JPMorgan Chase & Co. Lowers Stake in Wynn Resorts, Limited (WYNN)
JPMorgan Chase & Co. cut its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 70.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 241,269 shares of the casino operator’s stock after selling 577,738 shares during the period. JPMorgan Chase & Co. owned about 0.24% of Wynn Resorts worth $34,834,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WYNN. First Personal Financial Services increased its position in shares of Wynn Resorts by 102.9% during the third quarter. First Personal Financial Services now owns 710 shares of the casino operator’s stock valued at $106,000 after purchasing an additional 360 shares during the period. IFP Advisors Inc grew its position in Wynn Resorts by 40.8% in the second quarter. IFP Advisors Inc now owns 1,259 shares of the casino operator’s stock valued at $169,000 after acquiring an additional 365 shares during the period. Hanseatic Management Services Inc. grew its position in Wynn Resorts by 808.1% in the second quarter. Hanseatic Management Services Inc. now owns 1,462 shares of the casino operator’s stock valued at $196,000 after acquiring an additional 1,301 shares during the period. Meridian Investment Counsel Inc. bought a new stake in Wynn Resorts in the second quarter valued at $201,000. Finally, Sun Life Financial INC grew its position in Wynn Resorts by 30,080.0% in the second quarter. Sun Life Financial INC now owns 1,509 shares of the casino operator’s stock valued at $203,000 after acquiring an additional 1,504 shares during the period. Institutional investors and hedge funds own 72.04% of the company’s stock.
In related news, President Matt Maddox sold 42,900 shares of Wynn Resorts stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $143.44, for a total transaction of $6,153,576.00. Following the completion of the sale, the president now directly owns 350,586 shares of the company’s stock, valued at approximately $50,288,055.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Alvin V. Shoemaker sold 15,000 shares of Wynn Resorts stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $151.74, for a total value of $2,276,100.00. Following the sale, the director now directly owns 19,162 shares of the company’s stock, valued at $2,907,641.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 159,406 shares of company stock valued at $23,864,344. 13.20% of the stock is currently owned by insiders.
Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Thursday, October 26th. The casino operator reported $1.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.28 by $0.24. The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Wynn Resorts had a return on equity of 132.96% and a net margin of 6.24%. The firm’s revenue for the quarter was up 45.3% compared to the same quarter last year. During the same period last year, the firm posted $0.74 EPS. sell-side analysts anticipate that Wynn Resorts, Limited will post 5.34 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 28th. Investors of record on Thursday, November 16th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, November 15th. This represents a $2.00 annualized dividend and a yield of 1.22%. Wynn Resorts’s payout ratio is currently 55.40%.
A number of analysts have weighed in on WYNN shares. Stifel Nicolaus upped their price target on Wynn Resorts from $134.00 to $153.00 and gave the company a “hold” rating in a research report on Friday, October 27th. TheStreet cut Wynn Resorts from a “b-” rating to a “c+” rating in a research report on Friday, October 13th. Telsey Advisory Group upped their price target on Wynn Resorts from $157.00 to $160.00 and gave the company a “market perform” rating in a research report on Friday, October 27th. Zacks Investment Research raised Wynn Resorts from a “hold” rating to a “buy” rating and set a $162.00 price objective on the stock in a research note on Tuesday, September 26th. Finally, UBS reissued a “buy” rating and issued a $174.00 price objective (up previously from $149.00) on shares of Wynn Resorts in a research note on Friday, September 29th. Eleven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Wynn Resorts presently has an average rating of “Buy” and an average price target of $148.49.
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About Wynn Resorts
Wynn Resorts, Limited (Wynn Resorts) is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company’s segments include Macau Operations and Las Vegas Operations.
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