Bank of Nova Scotia Sells 10,317 Shares of Wynn Resorts, Limited $WYNN

Bank of Nova Scotia cut its holdings in Wynn Resorts, Limited (NASDAQ:WYNN) by 64.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 5,742 shares of the casino operator’s stock after selling 10,317 shares during the quarter. Bank of Nova Scotia’s holdings in Wynn Resorts were worth $583,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MUFG Securities EMEA plc acquired a new stake in Wynn Resorts in the second quarter valued at approximately $25,000. Hantz Financial Services Inc. grew its stake in shares of Wynn Resorts by 54.9% during the fourth quarter. Hantz Financial Services Inc. now owns 251 shares of the casino operator’s stock worth $30,000 after buying an additional 89 shares during the last quarter. Cromwell Holdings LLC increased its holdings in shares of Wynn Resorts by 68.2% during the fourth quarter. Cromwell Holdings LLC now owns 254 shares of the casino operator’s stock worth $31,000 after buying an additional 103 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Wynn Resorts by 69.0% during the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator’s stock worth $32,000 after buying an additional 156 shares in the last quarter. Finally, SHP Wealth Management bought a new position in shares of Wynn Resorts in the 4th quarter valued at $32,000. Institutional investors own 88.64% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on WYNN shares. Zacks Research lowered Wynn Resorts from a “hold” rating to a “strong sell” rating in a research report on Friday, July 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $128.00 target price on shares of Wynn Resorts in a report on Wednesday, July 22nd. Barclays cut their price target on Wynn Resorts from $139.00 to $134.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. Wells Fargo & Company reduced their price target on Wynn Resorts from $142.00 to $141.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Citigroup lowered their price objective on Wynn Resorts from $145.00 to $132.00 and set a “buy” rating for the company in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $135.44.

Wynn Resorts Stock Performance

Shares of NASDAQ WYNN opened at $100.70 on Friday. Wynn Resorts, Limited has a 52-week low of $92.52 and a 52-week high of $134.72. The company’s 50 day moving average price is $100.44 and its 200-day moving average price is $104.34. The company has a market capitalization of $10.45 billion, a P/E ratio of 30.06, a price-to-earnings-growth ratio of 0.98 and a beta of 0.99.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Thursday, May 7th. The casino operator reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.82 billion. Wynn Resorts had a net margin of 5.14% and a negative return on equity of 42.03%. Wynn Resorts’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. Analysts forecast that Wynn Resorts, Limited will post 4.49 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Monday, May 18th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.00 annualized dividend and a dividend yield of 1.0%. Wynn Resorts’s dividend payout ratio (DPR) is 29.85%.

About Wynn Resorts

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.