Wynn Resorts, Limited $WYNN Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly reduced its stake in Wynn Resorts by 99.4%, selling 384,377 shares, and holding only 2,344 shares worth approximately $220,000 at the end of the second quarter.
• Wynn Resorts' stock has a market cap of $13.41 billion, with a current stock price of $128.97, and it recorded a quarterly revenue of $1.74 billion, matching analysts' expectations.
• The company recently announced a quarterly dividend of $0.25 per share, representing an annualized yield of 0.8%, with a payout ratio currently at 30.03%.

Assenagon Asset Management S.A. trimmed its position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 99.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,344 shares of the casino operator's stock after selling 384,377 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Wynn Resorts were worth $220,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Exchange Traded Concepts LLC raised its stake in Wynn Resorts by 19.8% during the 2nd quarter. Exchange Traded Concepts LLC now owns 22,731 shares of the casino operator's stock worth $2,129,000 after acquiring an additional 3,752 shares in the last quarter. Wedmont Private Capital acquired a new stake in Wynn Resorts during the 2nd quarter worth $245,000. Czech National Bank raised its stake in Wynn Resorts by 4.6% during the 2nd quarter. Czech National Bank now owns 21,511 shares of the casino operator's stock worth $2,015,000 after acquiring an additional 938 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in Wynn Resorts by 30.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 15,873 shares of the casino operator's stock worth $1,487,000 after acquiring an additional 3,723 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Wynn Resorts during the 1st quarter worth $7,515,000. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Wynn Resorts Trading Up 2.5%

WYNN stock opened at $128.97 on Monday. The company has a market cap of $13.41 billion, a P/E ratio of 38.73, a P/E/G ratio of 6.56 and a beta of 1.37. Wynn Resorts, Limited has a 52 week low of $65.25 and a 52 week high of $130.84. The company's 50-day moving average price is $116.82 and its 200 day moving average price is $98.12.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings data 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 company had revenue of $1.74 billion for the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm's quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.12 EPS. On average, equities research analysts expect that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Dividend Announcement

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

Wall Street Analyst Weigh In

WYNN has been the topic of several research analyst reports. Macquarie lifted their price target on shares of Wynn Resorts from $110.00 to $124.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. UBS Group upgraded shares of Wynn Resorts from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $101.00 to $147.00 in a research note on Thursday, August 28th. The Goldman Sachs Group started coverage on shares of Wynn Resorts in a research note on Monday, July 7th. They set a "buy" rating and a $122.00 price target on the stock. Mizuho raised their price objective on shares of Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a research report on Monday, August 11th. Finally, Stifel Nicolaus raised their price objective on shares of Wynn Resorts from $130.00 to $145.00 and gave the stock a "buy" rating in a research report on Thursday, September 18th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Wynn Resorts currently has a consensus rating of "Moderate Buy" and a consensus price target of $125.47.

Insider Buying and Selling

In related news, Director Patricia Mulroy sold 4,438 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total transaction of $554,750.00. Following the sale, the director owned 3,066 shares of the company's stock, valued at approximately $383,250. The trade was a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate 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.

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