Penn Capital Management Co. Inc. grew its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 227.8% during the 1st quarter, HoldingsChannel reports. The firm owned 9,695 shares of the casino operator’s stock after acquiring an additional 6,737 shares during the period. Penn Capital Management Co. Inc.’s holdings in Wynn Resorts were worth $1,157,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of WYNN. Parallel Advisors LLC boosted its position in shares of Wynn Resorts by 84.2% during the 4th quarter. Parallel Advisors LLC now owns 256 shares of the casino operator’s stock worth $25,000 after purchasing an additional 117 shares in the last quarter. JOYN Advisors Inc. boosted its position in shares of Wynn Resorts by 1,680.0% during the 4th quarter. JOYN Advisors Inc. now owns 267 shares of the casino operator’s stock worth $26,000 after purchasing an additional 252 shares in the last quarter. Optimum Investment Advisors purchased a new stake in shares of Wynn Resorts during the 1st quarter worth $36,000. Somerset Trust Co boosted its position in shares of Wynn Resorts by 152.7% during the 1st quarter. Somerset Trust Co now owns 369 shares of the casino operator’s stock worth $44,000 after purchasing an additional 223 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its position in shares of Wynn Resorts by 47.1% during the 4th quarter. AdvisorNet Financial Inc now owns 456 shares of the casino operator’s stock worth $45,000 after purchasing an additional 146 shares in the last quarter. Institutional investors own 75.22% of the company’s stock.
Several equities research analysts recently commented on WYNN shares. Zacks Investment Research upgraded shares of Wynn Resorts from a “hold” rating to a “buy” rating and set a $145.00 price objective on the stock in a research report on Thursday, April 4th. Jefferies Financial Group upgraded shares of Wynn Resorts from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $119.00 to $170.00 in a research report on Monday, April 8th. Deutsche Bank boosted their price objective on shares of Wynn Resorts from $145.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday, April 9th. Bank of America reiterated a “neutral” rating and issued a $150.00 price objective (up from $145.00) on shares of Wynn Resorts in a research report on Wednesday, April 17th. Finally, ValuEngine lowered shares of Wynn Resorts from a “hold” rating to a “sell” rating in a research report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $152.00.
Wynn Resorts (NASDAQ:WYNN) last released its earnings results on Thursday, May 9th. The casino operator reported $1.61 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.59 by $0.02. The company had revenue of $1.65 billion for the quarter, compared to analyst estimates of $1.66 billion. Wynn Resorts had a net margin of 13.43% and a return on equity of 35.83%. The firm’s quarterly revenue was down 3.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.30 EPS. Analysts forecast that Wynn Resorts, Limited will post 6.24 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 30th. Shareholders of record on Wednesday, May 22nd will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.31%. This is a positive change from Wynn Resorts’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Tuesday, May 21st. Wynn Resorts’s dividend payout ratio is 45.87%.
In other Wynn Resorts news, Director Patricia Mulroy sold 425 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $118.02, for a total value of $50,158.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.58% of the stock is currently owned by corporate insiders.
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About Wynn Resorts
Wynn Resorts, Limited owns and operates destination casino resorts. As of February 20, 2019, the company's Wynn Palace segment had approximately 424,000 square feet of casino space, which offered 320 table games and 1,041 slot machines, private gaming salons, and sky casinos; a luxury hotel towers with 1,706 guest rooms, suites, and villas; 13 food and beverage outlets; 106,000 square feet of retail space; 37,000 square feet of meeting and convention space; recreation and leisure facilities comprising a gondola ride, health club, spa, salon, and pool; and public attractions, such as performance lake and floral art displays.
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