Mystic Asset Management Inc. Invests $1.21 Million in Wynn Resorts, Limited $WYNN

Mystic Asset Management Inc. purchased a new stake in Wynn Resorts, Limited (NASDAQ:WYNN) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 12,428 shares of the casino operator’s stock, valued at approximately $1,207,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WYNN. Capital World Investors boosted its stake in shares of Wynn Resorts by 0.6% in the 4th quarter. Capital World Investors now owns 9,542,392 shares of the casino operator’s stock valued at $1,148,236,000 after purchasing an additional 61,209 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Wynn Resorts during the second quarter worth approximately $609,566,000. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Wynn Resorts by 9.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,680,631 shares of the casino operator’s stock valued at $442,890,000 after buying an additional 320,502 shares during the period. Egerton Capital UK LLP acquired a new position in Wynn Resorts in the fourth quarter valued at approximately $249,053,000. Finally, Invesco Ltd. boosted its stake in Wynn Resorts by 14.2% in the fourth quarter. Invesco Ltd. now owns 2,011,462 shares of the casino operator’s stock valued at $242,039,000 after acquiring an additional 249,704 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Wynn Resorts Stock Down 0.5%

Shares of NASDAQ WYNN opened at $99.60 on Friday. The company’s fifty day moving average is $99.92 and its 200-day moving average is $103.01. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of 24.71, a P/E/G ratio of 0.88 and a beta of 1.01. Wynn Resorts, Limited has a twelve month low of $92.52 and a twelve month high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.25. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.83 billion. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.09 EPS. On average, research analysts anticipate that Wynn Resorts, Limited will post 4.63 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Friday, August 14th. Wynn Resorts’s payout ratio is presently 24.81%.

Wall Street Analyst Weigh In

WYNN has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $137.00 target price on shares of Wynn Resorts in a report on Friday, May 8th. Barclays raised their price target on Wynn Resorts from $134.00 to $136.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Argus lifted their price objective on Wynn Resorts from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. The Goldman Sachs Group set a $120.00 price objective on Wynn Resorts in a report on Wednesday, July 15th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $128.00 target price on shares of Wynn Resorts in a research note on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Wynn Resorts currently has an average rating of “Moderate Buy” and an average price target of $134.19.

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.