Gabelli Funds LLC Sells 350 Shares of Wynn Resorts, Limited (NASDAQ:WYNN)

Gabelli Funds LLC lowered its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 0.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 49,000 shares of the casino operator’s stock after selling 350 shares during the quarter. Gabelli Funds LLC’s holdings in Wynn Resorts were worth $5,009,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Advisors Asset Management Inc. grew its position in Wynn Resorts by 6.7% in the 1st quarter. Advisors Asset Management Inc. now owns 14,444 shares of the casino operator’s stock valued at $1,477,000 after acquiring an additional 908 shares during the last quarter. Delap Wealth Advisory LLC bought a new position in Wynn Resorts in the 1st quarter valued at $327,000. EntryPoint Capital LLC grew its position in Wynn Resorts by 7.2% in the 1st quarter. EntryPoint Capital LLC now owns 1,738 shares of the casino operator’s stock valued at $178,000 after acquiring an additional 117 shares during the last quarter. Boulder Hill Capital Management LP bought a new position in Wynn Resorts in the 1st quarter valued at $3,793,000. Finally, Natixis grew its position in Wynn Resorts by 24.9% in the 1st quarter. Natixis now owns 12,600 shares of the casino operator’s stock valued at $1,288,000 after acquiring an additional 2,514 shares during the last quarter. Institutional investors own 68.87% of the company’s stock.

Wynn Resorts Stock Up 1.4 %

Shares of NASDAQ WYNN traded up $1.09 during mid-day trading on Friday, reaching $81.61. 1,925,544 shares of the company were exchanged, compared to its average volume of 1,879,694. The firm has a 50-day moving average of $89.02 and a 200 day moving average of $95.86. Wynn Resorts, Limited has a 1 year low of $80.02 and a 1 year high of $111.09. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of 11.18 and a beta of 1.82.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Tuesday, May 7th. The casino operator reported $1.59 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.16. Wynn Resorts had a negative return on equity of 46.04% and a net margin of 12.36%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the business posted $0.29 earnings per share. The firm’s revenue was up 30.9% compared to the same quarter last year. On average, equities analysts forecast that Wynn Resorts, Limited will post 5.62 earnings per share for the current year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Monday, May 20th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend was Friday, May 17th. Wynn Resorts’s dividend payout ratio (DPR) is presently 13.70%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Deutsche Bank Aktiengesellschaft cut their price objective on Wynn Resorts from $132.00 to $131.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th. Barclays upped their target price on Wynn Resorts from $124.00 to $128.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Citigroup upped their target price on Wynn Resorts from $132.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Macquarie lowered their target price on Wynn Resorts from $128.00 to $126.00 and set an “outperform” rating for the company in a report on Tuesday, July 9th. Finally, Stifel Nicolaus upped their target price on Wynn Resorts from $135.00 to $138.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $119.53.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, Director Betsy S. Atkins sold 2,446 shares of the stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $94.39, for a total value of $230,877.94. Following the completion of the sale, the director now directly owns 9,226 shares in the company, valued at $870,842.14. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.52% of the stock is currently owned by company insiders.

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.