Bridges Investment Management Inc. Invests $212,000 in Wynn Resorts, Limited $WYNN

Bridges Investment Management Inc. bought a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,264 shares of the casino operator’s stock, valued at approximately $212,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Teachers Retirement System of The State of Kentucky lifted its position in shares of Wynn Resorts by 1.9% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 7,057 shares of the casino operator’s stock valued at $589,000 after acquiring an additional 132 shares during the last quarter. Navalign LLC raised its position in shares of Wynn Resorts by 1.8% during the first quarter. Navalign LLC now owns 8,252 shares of the casino operator’s stock worth $689,000 after purchasing an additional 144 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Wynn Resorts by 69.0% during the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator’s stock worth $32,000 after purchasing an additional 156 shares during the period. Global X Japan Co. Ltd. lifted its holdings in shares of Wynn Resorts by 120.7% during the first 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. Finally, CX Institutional boosted its position in shares of Wynn Resorts by 6.7% in the 2nd quarter. CX Institutional now owns 3,058 shares of the casino operator’s stock valued at $286,000 after purchasing an additional 192 shares during the period. Institutional investors and hedge funds own 88.64% of the company’s stock.

Wynn Resorts Stock Performance

Wynn Resorts stock opened at $117.81 on Friday. Wynn Resorts, Limited has a twelve month low of $65.25 and a twelve month high of $134.23. The firm has a market cap of $12.25 billion, a PE ratio of 35.38, a P/E/G ratio of 5.99 and a beta of 1.31. The firm’s 50 day moving average price is $121.23 and its two-hundred day moving average price is $101.89.

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

Wynn Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Wynn Resorts’s dividend payout ratio (DPR) is 30.03%.

Analyst Upgrades and Downgrades

WYNN has been the topic of several recent analyst reports. 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. Macquarie boosted their price target on shares of Wynn Resorts from $110.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Wynn Resorts in a research note on Tuesday. The Goldman Sachs Group lifted their price objective on shares of Wynn Resorts from $124.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, October 1st. Finally, Barclays boosted their target price on shares of Wynn Resorts from $101.00 to $127.00 and gave the company an “overweight” rating in a research note on Friday, July 18th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.64.

Insider Activity

In related news, Director Patricia Mulroy sold 4,438 shares of the business’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 of the company’s stock, valued at approximately $383,250. The trade was a 59.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.52% of the stock is currently 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.