Wedge Capital Management L L P NC Raises Stake in Wynn Resorts, Limited $WYNN

Key Points

• Wedge Capital Management L L P NC increased its stake in Wynn Resorts by 10% during Q2, acquiring an additional 5,684 shares, bringing its total to 62,491 shares valued at approximately $5.85 million.
• Recent analyst ratings show a positive outlook for Wynn Resorts, with a consensus rating of "Moderate Buy" and an average price target of $125.47 set by 14 analysts.
• Wynn Resorts announced a quarterly dividend of $0.25, reflecting an annualized yield of 0.8% and a payout ratio of 30.03%.

Wedge Capital Management L L P NC increased its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 10.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,491 shares of the casino operator's stock after purchasing an additional 5,684 shares during the period. Wedge Capital Management L L P NC owned 0.06% of Wynn Resorts worth $5,854,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of WYNN. Dagco Inc. acquired a new stake in shares of Wynn Resorts in the first quarter valued at about $25,000. AlphaQuest LLC acquired a new stake in shares of Wynn Resorts during the first quarter worth $25,000. Global X Japan Co. Ltd. raised its holdings in shares of Wynn Resorts by 120.7% during the first quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator's stock valued at $27,000 after acquiring an additional 175 shares during the period. Geneos Wealth Management Inc. grew its holdings in shares of Wynn Resorts by 69.0% during the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock valued at $32,000 after buying an additional 156 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Wynn Resorts by 3,408.3% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator's stock worth $35,000 after purchasing an additional 409 shares in the last quarter. Institutional investors and hedge funds own 88.64% of the company's stock.

Wynn Resorts Stock Up 0.7%

WYNN traded up $0.84 during trading on Friday, hitting $129.52. The company's stock had a trading volume of 3,328,065 shares, compared to its average volume of 1,976,245. The stock's fifty day moving average price is $115.10 and its 200-day moving average price is $96.72. Wynn Resorts, Limited has a twelve month low of $65.25 and a twelve month high of $130.84. The firm has a market capitalization of $13.47 billion, a P/E ratio of 38.90, a PEG ratio of 6.59 and a beta of 1.37.

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). The business had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. The business's quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.12 earnings per share. Equities research analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were issued a $0.25 dividend. The ex-dividend date was Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Wynn Resorts's payout ratio is 30.03%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. UBS Group upgraded Wynn Resorts from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $101.00 to $147.00 in a research note on Thursday, August 28th. Macquarie increased their price objective on shares of Wynn Resorts from $110.00 to $124.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Argus upgraded Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 price objective for the company in a research report on Wednesday, September 3rd. Jefferies Financial Group increased 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. Finally, Mizuho boosted their target price on Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a research report on Monday, August 11th. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $125.47.

Insider Buying and Selling at Wynn Resorts

In related news, Director Patricia Mulroy sold 4,438 shares of the business'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 owned 3,066 shares of the company's stock, valued at $383,250. The trade was a 59.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.52% of the company's stock.

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.