Lateef Investment Management Lowers stake in Wynn Resorts Limited (WYNN)

Wynn Resorts Limited (WYNN) : Lateef Investment Management reduced its stake in Wynn Resorts Limited by 2.26% during the most recent quarter end. The investment management company now holds a total of 2,892,115 shares of Wynn Resorts Limited which is valued at $260.1 Million after selling 66,759 shares in Wynn Resorts Limited , the firm said in a disclosure report filed with the SEC on May 13, 2016.Wynn Resorts Limited makes up approximately 8.20% of Lateef Investment Management’s portfolio.

Other Hedge Funds, Including , Shelton Capital Management sold out all of its stake in WYNN during the most recent quarter. The investment firm sold 5,659 shares of WYNN which is valued $509,027.Bessemer Group Inc reduced its stake in WYNN by selling 50 shares or 38.76% in the most recent quarter. The Hedge Fund company now holds 79 shares of WYNN which is valued at $7,106.Blackrock Fund Advisors reduced its stake in WYNN by selling 29,123 shares or 2.34% in the most recent quarter. The Hedge Fund company now holds 1,215,222 shares of WYNN which is valued at $109.3 Million. Wynn Resorts Limited makes up approx 0.03% of Blackrock Fund Advisors’s portfolio.Cornerstone Financial Partners reduced its stake in WYNN by selling 17,240 shares or 41.77% in the most recent quarter. The Hedge Fund company now holds 24,036 shares of WYNN which is valued at $2.2 Million. Wynn Resorts Limited makes up approx 0.85% of Cornerstone Financial Partners’s portfolio.Mcf Advisors boosted its stake in WYNN in the latest quarter, The investment management firm added 50 additional shares and now holds a total of 140 shares of Wynn Resorts Limited which is valued at $12,769.

Wynn Resorts Limited opened for trading at $93.87 and hit $97.1852 on the upside on Wednesday, eventually ending the session at $96.65, with a gain of 3.68% or 3.43 points. The heightened volatility saw the trading volume jump to 33,65,998 shares. Company has a market cap of $9,838 M.

On the company’s financial health, Wynn Resorts Limited reported $1.07 EPS for the quarter, beating the analyst consensus estimate by $ 0.25 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.82. The company had revenue of $1080.76 million for the quarter, compared to analysts expectations of $1002.05 million. The company’s revenue was down -8.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.70 EPS.

Many Wall Street Analysts have commented on Wynn Resorts Limited. Wynn Resorts Limited was Downgraded by Credit Agricole to ” Outperform” on Apr 29, 2016. Company shares were Downgraded by Deutsche Bank on Apr 13, 2016 to ” Hold”, Firm has raised the Price Target to $ 101 from a previous price target of $94 .Company shares were Reiterated by Gabelli & Co on Apr 12, 2016 to “Buy”, Firm has raised the Price Target to $ 103 from a previous price target of $96 .

Wynn Resorts Limited is a developer owner and operator of destination casino resorts which integrate accommodations and amenities including fine dining premium retail offerings distinctive entertainment and convention facilities. The Company owns 72% of Wynn Macau Limited which operates an integrated resort in the Macau Special Administrative Region of the People’s Republic of China (Macau). Wynn Resorts also owns 100% of and operates an integrated resort in Las Vegas Nevada. The company operates through two segments: Macau Operations which includes Wynn Macau and Encore at Wynn Maca and Las Vegas Operations which includes Wynn Las Vegas and Encore at Wynn Las Vegas. Its Macau Operations features approximately 284000 square feet of casino space with 498 table games and 625 slot machines two hotel towers and others. Its Las Vegas Operations features approximately 186000 square feet of casino space with 232 table games 1849 slot machines two hotel towers and others.

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