Russell Investments Group Ltd. Sells 42,423 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Russell Investments Group Ltd. has reduced its stake in Wynn Resorts by 60.1%, now holding 28,148 shares valued at approximately $2.34 million.
• Wynn Resorts reported a missed earnings target for the quarter with earnings per share of $1.09, below the expected $1.20, while revenue slightly increased by 0.6% year-over-year.
• The company announced a quarterly dividend of $0.25 per share, which translates to an annualized dividend yield of 0.8%.

Russell Investments Group Ltd. lowered its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 60.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,148 shares of the casino operator's stock after selling 42,423 shares during the quarter. Russell Investments Group Ltd.'s holdings in Wynn Resorts were worth $2,343,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. increased its position in shares of Wynn Resorts by 120.7% during the 1st quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator's stock valued at $27,000 after purchasing an additional 175 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Wynn Resorts by 3,408.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator's stock valued at $35,000 after purchasing an additional 409 shares during the last quarter. Garde Capital Inc. purchased a new stake in Wynn Resorts in the 1st quarter worth approximately $73,000. Mather Group LLC. increased its holdings in Wynn Resorts by 32.7% in the 1st quarter. Mather Group LLC. now owns 896 shares of the casino operator's stock worth $75,000 after acquiring an additional 221 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in Wynn Resorts by 49.0% in the 1st quarter. Bessemer Group Inc. now owns 994 shares of the casino operator's stock worth $83,000 after acquiring an additional 327 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company's stock.

Analyst Upgrades and Downgrades

WYNN has been the subject of several analyst reports. UBS Group raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating and increased their target price for the stock from $101.00 to $147.00 in a report on Thursday. Citigroup reissued a "neutral" rating and issued a $114.00 target price (up from $108.00) on shares of Wynn Resorts in a report on Wednesday, July 9th. JPMorgan Chase & Co. initiated coverage on shares of Wynn Resorts in a report on Monday, June 23rd. They issued an "overweight" rating and a $109.00 target price for the company. Macquarie increased their target price 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. Finally, Mizuho increased their target price on shares of Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a report on Monday, August 11th. Thirteen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Wynn Resorts currently has a consensus rating of "Moderate Buy" and an average price target of $121.93.

Wynn Resorts Price Performance

Shares of NASDAQ WYNN traded up $3.54 during midday trading on Thursday, reaching $126.74. 2,236,692 shares of the stock traded hands, compared to its average volume of 2,239,087. The stock has a market capitalization of $13.18 billion, a PE ratio of 38.06, a P/E/G ratio of 6.55 and a beta of 1.41. Wynn Resorts, Limited has a one year low of $65.25 and a one year high of $126.88. The company's 50 day moving average is $107.63 and its 200 day moving average is $92.63.

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

Wynn Resorts Dividend Announcement

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

About Wynn Resorts

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.