PNC Financial Services Group Inc. Buys 599 Shares of Wynn Resorts, Limited $WYNN

PNC Financial Services Group Inc. grew its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 4.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 12,792 shares of the casino operator’s stock after acquiring an additional 599 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wynn Resorts were worth $1,198,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Resolute Capital Asset Partners LLC bought a new stake in Wynn Resorts during the first quarter worth about $3,758,000. Strs Ohio bought a new stake in shares of Wynn Resorts during the 1st quarter worth approximately $7,515,000. Oak Harvest Investment Services boosted its position in shares of Wynn Resorts by 20.8% during the 1st quarter. Oak Harvest Investment Services now owns 32,058 shares of the casino operator’s stock worth $2,677,000 after acquiring an additional 5,511 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in Wynn Resorts by 116.0% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 14,564 shares of the casino operator’s stock valued at $1,209,000 after acquiring an additional 7,820 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in Wynn Resorts during the first quarter valued at approximately $365,000. 88.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WYNN. Wells Fargo & Company initiated coverage on Wynn Resorts in a report on Tuesday. They issued an “overweight” rating and a $151.00 target price on the stock. JPMorgan Chase & Co. raised their price objective on Wynn Resorts from $136.00 to $138.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. UBS Group upgraded Wynn Resorts from a “neutral” rating to a “buy” rating and lifted their target price for the company from $101.00 to $147.00 in a research report on Thursday, August 28th. The Goldman Sachs Group increased their target price on shares of Wynn Resorts from $124.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Finally, Macquarie lifted 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. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $134.38.

Insider Activity at Wynn Resorts

In related news, Director Patricia Mulroy sold 4,438 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total value of $554,750.00. Following the sale, the director owned 3,066 shares of the company’s stock, valued at $383,250. The trade was a 59.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.52% of the company’s stock.

Wynn Resorts Trading Down 1.0%

Wynn Resorts stock opened at $117.14 on Friday. The stock has a 50-day moving average price of $123.23 and a two-hundred day moving average price of $109.84. Wynn Resorts, Limited has a 12 month low of $65.25 and a 12 month high of $134.23. The company has a market capitalization of $12.18 billion, a PE ratio of 35.18, a P/E/G ratio of 4.94 and a beta of 1.32.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings data on Thursday, November 6th. The casino operator reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.23). The firm had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.76 billion. Wynn Resorts had a net margin of 5.51% and a negative return on equity of 56.78%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.90 EPS. As a group, analysts predict that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Stockholders of record on Monday, November 17th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $1.00 annualized dividend and a dividend yield of 0.9%. Wynn Resorts’s dividend payout ratio (DPR) is presently 22.37%.

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.