Prosperity Wealth Management Inc. Trims Stake in Wynn Resorts, Limited (NASDAQ:WYNN)

Prosperity Wealth Management Inc. lessened its position in Wynn Resorts, Limited (NASDAQ:WYNN) by 4.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,495 shares of the casino operator’s stock after selling 745 shares during the quarter. Wynn Resorts makes up 0.6% of Prosperity Wealth Management Inc.’s investment portfolio, making the stock its 26th largest holding. Prosperity Wealth Management Inc.’s holdings in Wynn Resorts were worth $1,507,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. New Wave Wealth Advisors LLC acquired a new position in Wynn Resorts during the 4th quarter worth $26,000. Wilmington Savings Fund Society FSB acquired a new position in Wynn Resorts during the 3rd quarter worth $31,000. SBI Securities Co. Ltd. acquired a new position in Wynn Resorts during the 4th quarter worth $36,000. Spire Wealth Management boosted its position in shares of Wynn Resorts by 116.4% during the 4th quarter. Spire Wealth Management now owns 435 shares of the casino operator’s stock worth $37,000 after acquiring an additional 234 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in shares of Wynn Resorts by 15.0% during the 4th quarter. Venturi Wealth Management LLC now owns 936 shares of the casino operator’s stock worth $81,000 after acquiring an additional 122 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Mizuho upped their price objective on Wynn Resorts from $118.00 to $132.00 and gave the stock an “outperform” rating in a research report on Friday, February 14th. Jefferies Financial Group raised Wynn Resorts from a “hold” rating to a “buy” rating and upped their price objective for the stock from $105.00 to $118.00 in a research report on Tuesday, February 18th. Stifel Nicolaus upped their price objective on Wynn Resorts from $123.00 to $128.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. StockNews.com downgraded Wynn Resorts from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Barclays boosted their target price on Wynn Resorts from $115.00 to $116.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Two 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 company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $119.58.

Wynn Resorts Trading Down 1.2 %

Shares of WYNN stock opened at $87.38 on Wednesday. The company has a market cap of $9.30 billion, a price-to-earnings ratio of 20.76, a price-to-earnings-growth ratio of 2.35 and a beta of 1.77. The stock has a 50 day simple moving average of $85.43 and a 200-day simple moving average of $88.54. Wynn Resorts, Limited has a 12-month low of $71.63 and a 12-month high of $110.38.

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

Wynn Resorts Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Monday, February 24th. Wynn Resorts’s dividend payout ratio is currently 23.75%.

Insider Buying and Selling

In related news, Director Philip G. Satre bought 22,200 shares of the stock in a transaction on Tuesday, February 18th. The shares were purchased at an average price of $92.18 per share, for a total transaction of $2,046,396.00. Following the acquisition, the director now owns 34,195 shares in the company, valued at $3,152,095.10. This 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 through the SEC website. Insiders own 0.52% of the company’s stock.

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.