TD Asset Management Inc Lowers Stake in Wynn Resorts, Limited $WYNN

Key Points

• TD Asset Management Inc significantly reduced its stake in Wynn Resorts, selling 15,096 shares to bring their total holdings down by 48.4% to 16,065 shares, valued at approximately $1.5 million.
• Wynn Resorts received multiple upgrades from analysts, with price targets raised, resulting in an average target price of $129.64 and a consensus rating of “Moderate Buy.”
• In the latest earnings report, Wynn Resorts missed analysts' expectations with earnings of $1.09 per share, while reporting revenue of $1.74 billion, which was in line with estimates.

TD Asset Management Inc reduced its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 48.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,065 shares of the casino operator's stock after selling 15,096 shares during the period. TD Asset Management Inc's holdings in Wynn Resorts were worth $1,505,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Dagco Inc. purchased a new position in Wynn Resorts in the first quarter worth about $25,000. AlphaQuest LLC purchased a new position in Wynn Resorts in the first quarter worth about $25,000. Geneos Wealth Management Inc. raised its holdings in Wynn Resorts by 69.0% in the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock worth $32,000 after buying an additional 156 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in Wynn Resorts in the second quarter worth about $43,000. Finally, Mather Group LLC. raised its holdings in Wynn Resorts by 32.7% in the first quarter. Mather Group LLC. now owns 896 shares of the casino operator's stock worth $75,000 after buying an additional 221 shares during the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WYNN. Mizuho boosted their price objective on shares of Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a report on Monday, August 11th. Jefferies Financial Group boosted their price objective on shares of Wynn Resorts from $130.00 to $133.00 and gave the company a "buy" rating in a report on Monday, August 11th. Stifel Nicolaus boosted their price objective on shares of Wynn Resorts from $130.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, September 18th. Barclays boosted their target price on shares of Wynn Resorts from $101.00 to $127.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Finally, Argus upgraded shares of Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 target price for the company in a research report on Wednesday, September 3rd. Thirteen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $129.64.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total value of $554,750.00. Following the completion of the transaction, the director directly owned 3,066 shares in the company, valued at $383,250. This represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.52% of the stock is currently owned by insiders.

Wynn Resorts Trading Down 1.4%

Shares of NASDAQ WYNN opened at $119.39 on Thursday. The firm has a 50 day moving average of $121.82 and a 200 day moving average of $102.84. The firm has a market capitalization of $12.41 billion, a price-to-earnings ratio of 35.85, a price-to-earnings-growth ratio of 4.95 and a beta of 1.31. Wynn Resorts, Limited has a 12-month low of $65.25 and a 12-month high of $134.23.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). The firm 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 for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.12 earnings per share. Sell-side analysts predict that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Monday, August 18th were given 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 was Monday, August 18th. Wynn Resorts's dividend payout ratio is presently 30.03%.

Wynn Resorts Company 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.

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