Corient Private Wealth LLC Reduces Stake in Wynn Resorts

Corient Private Wealth LLC has decreased its investment in Wynn Resorts, Limited (NASDAQ:WYNN) by 41.1% during the fourth quarter, as revealed in its recent 13F filing with the Securities and Exchange Commission. After selling 3,677 shares during the quarter, the firm now holds 5,263 shares of the casino operator's stock, which at the end of the reporting period were valued at $454,000.

Investment Activity by Other Firms

Other significant investors have also altered their stakes in Wynn Resorts. Raymond James Financial Inc. acquired a new position in the company during the fourth quarter, investing approximately $75.87 million. Holocene Advisors LP dramatically increased its holdings in Wynn Resorts by 27,868.5% in the third quarter, now owning 757,946 shares valued at $72.67 million after buying an additional 755,236 shares during that time. Additionally, Weiss Asset Management LP bought a new stake worth about $19.75 million, while Jacobs Levy Equity Management Inc. raised its holdings by 466.3% in the same quarter. Now, Jacobs Levy owns 209,760 shares with a value of $20.11 million after purchasing an additional 172,717 shares. Another investor, Biglari Capital CORP., initiated a stake in Wynn Resorts valued at approximately $13.31 million. Currently, institutional investors and hedge funds hold 88.64% of the company’s stock.

Insider Transactions

In a related development, Director Philip G. Satre acquired 22,200 shares of Wynn Resorts on February 18, at an average price of $92.18 per share, totaling $2,046,396. This increased his position in the company by 185.08%, and he now owns 34,195 shares valued at approximately $3.15 million. Furthermore, major shareholder Tilman J. Fertitta purchased 5,025 shares on March 21 for an average of $80.99 each, amounting to $406,974.75. Post-transaction, Fertitta’s total shareholding increased to 10,905,025 shares, valued at around $883.20 million, reflecting a 0.05% increase in ownership. In the past ninety days, insiders have acquired 38,700 shares of Wynn Resorts worth approximately $3.43 million, with corporate insiders now owning 0.52% of the company's stock.

Wynn Resorts Stock Performance

As of Friday, WYNN shares opened at $82.33. The company boasts a 50-day simple moving average of $85.96 and a 200-day simple moving average of $89.22, with a market capitalization of $8.74 billion. The stock has a price-to-earnings ratio of 19.56 and a price-to-earnings-growth ratio of 2.35, along with a beta of 1.77. It has experienced a twelve-month low of $71.63 and a high of $110.38. Wynn Resorts reported quarterly earnings on February 13, announcing $2.42 per share, outperforming analysts' expectations of $1.27 by $1.15, with revenues hitting $1.84 billion against an estimated $1.78 billion. The company recorded a net margin of 7.03% but a negative return on equity of 71.17%. Analysts project that Wynn Resorts will report an EPS of 5.17 for the current year.

Dividend Information

Recently, Wynn Resorts announced a quarterly dividend of $0.25 per share, distributed on March 5 to stockholders who were on record by February 24. Thus, the annualized dividend stands at $1.00, translating to a yield of 1.21%, with a dividend payout ratio of 23.75%.

Analyst Ratings Overview

Several research analysts have shared their views on Wynn Resorts. StockNews.com downgraded the stock from a "buy" to a "hold" rating on March 12. Meanwhile, Morgan Stanley reduced its price target from $105.00 to $103.00 while maintaining an "overweight" rating. Jefferies Financial Group raised its rating from "hold" to "buy," setting a new price target of $118.00. Barclays also increased its target price from $115.00 to $116.00 and maintained an "overweight" rating. Stifel Nicolaus has lifted its price target from $123.00 to $128.00, giving the stock a "buy" rating. In total, two analysts rate the stock as a hold, twelve as a buy, and one as a strong buy, resulting in a consensus rating of "Moderate Buy" and a target price of $119.58 according to MarketBeat.

About Wynn Resorts

Wynn Resorts, Limited is a company that designs, develops, and operates integrated resorts. It operates four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment is home to private gaming salons, luxury hotel accommodations, restaurants, casino spaces, and various entertainment offerings.

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