Pacific Heights Asset Management LLC Has $10.77 Million Holdings in Wynn Resorts, Limited $WYNN

Pacific Heights Asset Management LLC boosted its stake in Wynn Resorts, Limited (NASDAQ:WYNN) by 49.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 115,000 shares of the casino operator’s stock after purchasing an additional 38,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in Wynn Resorts were worth $10,772,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Regal Partners Ltd raised its stake in Wynn Resorts by 21.5% in the first quarter. Regal Partners Ltd now owns 1,091,578 shares of the casino operator’s stock valued at $91,147,000 after purchasing an additional 192,873 shares in the last quarter. Raymond James Financial Inc. grew its position in Wynn Resorts by 12.7% in the first quarter. Raymond James Financial Inc. now owns 992,022 shares of the casino operator’s stock valued at $82,834,000 after acquiring an additional 111,428 shares during the last quarter. DAVENPORT & Co LLC grew its position in Wynn Resorts by 53.4% in the second quarter. DAVENPORT & Co LLC now owns 913,086 shares of the casino operator’s stock valued at $85,895,000 after acquiring an additional 317,850 shares during the last quarter. Nuveen LLC bought a new position in Wynn Resorts in the first quarter valued at about $41,731,000. Finally, Long Focus Capital Management LLC grew its position in Wynn Resorts by 84.0% in the first quarter. Long Focus Capital Management LLC now owns 300,000 shares of the casino operator’s stock valued at $25,050,000 after acquiring an additional 137,000 shares during the last quarter. Institutional investors and hedge funds own 88.64% of the company’s stock.

Insider Buying and Selling

In related news, Director Patricia Mulroy sold 4,438 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the sale, the director directly owned 3,066 shares in the company, valued at $383,250. This represents a 59.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.52% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on WYNN shares. Jefferies Financial Group lifted their target price on Wynn Resorts from $130.00 to $133.00 and gave the company a “buy” rating in a research report on Monday, August 11th. Morgan Stanley lifted their target price on Wynn Resorts from $113.00 to $128.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. The Goldman Sachs Group lifted their target price on Wynn Resorts from $124.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, October 1st. UBS Group upgraded Wynn Resorts from a “neutral” rating to a “buy” rating and lifted their target price for the company from $101.00 to $147.00 in a research report on Thursday, August 28th. Finally, JPMorgan Chase & Co. lifted their target price on Wynn Resorts from $123.00 to $136.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Thirteen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $129.64.

Wynn Resorts Trading Down 0.7%

NASDAQ:WYNN opened at $121.13 on Wednesday. The stock has a market cap of $12.59 billion, a P/E ratio of 36.38, a price-to-earnings-growth ratio of 6.26 and a beta of 1.31. The stock’s 50-day moving average is $121.67 and its 200-day moving average is $102.72. Wynn Resorts, Limited has a 1-year low of $65.25 and a 1-year high of $134.23.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.11). The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm posted $1.12 earnings per share. As a group, equities analysts forecast that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Monday, August 18th were issued a $0.25 dividend. The ex-dividend date was Monday, August 18th. This represents a $1.00 annualized dividend and a yield of 0.8%. Wynn Resorts’s dividend payout ratio is presently 30.03%.

Wynn Resorts Company 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.