Wynn Resorts, Limited $WYNN Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC lessened its stake in Wynn Resorts, Limited (NASDAQ:WYNN) by 44.9% during the 4th quarter, HoldingsChannel reports. The firm owned 333,235 shares of the casino operator’s stock after selling 271,419 shares during the quarter. DAVENPORT & Co LLC’s holdings in Wynn Resorts were worth $40,098,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Westside Investment Management Inc. lifted its stake in shares of Wynn Resorts by 40.2% in the 3rd quarter. Westside Investment Management Inc. now owns 338 shares of the casino operator’s stock valued at $44,000 after purchasing an additional 97 shares during the period. Parallel Advisors LLC grew its position in Wynn Resorts by 21.6% during the third quarter. Parallel Advisors LLC now owns 563 shares of the casino operator’s stock valued at $72,000 after buying an additional 100 shares during the period. UMB Bank n.a. increased its holdings in Wynn Resorts by 41.5% in the third quarter. UMB Bank n.a. now owns 385 shares of the casino operator’s stock valued at $49,000 after buying an additional 113 shares in the last quarter. Global Retirement Partners LLC increased its holdings in Wynn Resorts by 19.6% in the third quarter. Global Retirement Partners LLC now owns 818 shares of the casino operator’s stock valued at $105,000 after buying an additional 134 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its position in shares of Wynn Resorts by 4.7% in the third quarter. Asset Management One Co. Ltd. now owns 3,047 shares of the casino operator’s stock worth $391,000 after acquiring an additional 138 shares during the period. Institutional investors and hedge funds own 88.64% of the company’s stock.

Wynn Resorts Stock Up 1.6%

WYNN stock opened at $102.77 on Wednesday. Wynn Resorts, Limited has a 52 week low of $65.25 and a 52 week high of $134.72. The firm has a 50-day simple moving average of $109.15 and a 200-day simple moving average of $118.50. The stock has a market capitalization of $10.72 billion, a P/E ratio of 34.26, a P/E/G ratio of 11.46 and a beta of 1.01.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Thursday, February 12th. The casino operator reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.16). Wynn Resorts had a net margin of 4.59% and a negative return on equity of 39.05%. The company had revenue of $1.87 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the business posted $2.42 earnings per share. The company’s quarterly revenue was up 1.5% compared to the same quarter last year. On average, analysts expect that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Monday, February 23rd. Wynn Resorts’s dividend payout ratio (DPR) is 33.33%.

Wall Street Analyst Weigh In

WYNN has been the topic of several recent analyst reports. UBS Group reissued a “buy” rating on shares of Wynn Resorts in a research note on Monday, February 23rd. Morgan Stanley reduced their price target on Wynn Resorts from $139.00 to $136.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Mizuho increased their price target on Wynn Resorts from $131.00 to $134.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 17th. Jefferies Financial Group raised their price objective on Wynn Resorts from $146.00 to $155.00 and gave the company a “buy” rating in a report on Monday, December 8th. Finally, Deutsche Bank Aktiengesellschaft set a $144.00 price objective on Wynn Resorts in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $138.87.

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.