First City Capital Management Inc. Makes New Investment in Wynn Resorts, Limited (NASDAQ:WYNN)

First City Capital Management Inc. bought a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) 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 (NASDAQ:WYNN) last released its quarterly earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period in the previous year, the company posted $0.91 EPS. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, equities analysts anticipate that Wynn Resorts, Limited will post 5.44 EPS for the current fiscal year.

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.

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.