First City Capital Management Inc. bought a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,192 shares of the casino operator’s stock, valued at approximately $286,000.
A number of other hedge funds and other institutional investors have also modified their holdings of WYNN. ProShare Advisors LLC grew its stake in Wynn Resorts by 9.7% during the 2nd quarter. ProShare Advisors LLC now owns 27,744 shares of the casino operator’s stock valued at $2,483,000 after purchasing an additional 2,451 shares in the last quarter. Sei Investments Co. grew its position in shares of Wynn Resorts by 2.4% during the second quarter. Sei Investments Co. now owns 142,350 shares of the casino operator’s stock worth $12,742,000 after buying an additional 3,312 shares in the last quarter. Pacer Advisors Inc. grew its position in shares of Wynn Resorts by 75.4% during the second quarter. Pacer Advisors Inc. now owns 15,323 shares of the casino operator’s stock worth $1,371,000 after buying an additional 6,585 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Wynn Resorts by 455.0% in the second quarter. Canada Pension Plan Investment Board now owns 181,900 shares of the casino operator’s stock worth $16,280,000 after buying an additional 149,123 shares during the last quarter. Finally, MQS Management LLC acquired a new stake in Wynn Resorts in the second quarter valued at $600,000. 68.87% of the stock is owned by hedge funds and other institutional investors.
Wynn Resorts Price Performance
Shares of WYNN stock opened at $79.71 on Friday. Wynn Resorts, Limited has a 12-month low of $71.63 and a 12-month high of $110.38. The firm has a market capitalization of $8.93 billion, a price-to-earnings ratio of 10.92, a price-to-earnings-growth ratio of 2.04 and a beta of 1.80. The business has a 50 day simple moving average of $78.33 and a 200 day simple moving average of $89.67.
Wynn Resorts Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Monday, August 19th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, August 19th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.25%. Wynn Resorts’s dividend payout ratio is presently 13.70%.
Wall Street Analyst Weigh In
WYNN has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Wynn Resorts from $110.00 to $101.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. StockNews.com lowered Wynn Resorts from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Deutsche Bank Aktiengesellschaft reduced their target price on Wynn Resorts from $131.00 to $122.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Wells Fargo & Company lowered their price target on Wynn Resorts from $126.00 to $115.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Finally, Morgan Stanley reduced their price objective on Wynn Resorts from $107.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 4th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Wynn Resorts currently has an average rating of “Moderate Buy” and an average price target of $113.73.
Check Out Our Latest Research Report on WYNN
Insider Buying and Selling
In related news, Director Patricia Mulroy sold 2,650 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $78.73, for a total transaction of $208,634.50. Following the completion of the transaction, the director now owns 5,689 shares of the company’s stock, valued at $447,894.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.52% of the stock is owned by corporate insiders.
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.
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