Concord Investment Counsel Inc. Buys New Stake in Wynn Resorts, Limited (NASDAQ:WYNN)

Concord Investment Counsel Inc. purchased a new position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 24,070 shares of the casino operator's stock, valued at approximately $2,461,000. Wynn Resorts accounts for approximately 0.9% of Concord Investment Counsel Inc.'s investment portfolio, making the stock its 26th largest holding.

A number of other large investors have also recently made changes to their positions in the company. Texas Permanent School Fund Corp boosted its stake in shares of Wynn Resorts by 2.8% during the 1st quarter. Texas Permanent School Fund Corp now owns 19,706 shares of the casino operator's stock worth $2,015,000 after purchasing an additional 531 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Wynn Resorts by 42.9% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 5,796 shares of the casino operator's stock worth $593,000 after purchasing an additional 1,740 shares during the period. FinTrust Capital Advisors LLC boosted its stake in shares of Wynn Resorts by 6.6% during the 1st quarter. FinTrust Capital Advisors LLC now owns 8,475 shares of the casino operator's stock worth $866,000 after purchasing an additional 524 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Wynn Resorts by 10.8% during the 1st quarter. Daiwa Securities Group Inc. now owns 9,883 shares of the casino operator's stock worth $1,010,000 after purchasing an additional 965 shares during the period. Finally, Wakefield Asset Management LLLP purchased a new stake in Wynn Resorts in the 1st quarter valued at about $3,401,000. 68.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on WYNN shares. Wells Fargo & Company dropped their target price on shares of Wynn Resorts from $128.00 to $126.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 2nd. Mizuho began coverage on Wynn Resorts in a report on Thursday, April 4th. They set a "buy" rating and a $131.00 price objective on the stock. Jefferies Financial Group reduced their price objective on Wynn Resorts from $111.00 to $96.00 and set a "hold" rating on the stock in a report on Thursday. Citigroup raised their price objective on Wynn Resorts from $132.00 to $138.00 and gave the stock a "buy" rating in a report on Wednesday, May 8th. Finally, Morgan Stanley reduced their price objective on Wynn Resorts from $115.00 to $107.00 and set an "equal weight" rating on the stock in a report on Friday. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $119.53.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 2,446 shares of the firm's stock in a transaction on 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 transaction, the director now owns 9,226 shares in the company, valued at approximately $870,842.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.52% of the stock is currently owned by company insiders.

Wynn Resorts Stock Up 1.4 %

Shares of Wynn Resorts stock traded up $1.22 during trading on Friday, reaching $85.83. The company's stock had a trading volume of 1,776,200 shares, compared to its average volume of 1,788,959. The company has a market cap of $9.62 billion, a price-to-earnings ratio of 11.76 and a beta of 1.82. Wynn Resorts, Limited has a 1-year low of $81.65 and a 1-year high of $112.25. The company has a 50-day simple moving average of $91.81 and a two-hundred day simple moving average of $96.55.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The casino operator reported $1.59 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.16. The firm had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.80 billion. Wynn Resorts had a negative return on equity of 46.04% and a net margin of 12.36%. The business's quarterly revenue was up 30.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.29 EPS. As a group, analysts anticipate that Wynn Resorts, Limited will post 5.63 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Monday, May 20th were paid a $0.25 dividend. The ex-dividend date was Friday, May 17th. This represents a $1.00 dividend on an annualized basis and a yield of 1.17%. Wynn Resorts's dividend payout ratio (DPR) is 13.70%.

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.