Wynn Resorts, Limited $WYNN Stock Position Reduced by Townsend Asset Management Corp NC ADV

Key Points

• Townsend Asset Management Corp NC ADV reduced its holdings in Wynn Resorts by 4.9%, selling 2,179 shares, with the position now worth approximately $3.97 million.
• Several institutional investors, including Regal Partners Ltd and Assenagon Asset Management S.A., have increased their stakes in Wynn Resorts, indicating a strong interest from the investment community.
• Wynn Resorts reported $1.09 EPS for the last quarter, missing estimates, with a revenue of $1.74 billion, showing a year-over-year increase of 0.6%.

Townsend Asset Management Corp NC ADV decreased its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,361 shares of the casino operator's stock after selling 2,179 shares during the quarter. Wynn Resorts makes up approximately 1.4% of Townsend Asset Management Corp NC ADV's holdings, making the stock its 22nd biggest holding. Townsend Asset Management Corp NC ADV's holdings in Wynn Resorts were worth $3,968,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Regal Partners Ltd boosted its position in Wynn Resorts by 21.5% during the 1st quarter. Regal Partners Ltd now owns 1,091,578 shares of the casino operator's stock worth $91,147,000 after acquiring an additional 192,873 shares during the period. Raymond James Financial Inc. lifted its stake in Wynn Resorts by 12.7% during the first quarter. Raymond James Financial Inc. now owns 992,022 shares of the casino operator's stock valued at $82,834,000 after purchasing an additional 111,428 shares during the last quarter. DAVENPORT & Co LLC bought a new stake in shares of Wynn Resorts during the 1st quarter worth $49,476,000. Nuveen LLC purchased a new position in Wynn Resorts in the 1st quarter worth about $41,731,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Wynn Resorts by 758.8% during the first quarter. Assenagon Asset Management S.A. now owns 386,721 shares of the casino operator's stock valued at $32,291,000 after acquiring an additional 341,688 shares during the period. Institutional investors and hedge funds own 88.64% of the company's stock.

Insider Buying and Selling

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the completion of the sale, the director owned 3,066 shares in the company, valued at approximately $383,250. This trade represents a 59.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.52% of the stock is currently owned by company insiders.

Wynn Resorts Trading Up 2.5%

Shares of WYNN stock opened at $128.97 on Friday. The firm has a market capitalization of $13.41 billion, a P/E ratio of 38.73, a price-to-earnings-growth ratio of 6.40 and a beta of 1.37. Wynn Resorts, Limited has a 1 year low of $65.25 and a 1 year high of $130.84. The firm's fifty day simple moving average is $116.82 and its 200 day simple moving average is $97.93.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.20 by ($0.11). The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The business's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.12 earnings per share. Equities research analysts anticipate that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on WYNN. Morgan Stanley upped their price objective on shares of Wynn Resorts from $113.00 to $128.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Citigroup restated 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. Stifel Nicolaus increased their price target on Wynn Resorts from $130.00 to $145.00 and gave the company a "buy" rating in a report on Thursday, September 18th. Argus upgraded shares of Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 price objective for the company in a research note on Wednesday, September 3rd. Finally, Jefferies Financial Group raised their target price on shares of Wynn Resorts from $130.00 to $133.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Fourteen research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $125.47.

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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