Vanguard Group Inc. Sells 796,929 Shares of Wynn Resorts, Limited (NASDAQ:WYNN)

Key Points

• Vanguard Group Inc. reduced its stakes in Wynn Resorts by 7.8%, selling 796,929 shares and retaining a total of 9,450,330 shares, valued at approximately $789 million.
• Several analysts updated their price targets for Wynn Resorts, with Mizuho increasing theirs from $122 to $126 and Jefferies raising it from $130 to $133, indicating a strong consensus of "Moderate Buy."
• Wynn Resorts announced a quarterly dividend of $0.25 per share, translating to an annualized yield of 0.9%, with the dividend payout ratio at 30.03%.

Vanguard Group Inc. lessened its holdings in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,450,330 shares of the casino operator's stock after selling 796,929 shares during the period. Vanguard Group Inc. owned 8.90% of Wynn Resorts worth $789,103,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. American Assets Inc. grew its holdings in Wynn Resorts by 52.2% during the fourth quarter. American Assets Inc. now owns 10,200 shares of the casino operator's stock valued at $879,000 after purchasing an additional 3,500 shares during the last quarter. Treasurer of the State of North Carolina boosted its holdings in shares of Wynn Resorts by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 44,918 shares of the casino operator's stock worth $3,870,000 after buying an additional 280 shares during the period. Sterling Capital Management LLC grew its stake in Wynn Resorts by 52.9% in the 4th quarter. Sterling Capital Management LLC now owns 5,724 shares of the casino operator's stock valued at $493,000 after buying an additional 1,981 shares during the last quarter. Canada Post Corp Registered Pension Plan bought a new position in Wynn Resorts in the 4th quarter worth $45,000. Finally, Jump Financial LLC lifted its position in Wynn Resorts by 122.4% during the 4th quarter. Jump Financial LLC now owns 5,127 shares of the casino operator's stock worth $442,000 after acquiring an additional 2,822 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on WYNN shares. Mizuho raised their price target on Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a research report on Monday. Citigroup restated a "neutral" rating and set a $114.00 target price (up previously from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. Morgan Stanley lifted their price target on Wynn Resorts from $111.00 to $113.00 and gave the stock an "overweight" rating in a research report on Tuesday. The Goldman Sachs Group started coverage on Wynn Resorts in a report on Monday, July 7th. They set a "buy" rating and a $122.00 price target for the company. Finally, Jefferies Financial Group raised their price objective on shares of Wynn Resorts from $130.00 to $133.00 and gave the stock a "buy" rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $118.64.

Wynn Resorts Price Performance

Shares of Wynn Resorts stock opened at $112.49 on Wednesday. Wynn Resorts, Limited has a 52-week low of $65.25 and a 52-week high of $112.57. The firm has a market capitalization of $11.70 billion, a PE ratio of 33.78, a price-to-earnings-growth ratio of 2.99 and a beta of 1.41. The company's fifty day moving average price is $100.72 and its two-hundred day moving average price is $90.08.

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

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Monday, August 18th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, August 18th. Wynn Resorts's dividend payout ratio is 30.03%.

Insiders Place Their Bets

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of Wynn Resorts stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $92.12, for a total transaction of $208,375.44. Following the completion of the transaction, the director directly owned 3,066 shares of the company's stock, valued at approximately $282,439.92. This trade represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.52% of the stock is owned by company insiders.

Wynn Resorts 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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