Northwestern Mutual Wealth Management Co. raised its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN – Free Report) by 758.2% during the second quarter, HoldingsChannel reports. The fund owned 11,483 shares of the casino operator’s stock after purchasing an additional 10,145 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Wynn Resorts were worth $1,115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Hantz Financial Services Inc. grew its position in shares of Wynn Resorts by 54.9% in the fourth quarter. Hantz Financial Services Inc. now owns 251 shares of the casino operator’s stock valued at $30,000 after purchasing an additional 89 shares in the last quarter. Horizon Investments LLC increased its holdings in shares of Wynn Resorts by 6.7% in the 4th quarter. Horizon Investments LLC now owns 1,500 shares of the casino operator’s stock worth $180,000 after buying an additional 94 shares during the last quarter. QRG Capital Management Inc. raised its position in Wynn Resorts by 4.9% during the first quarter. QRG Capital Management Inc. now owns 2,071 shares of the casino operator’s stock valued at $210,000 after purchasing an additional 96 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Wynn Resorts by 21.6% during the 3rd quarter. Parallel Advisors LLC now owns 563 shares of the casino operator’s stock valued at $72,000 after buying an additional 100 shares in the last quarter. Finally, Larson Financial Group LLC lifted its holdings in shares of Wynn Resorts by 23.5% in the 4th quarter. Larson Financial Group LLC now owns 557 shares of the casino operator’s stock worth $67,000 after acquiring an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.
Analysts Set New Price Targets
WYNN has been the topic of several recent research reports. Wolfe Research started coverage on Wynn Resorts in a research report on Wednesday. They set an “outperform” rating and a $128.00 price target on the stock. Zacks Research upgraded shares of Wynn Resorts from a “strong sell” rating to a “hold” rating in a report on Monday, August 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $128.00 price objective on shares of Wynn Resorts in a research report on Wednesday, July 22nd. Argus increased their target price on Wynn Resorts from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. lowered their target price on Wynn Resorts from $135.00 to $134.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $133.82.
Wynn Resorts Stock Performance
WYNN stock opened at $91.54 on Friday. The firm has a 50 day moving average price of $97.90 and a 200-day moving average price of $101.64. Wynn Resorts, Limited has a 52-week low of $89.44 and a 52-week high of $134.72. The firm has a market capitalization of $9.43 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.10 and a beta of 1.00.
Wynn Resorts (NASDAQ:WYNN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.25. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the prior year, the business posted $1.09 EPS. The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, sell-side 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 announced a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, August 14th. Wynn Resorts’s dividend payout ratio is currently 24.81%.
Wynn Resorts Company Profile
Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.
Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.
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