Van ECK Associates Corp Sells 35,909 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Van ECK Associates reduced its Wynn Resorts stake by 62.8% in the second quarter, selling 35,909 shares and retaining 21,257 shares valued at approximately $2.06 million.
• Wynn Resorts reported stronger-than-expected quarterly results, with $1.24 in earnings per share and $1.86 billion in revenue, representing 6.9% year-over-year growth.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $133.82, while the company continues to pay a quarterly dividend of $0.25.

Van ECK Associates Corp trimmed its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 62.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,257 shares of the casino operator's stock after selling 35,909 shares during the quarter. Van ECK Associates Corp's holdings in Wynn Resorts were worth $2,064,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hantz Financial Services Inc. boosted its stake in shares of Wynn Resorts by 54.9% during the 4th quarter. Hantz Financial Services Inc. now owns 251 shares of the casino operator's stock worth $30,000 after purchasing an additional 89 shares during the period. MUFG Securities EMEA plc bought a new stake in Wynn Resorts in the second quarter worth about $25,000. SHP Wealth Management purchased a new position in shares of Wynn Resorts during the fourth quarter valued at approximately $32,000. International Assets Investment Management LLC bought a new position in shares of Wynn Resorts during the fourth quarter valued at approximately $34,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of 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 period. Hedge funds and other institutional investors own 88.64% of the company's stock.

Wynn Resorts Price Performance

Shares of Wynn Resorts stock opened at $91.54 on Friday. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.10 and a beta of 1.00. The firm's 50-day moving average is $97.90 and its two-hundred day moving average is $101.64. Wynn Resorts, Limited has a 1 year low of $89.44 and a 1 year high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The casino operator reported $1.24 EPS 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 period in the previous year, the company posted $1.09 earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. On average, equities analysts expect that Wynn Resorts, Limited will post 4.55 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The company also recently announced 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 was Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Wynn Resorts's dividend payout ratio (DPR) is 24.81%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on WYNN shares. Weiss Ratings restated a "hold (c)" rating on shares of Wynn Resorts in a report on Wednesday, June 24th. Wells Fargo & Company lowered their target price on shares of Wynn Resorts from $141.00 to $131.00 and set an "overweight" rating for the company in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $137.00 price target on shares of Wynn Resorts in a report on Friday, May 8th. Zacks Research raised shares of Wynn Resorts from a "strong sell" rating to a "hold" rating in a research note on Monday, August 10th. Finally, Truist Financial began coverage on shares of Wynn Resorts in a report on Wednesday, July 8th. They set a "buy" rating and a $125.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned 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 $133.82.

Wynn Resorts Profile

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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