Long Pond Capital LP Sells 222,697 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Long Pond Capital LP reduced its stake in Wynn Resorts by 29.2%, now holding 539,200 shares, which represents 2.9% of its investment portfolio.
• Wynn Resorts announced a quarterly dividend of $0.25 per share, with a dividend yield of 0.9% and a payout ratio of 30.03%.
• The company's stock price opened at $114.31 with a market cap of $11.89 billion, following a quarterly earnings report that missed analyst expectations by ($0.11) per share.

Long Pond Capital LP trimmed its stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 29.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 539,200 shares of the casino operator's stock after selling 222,697 shares during the period. Wynn Resorts accounts for approximately 2.9% of Long Pond Capital LP's holdings, making the stock its 16th largest position. Long Pond Capital LP owned about 0.52% of Wynn Resorts worth $45,023,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Jericho Capital Asset Management L.P. bought a new stake in Wynn Resorts during the fourth quarter valued at about $101,375,000. DAVENPORT & Co LLC bought a new stake in Wynn Resorts during the first quarter valued at about $49,476,000. Nuveen LLC bought a new stake in Wynn Resorts during the first quarter valued at about $41,731,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Wynn Resorts by 18.4% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock valued at $269,308,000 after acquiring an additional 485,204 shares during the period. Finally, Deutsche Bank AG raised its holdings in Wynn Resorts by 108.5% during the fourth quarter. Deutsche Bank AG now owns 848,636 shares of the casino operator's stock valued at $73,118,000 after acquiring an additional 441,558 shares during the period. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

Wynn Resorts Trading Up 2.9%

Shares of NASDAQ:WYNN traded up $3.54 during trading on Thursday, reaching $126.74. The company's stock had a trading volume of 2,236,692 shares, compared to its average volume of 2,239,087. Wynn Resorts, Limited has a 12 month low of $65.25 and a 12 month high of $126.88. The firm's 50 day simple moving average is $107.63 and its two-hundred day simple moving average is $92.63. The stock has a market capitalization of $13.18 billion, a PE ratio of 38.06, a price-to-earnings-growth ratio of 6.55 and a beta of 1.41.

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 net margin of 5.51% and a negative return on equity of 56.78%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period in the previous year, the business posted $1.12 EPS. The firm's revenue was up .6% on a year-over-year basis. Research analysts anticipate that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Wynn Resorts's dividend payout ratio (DPR) is presently 30.03%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on WYNN. UBS Group raised Wynn Resorts from a "neutral" rating to a "buy" rating and raised their price target for the company from $101.00 to $147.00 in a report on Thursday. JPMorgan Chase & Co. began coverage on Wynn Resorts in a report on Monday, June 23rd. They set an "overweight" rating and a $109.00 price target on the stock. Barclays raised their price target on Wynn Resorts from $101.00 to $127.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Stifel Nicolaus raised their price objective on Wynn Resorts from $113.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Finally, Jefferies Financial Group raised their price objective on Wynn Resorts from $130.00 to $133.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Wynn Resorts has a consensus rating of "Moderate Buy" and an average price target of $121.93.

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.