Silverlake Wealth Management LLC Lowers Holdings in Wynn Resorts, Limited (NASDAQ:WYNN)

Silverlake Wealth Management LLC cut its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 7.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,089 shares of the casino operator’s stock after selling 415 shares during the period. Silverlake Wealth Management LLC’s holdings in Wynn Resorts were worth $488,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC purchased a new position in Wynn Resorts in the second quarter valued at $25,000. Register Financial Advisors LLC purchased a new stake in shares of Wynn Resorts during the first quarter worth approximately $37,000. Neo Ivy Capital Management acquired a new stake in Wynn Resorts in the fourth quarter valued at approximately $40,000. Versant Capital Management Inc purchased a new position in Wynn Resorts in the second quarter worth approximately $51,000. Finally, Covestor Ltd grew its holdings in Wynn Resorts by 421.7% during the 1st quarter. Covestor Ltd now owns 626 shares of the casino operator’s stock worth $64,000 after acquiring an additional 506 shares in the last quarter. Institutional investors and hedge funds own 68.87% of the company’s stock.

Insider Transactions at Wynn Resorts

In related news, Director Patricia Mulroy sold 2,650 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $78.73, for a total transaction of $208,634.50. Following the sale, the director now owns 5,689 shares of the company’s stock, valued at $447,894.97. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.52% of the company’s stock.

Wynn Resorts Stock Up 1.0 %

NASDAQ:WYNN traded up $1.05 during trading hours on Friday, reaching $104.75. 2,537,968 shares of the stock were exchanged, compared to its average volume of 3,913,564. The firm has a 50 day simple moving average of $82.92 and a 200-day simple moving average of $89.45. Wynn Resorts, Limited has a 52 week low of $71.63 and a 52 week high of $110.38. The stock has a market capitalization of $11.63 billion, a P/E ratio of 14.21, a P/E/G ratio of 2.67 and a beta of 1.81.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same period last year, the business posted $0.91 EPS. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, analysts expect that Wynn Resorts, Limited will post 5.44 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, August 19th. This represents a $1.00 annualized dividend and a yield of 0.95%. Wynn Resorts’s payout ratio is 13.57%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Wynn Resorts from $111.00 to $96.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Stifel Nicolaus lowered their price objective on Wynn Resorts from $121.00 to $103.00 and set a “buy” rating for the company in a research report on Friday, September 13th. JPMorgan Chase & Co. cut their price objective on shares of Wynn Resorts from $110.00 to $101.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley increased their price objective on Wynn Resorts from $104.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Susquehanna lifted their price objective on shares of Wynn Resorts from $92.00 to $122.00 and gave the company a “positive” rating in a research report on Friday. Four analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $115.20.

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.