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Wynn Resorts to Begin Paying Dividends! (WYNN)

By Dividend.com Staff
November 9th, 2009

wynn-resorts-to-begin-paying-dividends-wynn

Wynn Resorts (WYNN) announced today that its Board of Directors declared a special cash dividend of $4.00 per share on its outstanding common stock, as well as a quarterly dividend payout.

This dividend will be payable on December 3, 2009, to stockholders of record on November 19, 2009. The stock will begin to trade ex-dividend on November 17, 2009.

The Company’s Board of Directors also approved the commencement of a regular cash dividend program, beginning in 2010. It is currently anticipated this regular cash dividend will be $0.20 per share of common stock for the first quarter of 2010, payable in the second quarter of 2010.

The Bottom Line
The dividend yield will be 1.34% based on the $.80 cent annual payout, and the company’s closing stock price on Friday of $59.73. The company has technical support in the $53 price area. If the shares can firm up, we see overhead resistance around the $65 price levels. We would remain on the sidelines for now.

Wynn Resorts (WYNN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.