Rockbridge Investment Management LCC acquired a new stake in Wynn Resorts, Limited (NASDAQ:WYNN) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,000 shares of the casino operator’s stock, valued at approximately $74,000.
A number of other institutional investors also recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. raised its holdings in Wynn Resorts by 569.1% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 35,590 shares of the casino operator’s stock valued at $4,247,000 after buying an additional 30,271 shares during the period. Public Employees Retirement Association of Colorado increased its position in shares of Wynn Resorts by 8.1% during the first quarter. Public Employees Retirement Association of Colorado now owns 13,696 shares of the casino operator’s stock valued at $824,000 after acquiring an additional 1,021 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in shares of Wynn Resorts by 3.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 8,298 shares of the casino operator’s stock valued at $499,000 after acquiring an additional 301 shares during the period. Rhumbline Advisers lifted its holdings in shares of Wynn Resorts by 2.3% in the 1st quarter. Rhumbline Advisers now owns 172,728 shares of the casino operator’s stock worth $10,396,000 after acquiring an additional 3,927 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Wynn Resorts by 13.3% during the 1st quarter. Bank of New York Mellon Corp now owns 1,636,058 shares of the casino operator’s stock worth $98,472,000 after purchasing an additional 191,533 shares during the period. Hedge funds and other institutional investors own 69.49% of the company’s stock.
A number of research analysts have commented on WYNN shares. JPMorgan Chase & Co. upped their price target on Wynn Resorts from $98.00 to $101.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 9th. Bank of America reissued a “buy” rating on shares of Wynn Resorts in a research note on Wednesday, August 5th. Deutsche Bank raised their price objective on shares of Wynn Resorts from $89.00 to $97.00 in a research note on Thursday, September 10th. UBS Group decreased their price target on shares of Wynn Resorts from $85.00 to $83.00 and set a “neutral” rating for the company in a research report on Thursday, August 27th. Finally, Morgan Stanley cut their price objective on Wynn Resorts from $91.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $105.88.
In other news, Director Patricia Mulroy sold 400 shares of Wynn Resorts stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $90.54, for a total transaction of $36,216.00. Following the sale, the director now owns 7,697 shares in the company, valued at $696,886.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ellen F. Whittemore sold 2,453 shares of Wynn Resorts stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $88.72, for a total value of $217,630.16. Following the sale, the executive vice president now owns 25,059 shares in the company, valued at approximately $2,223,234.48. The disclosure for this sale can be found here. Corporate insiders own 0.75% of the company’s stock.
Shares of WYNN traded down $1.48 during mid-day trading on Wednesday, reaching $80.80. The company’s stock had a trading volume of 263,274 shares, compared to its average volume of 5,270,208. The company has a debt-to-equity ratio of 45.50, a current ratio of 2.27 and a quick ratio of 2.22. Wynn Resorts, Limited has a 12-month low of $35.84 and a 12-month high of $153.41. The stock has a market cap of $9.04 billion, a PE ratio of -7.64 and a beta of 2.36. The company’s 50 day moving average is $81.84 and its 200 day moving average is $79.88.
Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings results on Tuesday, August 4th. The casino operator reported ($6.14) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($4.98) by ($1.16). Wynn Resorts had a negative net margin of 25.71% and a negative return on equity of 96.61%. The business had revenue of $85.70 million during the quarter, compared to analyst estimates of $275.82 million. During the same period last year, the company earned $1.44 earnings per share. The business’s revenue for the quarter was down 94.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Wynn Resorts, Limited will post -13.41 EPS for the current fiscal year.
About Wynn Resorts
Wynn Resorts, Limited owns and operates destination casino resorts. As of February 20, 2019, the company's Wynn Palace segment had approximately 424,000 square feet of casino space, which offered 320 table games and 1,041 slot machines, private gaming salons, and sky casinos; a luxury hotel towers with 1,706 guest rooms, suites, and villas; 13 food and beverage outlets; 106,000 square feet of retail space; 37,000 square feet of meeting and convention space; recreation and leisure facilities comprising a gondola ride, health club, spa, salon, and pool; and public attractions, such as performance lake and floral art displays.
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