Covestor Ltd Increases Stock Holdings in Wynn Resorts, Limited (NASDAQ:WYNN)

Covestor Ltd raised its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 421.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 626 shares of the casino operator’s stock after purchasing an additional 506 shares during the quarter. Covestor Ltd’s holdings in Wynn Resorts were worth $64,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of WYNN. Blue Trust Inc. grew its holdings in Wynn Resorts by 3,000.0% during the 4th quarter. Blue Trust Inc. now owns 279 shares of the casino operator’s stock worth $25,000 after acquiring an additional 270 shares in the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Wynn Resorts during the fourth quarter worth about $27,000. Register Financial Advisors LLC acquired a new position in Wynn Resorts in the first quarter worth about $37,000. GAMMA Investing LLC bought a new stake in Wynn Resorts in the fourth quarter valued at about $38,000. Finally, Venturi Wealth Management LLC lifted its holdings in Wynn Resorts by 1,083.8% during the 4th quarter. Venturi Wealth Management LLC now owns 438 shares of the casino operator’s stock worth $40,000 after buying an additional 401 shares during the last quarter. Institutional investors and hedge funds own 68.87% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. StockNews.com raised Wynn Resorts from a “hold” rating to a “buy” rating in a research report on Thursday, July 18th. Argus raised shares of Wynn Resorts from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a report on Thursday, May 23rd. Barclays increased their price objective on shares of Wynn Resorts from $124.00 to $128.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Stifel Nicolaus lifted their target price on Wynn Resorts from $135.00 to $138.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Morgan Stanley dropped their price target on Wynn Resorts from $115.00 to $107.00 and set an “equal weight” rating on the stock in a research report on Friday, July 12th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $119.53.

Wynn Resorts Stock Down 2.8 %

Shares of WYNN opened at $80.97 on Thursday. The firm has a market capitalization of $9.07 billion, a PE ratio of 11.09 and a beta of 1.82. The firm has a 50-day moving average price of $89.66 and a 200 day moving average price of $96.07. Wynn Resorts, Limited has a 52-week low of $80.66 and a 52-week high of $111.09.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings data on Tuesday, May 7th. The casino operator reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.16. Wynn Resorts had a net margin of 12.36% and a negative return on equity of 46.04%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the firm posted $0.29 earnings per share. The business’s revenue was up 30.9% on a year-over-year basis. On average, equities analysts expect that Wynn Resorts, Limited will post 5.62 EPS for the current year.

Wynn Resorts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Monday, May 20th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.00 annualized dividend and a yield of 1.24%. Wynn Resorts’s dividend payout ratio is currently 13.70%.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 2,446 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $94.39, for a total value of $230,877.94. Following the sale, the director now directly owns 9,226 shares in the company, valued at approximately $870,842.14. The transaction 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 owned by corporate insiders.

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.