Comerica Bank Sells 2,986 Shares of Wynn Resorts, Limited $WYNN

Comerica Bank lessened its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 11.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,186 shares of the casino operator’s stock after selling 2,986 shares during the period. Comerica Bank’s holdings in Wynn Resorts were worth $2,020,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WYNN. DAVENPORT & Co LLC bought a new position in Wynn Resorts during the 1st quarter valued at approximately $49,476,000. Nuveen LLC purchased a new stake in Wynn Resorts during the 1st quarter valued at $41,731,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Wynn Resorts by 18.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator’s stock valued at $269,308,000 after purchasing an additional 485,204 shares during the last quarter. Deutsche Bank AG boosted its stake in Wynn Resorts by 108.5% during the 4th quarter. Deutsche Bank AG now owns 848,636 shares of the casino operator’s stock valued at $73,118,000 after purchasing an additional 441,558 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Wynn Resorts by 758.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 386,721 shares of the casino operator’s stock valued at $32,291,000 after purchasing an additional 341,688 shares during the last quarter. Institutional investors own 88.64% of the company’s stock.

Analyst Upgrades and Downgrades

WYNN has been the topic of several recent analyst reports. Macquarie increased their target price on Wynn Resorts from $110.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. UBS Group upgraded Wynn Resorts from a “neutral” rating to a “buy” rating and increased their target price for the company from $101.00 to $147.00 in a research note on Thursday, August 28th. The Goldman Sachs Group initiated coverage on Wynn Resorts in a research note on Monday, July 7th. They set a “buy” rating and a $122.00 target price on the stock. JPMorgan Chase & Co. started coverage on Wynn Resorts in a research note on Monday, June 23rd. They set an “overweight” rating and a $109.00 target price on the stock. Finally, Bank of America upgraded Wynn Resorts from a “neutral” rating to a “buy” rating and set a $100.00 price target on the stock in a research note on Wednesday, May 7th. Thirteen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Wynn Resorts presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.93.

Wynn Resorts Price Performance

Shares of WYNN opened at $125.47 on Wednesday. Wynn Resorts, Limited has a one year low of $65.25 and a one year high of $128.53. The firm has a market capitalization of $13.05 billion, a P/E ratio of 37.68, a PEG ratio of 6.76 and a beta of 1.37. The business has a fifty day moving average of $109.82 and a 200 day moving average of $93.65.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Thursday, August 7th. The casino operator reported $1.09 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.11). Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period in the previous year, the firm earned $1.12 EPS. The business’s revenue was up .6% on a year-over-year basis. Analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal 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 given a dividend of $0.25 per share. The ex-dividend date was Monday, August 18th. This represents a $1.00 annualized dividend and a yield of 0.8%. Wynn Resorts’s payout ratio is 30.03%.

Wynn Resorts 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.