MQS Management LLC Purchases New Stake in Wynn Resorts, Limited (NASDAQ:WYNN)

MQS Management LLC purchased a new position in Wynn Resorts, Limited (NASDAQ:WYNN) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,701 shares of the casino operator’s stock, valued at approximately $600,000.

A number of other hedge funds have also made changes to their positions in the company. Sei Investments Co. raised its position in shares of Wynn Resorts by 5.6% in the first quarter. Sei Investments Co. now owns 139,038 shares of the casino operator’s stock valued at $14,214,000 after buying an additional 7,380 shares during the last quarter. Concord Investment Counsel Inc. purchased a new stake in shares of Wynn Resorts during the 1st quarter valued at about $2,461,000. CIBC Private Wealth Group LLC acquired a new position in Wynn Resorts during the 4th quarter worth approximately $1,376,000. UniSuper Management Pty Ltd boosted its holdings in Wynn Resorts by 540.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 10,179 shares of the casino operator’s stock worth $1,041,000 after acquiring an additional 8,590 shares during the period. Finally, Vanguard Group Inc. grew its position in Wynn Resorts by 1.5% in the first quarter. Vanguard Group Inc. now owns 11,028,618 shares of the casino operator’s stock valued at $1,127,456,000 after acquiring an additional 166,594 shares in the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Wynn Resorts Stock Performance

Shares of NASDAQ:WYNN opened at $78.78 on Thursday. Wynn Resorts, Limited has a 1-year low of $71.63 and a 1-year high of $110.38. The company’s fifty day moving average is $78.65 and its two-hundred day moving average is $90.02. The stock has a market capitalization of $8.74 billion, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 2.04 and a beta of 1.80.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings data on Tuesday, August 6th. The casino operator reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. Wynn Resorts’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 EPS. Sell-side analysts expect 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 yield of 1.27%. Wynn Resorts’s payout ratio is currently 13.70%.

Analyst Ratings Changes

Several brokerages have recently weighed in on WYNN. Morgan Stanley decreased their target price on shares of Wynn Resorts from $107.00 to $97.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 4th. 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 research report on Wednesday, August 7th. Wells Fargo & Company dropped their target price on Wynn Resorts from $126.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus reduced their price target on Wynn Resorts from $121.00 to $103.00 and set a “buy” rating for the company in a report on Friday, September 13th. Finally, Seaport Res Ptn upgraded Wynn Resorts from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $113.73.

Insiders Place Their Bets

In other news, Director Patricia Mulroy sold 2,650 shares of the business’s stock in a transaction on Monday, September 16th. The shares were 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 filing with the SEC, which is accessible through this hyperlink. 0.52% of the stock is owned by corporate insiders.

Wynn Resorts Company 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.