Corebridge Financial Inc. Trims Stock Position in Wynn Resorts, Limited (NASDAQ:WYNN)

Corebridge Financial Inc. trimmed its holdings in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 1.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,600 shares of the casino operator’s stock after selling 381 shares during the period. Corebridge Financial Inc.’s holdings in Wynn Resorts were worth $2,033,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Wynn Resorts by 1.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 624,469 shares of the casino operator’s stock worth $59,874,000 after acquiring an additional 10,465 shares during the last quarter. Public Sector Pension Investment Board raised its stake in Wynn Resorts by 6.9% in the 3rd quarter. Public Sector Pension Investment Board now owns 3,078 shares of the casino operator’s stock valued at $295,000 after purchasing an additional 200 shares during the last quarter. Captrust Financial Advisors lifted its holdings in Wynn Resorts by 41.2% in the 3rd quarter. Captrust Financial Advisors now owns 4,165 shares of the casino operator’s stock valued at $399,000 after purchasing an additional 1,215 shares in the last quarter. Holocene Advisors LP boosted its stake in shares of Wynn Resorts by 27,868.5% during the 3rd quarter. Holocene Advisors LP now owns 757,946 shares of the casino operator’s stock worth $72,672,000 after purchasing an additional 755,236 shares during the last quarter. Finally, Hilltop Holdings Inc. purchased a new stake in shares of Wynn Resorts during the third quarter worth about $260,000. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Jefferies Financial Group upgraded shares of Wynn Resorts from a “hold” rating to a “buy” rating and raised their target price for the stock from $105.00 to $118.00 in a research report on Tuesday, February 18th. Barclays lifted their price objective on Wynn Resorts from $115.00 to $116.00 and gave the company an “overweight” rating in a research report on Friday, February 14th. StockNews.com downgraded Wynn Resorts from a “buy” rating to a “hold” rating in a research report on Wednesday, March 12th. Macquarie restated an “outperform” rating and issued a $115.00 price target on shares of Wynn Resorts in a report on Friday, February 14th. Finally, Mizuho raised their target price on shares of Wynn Resorts from $118.00 to $132.00 and gave the stock an “outperform” rating in a research report on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wynn Resorts currently has a consensus rating of “Moderate Buy” and an average target price of $119.58.

Wynn Resorts Price Performance

Shares of WYNN opened at $82.73 on Wednesday. Wynn Resorts, Limited has a 12 month low of $71.63 and a 12 month high of $110.38. The stock’s 50-day moving average is $85.86 and its two-hundred day moving average is $89.39. The stock has a market cap of $8.78 billion, a PE ratio of 19.65, a P/E/G ratio of 2.35 and a beta of 1.77.

Wynn Resorts (NASDAQ:WYNN) last released its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 EPS for the quarter, topping the consensus estimate of $1.27 by $1.15. Wynn Resorts had a negative return on equity of 71.17% and a net margin of 7.03%. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.78 billion. On average, research analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current 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 dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date was Monday, February 24th. Wynn Resorts’s payout ratio is 23.75%.

Insider Buying and Selling

In other Wynn Resorts news, major shareholder Tilman J. Fertitta acquired 5,025 shares of the stock in a transaction on Friday, March 21st. The stock was purchased at an average price of $80.99 per share, for a total transaction of $406,974.75. Following the purchase, the insider now directly owns 10,905,025 shares in the company, valued at $883,197,974.75. This trade represents a 0.05 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Philip G. Satre bought 22,200 shares of the business’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 completion of the transaction, 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 disclosure for this purchase can be found here. Insiders have bought 38,700 shares of company stock valued at $3,427,943 in the last quarter. Company insiders own 0.52% of the company’s stock.

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.