ProVise Management Group LLC Reduces Stake in Wynn Resorts, Limited (WYNN)
ProVise Management Group LLC lessened its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 18.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,269 shares of the casino operator’s stock after selling 743 shares during the period. ProVise Management Group LLC’s holdings in Wynn Resorts were worth $547,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. boosted its holdings in shares of Wynn Resorts by 59.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 105,609 shares of the casino operator’s stock valued at $17,653,000 after buying an additional 39,469 shares in the last quarter. Wright Investors Service Inc. bought a new position in Wynn Resorts in the 2nd quarter worth about $437,000. Alpine Global Management LLC bought a new position in Wynn Resorts in the 1st quarter worth about $8,206,000. Xact Kapitalforvaltning AB boosted its stake in Wynn Resorts by 25.2% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 10,580 shares of the casino operator’s stock worth $1,770,000 after purchasing an additional 2,127 shares in the last quarter. Finally, State Treasurer State of Michigan boosted its stake in Wynn Resorts by 5.9% in the 2nd quarter. State Treasurer State of Michigan now owns 25,070 shares of the casino operator’s stock worth $4,195,000 after purchasing an additional 1,400 shares in the last quarter. Hedge funds and other institutional investors own 75.27% of the company’s stock.
A number of equities analysts recently issued reports on WYNN shares. Stifel Nicolaus dropped their price target on shares of Wynn Resorts from $207.00 to $192.00 and set a “buy” rating on the stock in a research note on Thursday, August 2nd. BidaskClub cut shares of Wynn Resorts from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 6th. Jefferies Financial Group cut shares of Wynn Resorts from a “buy” rating to a “hold” rating and set a $170.00 price target on the stock. in a research note on Tuesday, August 14th. Morgan Stanley reiterated a “hold” rating on shares of Wynn Resorts in a research note on Thursday, July 5th. Finally, Susquehanna Bancshares dropped their price target on shares of Wynn Resorts from $204.00 to $187.00 and set a “positive” rating on the stock in a research note on Thursday, August 2nd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $189.63.
Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Wednesday, August 1st. The casino operator reported $1.53 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.96 by ($0.43). Wynn Resorts had a net margin of 7.90% and a return on equity of 69.17%. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the previous year, the company earned $1.18 EPS. Wynn Resorts’s revenue for the quarter was up 9.0% compared to the same quarter last year. sell-side analysts forecast that Wynn Resorts, Limited will post 7.85 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 28th. Stockholders of record on Thursday, August 16th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Wednesday, August 15th. Wynn Resorts’s payout ratio is currently 54.95%.
About Wynn Resorts
Wynn Resorts, Limited develops, owns, and operates destination casino resorts. As of February 15, 2018, the company's Wynn Macau segment had approximately 273,000 square feet of casino space, which offered 316 table games and 988 slot machines, private gaming salons, sky casinos, and a poker pit; 2 luxury hotel towers with a total of 1,008 guest rooms and suites; 8 food and beverage outlets; 59,000 square feet of retail space; 31,000 square feet of meeting and convention space; recreation and leisure facilities comprising 2 health clubs, spas, a salon, and a pool; and a rotunda show, a Chinese zodiac-inspired ceiling.
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