By otakuyassine3@gmail.com 
Corebridge Financial Inc. reduced its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN – Free Report) by 1.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 23,600 shares of the casino operator’s stock after selling 381 shares during the quarter. Corebridge Financial Inc.’s holdings in Wynn Resorts were worth $2,033,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently added to or reduced their stakes in WYNN. Wellington Management Group LLP raised its holdings in shares of Wynn Resorts by 90.6% during the third quarter. Wellington Management Group LLP now owns 115,707 shares of the casino operator’s stock worth $11,094,000 after purchasing an additional 54,995 shares during the period. Raymond James Financial Inc. acquired a new stake in Wynn Resorts during the fourth quarter worth about $75,872,000. Empirical Asset Management LLC acquired a new position in Wynn Resorts in the fourth quarter valued at approximately $903,000. Cookson Peirce & Co. Inc. boosted its stake in Wynn Resorts by 79.8% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 33,828 shares of the casino operator’s stock valued at $2,915,000 after acquiring an additional 15,017 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Wynn Resorts by 25.6% during the fourth quarter. Sequoia Financial Advisors LLC now owns 525,282 shares of the casino operator’s stock valued at $45,258,000 after purchasing an additional 107,212 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors.
Wynn Resorts Stock Down 0.9 %
Shares of Wynn Resorts stock opened at $82.73 on Wednesday. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 19.65, a price-to-earnings-growth ratio of 2.35 and a beta of 1.77. The business has a fifty day simple moving average of $85.86 and a 200-day simple moving average of $89.39. Wynn Resorts, Limited has a fifty-two week low of $71.63 and a fifty-two week high of $110.38.
Wynn Resorts (NASDAQ:WYNN – Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $1.15. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.78 billion. Wynn Resorts had a net margin of 7.03% and a negative return on equity of 71.17%. Analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.
Wynn Resorts Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.00 annualized dividend and a yield of 1.21%. Wynn Resorts’s dividend payout ratio (DPR) is 23.75%.
Wall Street Analyst Weigh In
Several analysts recently issued reports on WYNN shares. Jefferies Financial Group raised Wynn Resorts from a “hold” rating to a “buy” rating and raised their price target for the stock from $105.00 to $118.00 in a report on Tuesday, February 18th. Morgan Stanley lowered their price target on shares of Wynn Resorts from $105.00 to $103.00 and set an “overweight” rating for the company in a research report on Monday, February 24th. Stifel Nicolaus upped their price target on shares of Wynn Resorts from $123.00 to $128.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. Macquarie reiterated an “outperform” rating and issued a $115.00 price objective on shares of Wynn Resorts in a research report on Friday, February 14th. Finally, StockNews.com cut shares of Wynn Resorts from a “buy” rating to a “hold” rating in a research report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Wynn Resorts has a consensus rating of “Moderate Buy” and an average target price of $119.58.
Read Our Latest Stock Report on WYNN
Insider Buying and Selling at Wynn Resorts
In related news, major shareholder Tilman J. Fertitta bought 11,475 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were acquired at an average cost of $84.93 per share, for a total transaction of $974,571.75. Following the acquisition, the insider now directly owns 12,600,000 shares of the company’s stock, valued at $1,070,118,000. The trade was a 0.09 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Philip G. Satre bought 22,200 shares of Wynn Resorts stock in a transaction dated Tuesday, February 18th. The shares were bought at an average cost of $92.18 per share, with a total value of $2,046,396.00. Following the completion of the acquisition, the director now owns 34,195 shares of the company’s stock, valued at $3,152,095.10. The trade was a 185.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 38,700 shares of company stock valued at $3,427,943. Corporate insiders own 0.52% of the company’s stock.
Wynn Resorts 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.
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