CIBC Asset Management Inc Cuts Holdings in Wynn Resorts, Limited (NASDAQ:WYNN)

CIBC Asset Management Inc lessened its stake in Wynn Resorts, Limited (NASDAQ:WYNN) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,805 shares of the casino operator’s stock after selling 447 shares during the period. CIBC Asset Management Inc’s holdings in Wynn Resorts were worth $1,189,000 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 WYNN. New Wave Wealth Advisors LLC purchased a new position in Wynn Resorts in the 4th quarter worth approximately $26,000. Wilmington Savings Fund Society FSB purchased a new position in Wynn Resorts in the 3rd quarter worth approximately $31,000. Spire Wealth Management grew its stake in Wynn Resorts by 116.4% in the 4th quarter. Spire Wealth Management now owns 435 shares of the casino operator’s stock worth $37,000 after buying an additional 234 shares in the last quarter. Blue Trust Inc. grew its stake in Wynn Resorts by 556.0% in the 3rd quarter. Blue Trust Inc. now owns 551 shares of the casino operator’s stock worth $49,000 after buying an additional 467 shares in the last quarter. Finally, Allworth Financial LP grew its stake in Wynn Resorts by 17.5% in the 3rd quarter. Allworth Financial LP now owns 895 shares of the casino operator’s stock worth $86,000 after buying an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.

Wynn Resorts Stock Down 2.9 %

Shares of WYNN opened at $90.76 on Friday. The stock has a market capitalization of $9.66 billion, a P/E ratio of 21.56, a PEG ratio of 2.35 and a beta of 1.76. The firm has a fifty day simple moving average of $85.31 and a two-hundred day simple moving average of $87.34. Wynn Resorts, Limited has a twelve month low of $71.63 and a twelve month high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share for the quarter, beating the consensus estimate of $1.27 by $1.15. Wynn Resorts had a net margin of 7.03% and a negative return on equity of 71.17%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Sell-side analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.00 annualized dividend and a yield of 1.10%. Wynn Resorts’s dividend payout ratio (DPR) is presently 23.75%.

Insiders Place Their Bets

In related news, Director Philip G. Satre acquired 22,200 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was acquired at an average cost of $92.18 per share, for a total transaction of $2,046,396.00. Following the acquisition, the director now owns 34,195 shares of the company’s stock, valued at $3,152,095.10. This trade represents a 185.08 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.52% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on WYNN. Barclays boosted their price target on shares of Wynn Resorts from $115.00 to $116.00 and gave the stock an “overweight” rating in a research note on Friday, February 14th. Macquarie reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Wynn Resorts in a research note on Friday, February 14th. StockNews.com raised shares of Wynn Resorts from a “hold” rating to a “buy” rating in a research note on Tuesday, February 18th. Stifel Nicolaus upped their price objective on shares of Wynn Resorts from $123.00 to $128.00 and gave the company a “buy” rating in a research note on Friday, February 14th. Finally, Jefferies Financial Group raised shares of Wynn Resorts from a “hold” rating to a “buy” rating and upped their price objective for the company from $105.00 to $118.00 in a research note on Tuesday, February 18th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Wynn Resorts presently has an average rating of “Buy” and an average price target of $120.58.

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.