Wynn Resorts, Limited $WYNN Stock: Banque Pictet & Cie SA Trims Position

Key Points

• Banque Pictet & Cie SA cut its Wynn Resorts stake by 75% in the third quarter, selling 64,272 shares and retaining 21,368 shares valued at approximately $1.7 million.
• Wynn Resorts reported quarterly revenue of $1.86 billion and earnings of $1.24 per share, exceeding analyst expectations; revenue increased 6.9% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $130.12, while the stock recently traded at $75.60.

Banque Pictet & Cie SA decreased its position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 75.0% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 21,368 shares of the casino operator's stock after selling 64,272 shares during the period. Banque Pictet & Cie SA's holdings in Wynn Resorts were worth $1,697,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SHP Wealth Management acquired a new stake in Wynn Resorts during the 4th quarter valued at $32,000. Operose Advisors LLC lifted its holdings in shares of Wynn Resorts by 400.0% in the second quarter. Operose Advisors LLC now owns 500 shares of the casino operator's stock valued at $49,000 after purchasing an additional 400 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Wynn Resorts by 18.5% in the first quarter. Parallel Advisors LLC now owns 756 shares of the casino operator's stock worth $77,000 after buying an additional 118 shares during the period. Optiver Holding B.V. acquired a new stake in shares of Wynn Resorts in the first quarter worth $90,000. Finally, GKV Capital Management Co. Inc. acquired a new stake in shares of Wynn Resorts in the first quarter worth $102,000. Institutional investors and hedge funds own 88.64% of the company's stock.

Wynn Resorts Stock Performance

Shares of WYNN opened at $75.60 on Friday. The company has a market capitalization of $7.78 billion, a PE ratio of 18.76, a PEG ratio of 0.91 and a beta of 0.96. The company's 50 day moving average price is $87.79 and its 200 day moving average price is $96.62. Wynn Resorts, Limited has a 52 week low of $73.07 and a 52 week high of $134.72.

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

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, August 14th. Wynn Resorts's payout ratio is currently 24.81%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their price target on Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. The Goldman Sachs Group set a $102.00 price target on Wynn Resorts in a research report on Tuesday. Stifel Nicolaus set a $143.00 price objective on Wynn Resorts in a research note on Wednesday, August 5th. Wolfe Research started coverage on Wynn Resorts in a research report on Wednesday, September 2nd. They set an "outperform" rating and a $128.00 price objective for the company. Finally, UBS Group decreased 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 research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $130.12.

Wynn Resorts Profile

Wynn Resorts, Ltd. is a developer and operator of luxury integrated resorts that combine casino gaming, hotel accommodations, fine dining, entertainment, retail, and convention facilities. Its properties are designed to serve leisure travelers, convention visitors, and gaming customers.

The company operates Wynn and Encore resorts in Las Vegas, Nevada; Wynn Macau and Wynn Palace in Macau; and Encore Boston Harbor in Everett, Massachusetts. These properties offer casino floors, guest rooms and suites, restaurants, spas, theaters and other amenities, with operations serving customers from the United States, China and international markets.

Wynn Resorts was founded in 2002 by Steve Wynn, who previously helped develop major casino resorts in Las Vegas and Macau.

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