PNC Financial Services Group Inc. Boosts Stock Position in Wynn Resorts, Limited (NASDAQ:WYNN)

PNC Financial Services Group Inc. grew its holdings in Wynn Resorts, Limited (NASDAQ:WYNN) by 3.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,192 shares of the casino operator’s stock after buying an additional 336 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wynn Resorts were worth $929,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Wynn Resorts during the fourth quarter worth approximately $157,305,000. Eminence Capital LP purchased a new stake in shares of Wynn Resorts during the fourth quarter worth approximately $15,089,000. Honeycomb Asset Management LP purchased a new stake in shares of Wynn Resorts during the fourth quarter worth approximately $13,666,000. Bamco Inc. NY increased its position in shares of Wynn Resorts by 25.7% during the third quarter. Bamco Inc. NY now owns 644,474 shares of the casino operator’s stock worth $59,556,000 after purchasing an additional 131,937 shares in the last quarter. Finally, TORQ CAPITAL MANAGEMENT HK Ltd increased its position in shares of Wynn Resorts by 108.1% during the fourth quarter. TORQ CAPITAL MANAGEMENT HK Ltd now owns 220,600 shares of the casino operator’s stock worth $20,099,000 after purchasing an additional 114,600 shares in the last quarter. 68.87% of the stock is currently owned by hedge funds and other institutional investors.

Wynn Resorts Trading Down 0.9 %

WYNN stock opened at $89.10 on Tuesday. The company has a market capitalization of $9.99 billion, a PE ratio of 12.21 and a beta of 1.85. Wynn Resorts, Limited has a 12-month low of $81.65 and a 12-month high of $112.25. The business’s fifty day moving average price is $94.46 and its 200 day moving average price is $96.84.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings data on Tuesday, May 7th. The casino operator reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.16. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.80 billion. Wynn Resorts had a negative return on equity of 46.04% and a net margin of 12.36%. The company’s quarterly revenue was up 30.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.29 EPS. Research analysts predict that Wynn Resorts, Limited will post 5.58 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Monday, May 20th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.00 annualized dividend and a yield of 1.12%. Wynn Resorts’s dividend payout ratio (DPR) is 13.70%.

Insiders Place Their Bets

In other Wynn Resorts news, Director Betsy S. Atkins sold 2,446 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $94.39, for a total transaction of $230,877.94. Following the sale, the director now owns 9,226 shares in the company, valued at approximately $870,842.14. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.52% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Argus upgraded Wynn Resorts from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Thursday, May 23rd. Seaport Res Ptn raised Wynn Resorts from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Barclays boosted their price objective on Wynn Resorts from $124.00 to $128.00 and gave the stock an “overweight” rating in a research note on Thursday, May 9th. Morgan Stanley boosted their price objective on Wynn Resorts from $107.00 to $114.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. boosted their price objective on Wynn Resorts from $118.00 to $123.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 27th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wynn Resorts has a consensus rating of “Moderate Buy” and a consensus price target of $121.31.

Wynn Resorts Profile

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.