Mystic Asset Management Inc. Purchases Shares of 12,428 Wynn Resorts, Limited $WYNN

Mystic Asset Management Inc. purchased a new stake in Wynn Resorts, Limited (NASDAQ:WYNN) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 12,428 shares of the casino operator’s stock, valued at approximately $1,207,000.

Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Wynn Resorts in the 2nd quarter valued at $609,566,000. Egerton Capital UK LLP bought a new position in Wynn Resorts during the 4th quarter worth about $249,053,000. Palidye Holdings Caymans Ltd acquired a new stake in shares of Wynn Resorts in the 2nd quarter valued at about $104,629,000. Norges Bank bought a new stake in shares of Wynn Resorts in the fourth quarter valued at about $122,696,000. Finally, Zurich Insurance Group Ltd FI bought a new stake in shares of Wynn Resorts in the third quarter valued at about $110,213,000. Institutional investors own 88.64% of the company’s stock.

Wynn Resorts Price Performance

Shares of NASDAQ WYNN opened at $99.60 on Friday. The business has a 50-day moving average of $99.92 and a 200-day moving average of $103.01. The stock has a market capitalization of $10.26 billion, a price-to-earnings ratio of 24.71, a PEG ratio of 0.88 and a beta of 1.01. Wynn Resorts, Limited has a fifty-two week low of $92.52 and a fifty-two week high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last released its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) 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 business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the company posted $1.09 earnings per share. Wynn Resorts’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts expect that Wynn Resorts, Limited will post 4.63 EPS for the current year.

Wynn Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, August 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Wynn Resorts’s dividend payout ratio is currently 24.81%.

Analysts Set New Price Targets

A number of research firms recently issued reports on WYNN. JPMorgan Chase & Co. decreased their price objective on Wynn Resorts from $135.00 to $134.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Argus boosted their target price on Wynn Resorts from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Bank of America reduced their price target on Wynn Resorts from $150.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, May 11th. Truist Financial initiated coverage on shares of Wynn Resorts in a research note on Wednesday, July 8th. They set a “buy” rating and a $125.00 price target for the company. Finally, Stifel Nicolaus set a $143.00 price objective on shares of Wynn Resorts in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $134.19.

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.