CIBC Asset Management Inc Purchases 7,583 Shares of Wynn Resorts, Limited $WYNN

CIBC Asset Management Inc boosted its position in Wynn Resorts, Limited (NASDAQ:WYNN) by 63.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,596 shares of the casino operator’s stock after acquiring an additional 7,583 shares during the period. CIBC Asset Management Inc’s holdings in Wynn Resorts were worth $2,358,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Palidye Holdings Caymans Ltd bought a new stake in shares of Wynn Resorts during the 2nd quarter valued at about $104,629,000. Norges Bank bought a new stake in shares of Wynn Resorts during the 4th quarter valued at about $122,696,000. Zurich Insurance Group Ltd FI bought a new stake in shares of Wynn Resorts during the 3rd quarter valued at about $110,213,000. Westfield Capital Management Co. LP purchased a new position in Wynn Resorts during the 3rd quarter valued at about $73,588,000. Finally, Barclays PLC lifted its position in Wynn Resorts by 121.3% during the 3rd quarter. Barclays PLC now owns 506,945 shares of the casino operator’s stock valued at $65,026,000 after acquiring an additional 277,917 shares during the period. Institutional investors own 88.64% of the company’s stock.

Wynn Resorts Stock Performance

Shares of NASDAQ WYNN opened at $104.48 on Monday. The firm has a market capitalization of $10.84 billion, a price-to-earnings ratio of 31.19, a price-to-earnings-growth ratio of 0.97 and a beta of 0.98. Wynn Resorts, Limited has a 12-month low of $82.64 and a 12-month high of $134.72. The firm has a 50 day moving average of $102.43 and a 200 day moving average of $110.94.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Thursday, May 7th. The casino operator reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.82 billion. Wynn Resorts had a net margin of 5.14% and a negative return on equity of 42.03%. The company’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 earnings per share. Sell-side analysts predict that Wynn Resorts, Limited will post 4.61 EPS for the current year.

Wynn Resorts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were given a dividend of $0.25 per share. The ex-dividend date was Monday, May 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. Wynn Resorts’s dividend payout ratio is currently 29.85%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Jefferies Financial Group lowered their price target on shares of Wynn Resorts from $161.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, April 6th. JPMorgan Chase & Co. decreased their target price on shares of Wynn Resorts from $140.00 to $135.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $137.00 target price on shares of Wynn Resorts in a report on Friday, May 8th. Mizuho decreased their target price on shares of Wynn Resorts from $134.00 to $133.00 and set an “outperform” rating for the company in a report on Tuesday, May 12th. Finally, UBS Group reiterated a “buy” rating on shares of Wynn Resorts in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.00.

Wynn Resorts 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.