts CEO and CFO salary reduction article
• Positive Sentiment: Brokerages collectively maintain a “Moderate Buy” rating on WYNN. Continued analyst support may provide a valuation cushion after the stock’s recent decline, though the rating is not an outright consensus “Strong Buy.” Wynn Resorts Moderate Buy rating article
• Neutral Sentiment: Wynn’s subsidiaries announced $900 million of senior notes due in 2035 as part of a debt-refinancing effort. Extending maturities can improve liquidity and reduce near-term refinancing risk, but the financing also highlights the company’s substantial leverage and future interest obligations. Wynn Resorts issues senior notes article Wynn Resorts debt refinancing article
• Neutral Sentiment: Reports noted a prior 2% advance in Wynn Resorts stock, but that move is historical rather than a new fundamental catalyst. Wynn Resorts prior stock gain article
• Negative Sentiment: WYNN recently reached a new one-year low. The technical weakness can reinforce selling pressure and suggests investors remain cautious despite the company’s favorable analyst ratings. Wynn Resorts one-year low article

Wynn Resorts Stock Performance

WYNN stock opened at $81.45 on Thursday. The firm has a market cap of $8.39 billion, a PE ratio of 20.21, a P/E/G ratio of 0.99 and a beta of 1.00. The firm's fifty day moving average is $95.05 and its 200 day moving average is $99.46. Wynn Resorts, Limited has a one year low of $80.80 and a one year high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.25. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the prior year, the firm posted $1.09 earnings per share. The company's revenue was up 6.9% compared to the same quarter last year. Research analysts predict that Wynn Resorts, Limited will post 4.55 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Wynn Resorts's dividend payout ratio (DPR) is currently 24.81%.

Wynn Resorts Company Profile

Wynn Resorts, Ltd. is a global luxury hospitality and entertainment company that develops and operates integrated resorts. Its properties combine casino gaming with hotel accommodations, fine dining, retail shopping, nightlife, entertainment, spas and meeting facilities.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Encore Macau in Macau. These properties serve leisure and business travelers, gaming customers and convention guests across the United States and Asia.

Founded in 2002 by casino executive Steve Wynn, Wynn Resorts has expanded its portfolio through destination resorts focused on premium service and design.

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