Principal Financial Group Inc. Cuts Position in Wynn Resorts, Limited (NASDAQ:WYNN)

Principal Financial Group Inc. trimmed its position in Wynn Resorts, Limited (NASDAQ:WYNN) by 3.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,858 shares of the casino operator’s stock after selling 3,626 shares during the quarter. Principal Financial Group Inc. owned 0.10% of Wynn Resorts worth $8,505,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the stock. Global X Japan Co. Ltd. raised its stake in Wynn Resorts by 120.7% during the 1st quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator’s stock valued at $27,000 after acquiring an additional 175 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake in Wynn Resorts by 3,408.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 421 shares of the casino operator’s stock valued at $35,000 after acquiring an additional 409 shares in the last quarter. Canada Post Corp Registered Pension Plan bought a new stake in Wynn Resorts during the 4th quarter valued at $45,000. Garde Capital Inc. bought a new stake in Wynn Resorts during the 1st quarter valued at $73,000. Finally, Mather Group LLC. raised its stake in Wynn Resorts by 32.7% during the 1st quarter. Mather Group LLC. now owns 896 shares of the casino operator’s stock valued at $75,000 after acquiring an additional 221 shares in the last quarter. Institutional investors and hedge funds own 88.64% of the company’s stock.

Insider Activity

In related news, Director Patricia Mulroy sold 2,262 shares of the firm’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $92.12, for a total transaction of $208,375.44. Following the completion of the transaction, the director owned 3,066 shares of the company’s stock, valued at $282,439.92. This trade represents a 42.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.52% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group reissued a “neutral” rating and issued a $101.00 price objective (up previously from $83.00) on shares of Wynn Resorts in a research note on Tuesday, July 8th. The Goldman Sachs Group began coverage on Wynn Resorts in a research note on Monday, July 7th. They issued a “buy” rating and a $122.00 price objective on the stock. Bank of America upgraded Wynn Resorts from a “neutral” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Wednesday, May 7th. Stifel Nicolaus set a $113.00 target price on Wynn Resorts in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. began coverage on Wynn Resorts in a report on Monday, June 23rd. They issued an “overweight” rating and a $109.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.71.

Wynn Resorts Price Performance

Shares of WYNN opened at $111.01 on Tuesday. The firm has a market cap of $11.61 billion, a PE ratio of 30.84, a PEG ratio of 3.21 and a beta of 1.37. The stock’s fifty day moving average price is $92.94 and its two-hundred day moving average price is $86.32. Wynn Resorts, Limited has a 1 year low of $65.25 and a 1 year high of $112.36.

Wynn Resorts (NASDAQ:WYNN) last announced its quarterly earnings results on Tuesday, May 6th. The casino operator reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.17). The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Wynn Resorts had a net margin of 6.17% and a negative return on equity of 62.13%. Wynn Resorts’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.59 earnings per share. Sell-side analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.90%. The ex-dividend date of this dividend was Friday, May 16th. Wynn Resorts’s payout ratio is 27.78%.

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.