Pacific Heights Asset Management LLC Sells 70,000 Shares of Wynn Resorts, Limited (NASDAQ:WYNN)

Pacific Heights Asset Management LLC reduced its stake in Wynn Resorts, Limited (NASDAQ:WYNN) by 50.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,000 shares of the casino operator’s stock after selling 70,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in Wynn Resorts were worth $6,712,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norden Group LLC acquired a new position in shares of Wynn Resorts during the first quarter worth about $231,000. First Trust Direct Indexing L.P. bought a new stake in Wynn Resorts in the 1st quarter valued at approximately $260,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Wynn Resorts by 25.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 14,810 shares of the casino operator’s stock worth $1,567,000 after acquiring an additional 2,982 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in Wynn Resorts by 10.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 9,883 shares of the casino operator’s stock worth $1,010,000 after acquiring an additional 965 shares during the last quarter. Finally, FinTrust Capital Advisors LLC grew its stake in shares of Wynn Resorts by 6.6% during the 1st quarter. FinTrust Capital Advisors LLC now owns 8,475 shares of the casino operator’s stock worth $866,000 after acquiring an additional 524 shares in the last quarter. 68.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on WYNN. Stifel Nicolaus reduced their target price on shares of Wynn Resorts from $121.00 to $103.00 and set a “buy” rating for the company in a report on Friday, September 13th. JPMorgan Chase & Co. reduced their price objective on shares of Wynn Resorts from $110.00 to $101.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Jefferies Financial Group lowered their target price on Wynn Resorts from $111.00 to $96.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Morgan Stanley increased their price target on Wynn Resorts from $112.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Finally, Macquarie reaffirmed an “outperform” rating and set a $126.00 price target on shares of Wynn Resorts in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $116.21.

Insiders Place Their Bets

In related news, Director Patricia Mulroy sold 2,650 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $78.73, for a total value of $208,634.50. Following the transaction, the director now directly owns 5,689 shares in the company, valued at approximately $447,894.97. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.52% of the company’s stock.

Wynn Resorts Stock Performance

Shares of WYNN stock opened at $95.68 on Friday. The company has a market capitalization of $10.62 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 2.49 and a beta of 1.80. Wynn Resorts, Limited has a 52 week low of $71.63 and a 52 week high of $110.38. The company has a 50-day simple moving average of $89.82 and a 200 day simple moving average of $88.88.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Tuesday, August 6th. The casino operator reported $1.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.02). The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.74 billion. Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. The company’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. Sell-side analysts forecast that Wynn Resorts, Limited will post 5.42 EPS for the current year.

Wynn Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend was Monday, August 19th. Wynn Resorts’s payout ratio is 13.57%.

About Wynn Resorts

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.