DAVENPORT & Co LLC Sells 308,432 Shares of Wynn Resorts, Limited $WYNN

DAVENPORT & Co LLC trimmed its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 33.8% during the third quarter, Holdings Channel.com reports. The firm owned 604,654 shares of the casino operator’s stock after selling 308,432 shares during the period. DAVENPORT & Co LLC’s holdings in Wynn Resorts were worth $77,559,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of WYNN. Somerset Trust Co acquired a new position in Wynn Resorts during the 3rd quarter worth $327,000. Wedge Capital Management L L P NC increased its stake in shares of Wynn Resorts by 386.4% in the 3rd quarter. Wedge Capital Management L L P NC now owns 303,986 shares of the casino operator’s stock valued at $38,992,000 after buying an additional 241,495 shares during the period. Cyndeo Wealth Partners LLC bought a new stake in shares of Wynn Resorts during the third quarter worth $203,000. Contravisory Investment Management Inc. acquired a new position in shares of Wynn Resorts during the third quarter valued at $86,000. Finally, Wedmont Private Capital boosted its holdings in Wynn Resorts by 19.6% in the third quarter. Wedmont Private Capital now owns 3,127 shares of the casino operator’s stock valued at $384,000 after acquiring an additional 513 shares during the last quarter. Institutional investors and hedge funds own 88.64% of the company’s stock.

Analyst Ratings Changes

WYNN has been the subject of several recent research reports. Wells Fargo & Company initiated coverage on Wynn Resorts in a report on Tuesday, November 18th. They set an “overweight” rating and a $151.00 price objective for the company. Barclays boosted their price target on shares of Wynn Resorts from $127.00 to $141.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Stifel Nicolaus raised their price objective on shares of Wynn Resorts from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, December 8th. UBS Group raised shares of Wynn Resorts from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $101.00 to $147.00 in a report on Thursday, August 28th. Finally, Mizuho increased their price target on Wynn Resorts from $126.00 to $131.00 and gave the company an “outperform” rating in a research note on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $139.38.

Wynn Resorts Stock Down 0.8%

WYNN opened at $124.96 on Wednesday. Wynn Resorts, Limited has a 12 month low of $65.25 and a 12 month high of $134.72. The company has a fifty day simple moving average of $124.05 and a 200 day simple moving average of $116.02. The stock has a market cap of $12.99 billion, a P/E ratio of 27.96, a P/E/G ratio of 8.64 and a beta of 1.10.

Wynn Resorts (NASDAQ:WYNN) last posted its earnings results on Thursday, November 6th. The casino operator reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.23). Wynn Resorts had a net margin of 7.09% and a negative return on equity of 54.88%. The business had revenue of $1.83 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm’s revenue was up 8.3% on a year-over-year basis. On average, equities research analysts expect that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 26th. Stockholders of record on Monday, November 17th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Monday, November 17th. Wynn Resorts’s dividend payout ratio is 22.37%.

Wynn Resorts Company Profile

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.