Wynn Resorts, Limited $WYNN Stake Cut by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors cut its Wynn Resorts stake by 98.7% in the second quarter, selling 805,353 shares and retaining 10,345 shares valued at approximately $1.0 million. Institutional investors collectively own 88.64% of the company.
• Analysts remain broadly positive, with an average “Moderate Buy” rating and a consensus price target of $133.35. Recent targets range from $125 to $138, despite Wynn shares opening at $84.22.
• Wynn exceeded quarterly expectations, reporting adjusted earnings of $1.24 per share versus a $0.99 estimate and revenue of $1.86 billion. The company also pays a quarterly dividend of $0.25 per share, representing a 1.2% annualized yield.

Sequoia Financial Advisors LLC lessened its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 98.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,345 shares of the casino operator's stock after selling 805,353 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Wynn Resorts were worth $1,004,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in WYNN. Tidal Investments LLC acquired a new stake in shares of Wynn Resorts during the second quarter worth approximately $278,000. Nykredit A S acquired a new position in Wynn Resorts in the 2nd quarter valued at approximately $307,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Wynn Resorts in the 2nd quarter valued at approximately $495,000. Wedmont Private Capital lifted its position in Wynn Resorts by 5.7% in the 2nd quarter. Wedmont Private Capital now owns 2,845 shares of the casino operator's stock worth $284,000 after buying an additional 154 shares in the last quarter. Finally, Operose Advisors LLC lifted its position in Wynn Resorts by 400.0% in the 2nd quarter. Operose Advisors LLC now owns 500 shares of the casino operator's stock worth $49,000 after buying an additional 400 shares in the last quarter. Institutional investors and hedge funds own 88.64% of the company's stock.

Analysts Set New Price Targets

WYNN has been the topic of several research analyst reports. Truist Financial assumed coverage on shares of Wynn Resorts in a report on Wednesday, July 8th. They set a "buy" rating and a $125.00 price target on the stock. Argus upped their price target on shares of Wynn Resorts from $115.00 to $130.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Citigroup reaffirmed a "buy" rating on shares of Wynn Resorts in a research report on Thursday, August 6th. Wolfe Research initiated coverage on Wynn Resorts in a report on Wednesday, September 2nd. They set an "outperform" rating and a $128.00 price target for the company. Finally, UBS Group reduced their price objective on Wynn Resorts from $145.00 to $138.00 and set a "buy" rating for the company in a research report on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Wynn Resorts presently has an average rating of "Moderate Buy" and a consensus price target of $133.35.

Wynn Resorts Stock Performance

NASDAQ WYNN opened at $84.22 on Thursday. Wynn Resorts, Limited has a twelve month low of $84.02 and a twelve month high of $134.72. The stock has a market cap of $8.67 billion, a PE ratio of 20.90, a PEG ratio of 1.04 and a beta of 1.00. The firm has a 50-day simple moving average of $96.59 and a 200 day simple moving average of $100.24.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.25. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.09 earnings per share. Research analysts forecast that Wynn Resorts, Limited will post 4.55 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.25 per share. The ex-dividend date was Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Wynn Resorts's payout ratio is currently 24.81%.

Wynn Resorts Company Profile

Wynn Resorts, Ltd. is a global luxury hospitality and entertainment company that develops and operates integrated resorts. Its properties combine casino gaming with hotel accommodations, fine dining, retail shopping, nightlife, entertainment, spas and meeting facilities.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Encore Macau in Macau. These properties serve leisure and business travelers, gaming customers and convention guests across the United States and Asia.

Founded in 2002 by casino executive Steve Wynn, Wynn Resorts has expanded its portfolio through destination resorts focused on premium service and design.

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