Quantitative Investment Management LLC Cuts Position in Wynn Resorts, Limited $WYNN

Quantitative Investment Management LLC trimmed its stake in Wynn Resorts, Limited (NASDAQ:WYNN) by 51.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 7,682 shares of the casino operator’s stock after selling 8,059 shares during the period. Quantitative Investment Management LLC’s holdings in Wynn Resorts were worth $745,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. BlackRock Inc. purchased a new stake in Wynn Resorts during the second quarter worth $609,566,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Wynn Resorts in the second quarter valued at approximately $321,402,000. Egerton Capital UK LLP acquired a new stake in Wynn Resorts in the 4th quarter valued at about $249,053,000. Palidye Holdings Caymans Ltd purchased a new position in Wynn Resorts during the second quarter worth approximately $104,629,000. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Wynn Resorts during the 2nd quarter valued at approximately $99,277,000. 88.64% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on WYNN shares. Wells Fargo & Company dropped their target price on Wynn Resorts from $141.00 to $131.00 and set an “overweight” rating for the company in a research report on Wednesday, August 5th. Morgan Stanley reaffirmed an “overweight” rating and issued a $128.00 price target on shares of Wynn Resorts in a report on Wednesday, July 22nd. Argus upped their target price on Wynn Resorts from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $137.00 price objective on shares of Wynn Resorts in a research note on Friday, May 8th. Finally, Truist Financial began coverage on shares of Wynn Resorts in a research report on Wednesday, July 8th. They set a “buy” rating and a $125.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Wynn Resorts currently has an average rating of “Moderate Buy” and a consensus target price of $134.19.

Wynn Resorts Stock Performance

Shares of WYNN stock opened at $90.60 on Wednesday. Wynn Resorts, Limited has a one year low of $89.44 and a one year high of $134.72. The company’s 50-day simple moving average is $98.48 and its 200-day simple moving average is $101.98. The stock has a market capitalization of $9.33 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 1.10 and a beta of 1.00.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.25. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Wynn Resorts had a negative return on equity of 46.52% and a net margin of 6.05%.The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $1.09 earnings per share. As a group, research analysts forecast that Wynn Resorts, Limited will post 4.55 EPS for the current year.

Wynn Resorts Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, August 14th. Wynn Resorts’s dividend payout ratio is 24.81%.

Wynn Resorts 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.