Geode Capital Management LLC Raises Position in Wynn Resorts, Limited (NASDAQ:WYNN)

Geode Capital Management LLC increased its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 1.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,433,052 shares of the casino operator's stock after buying an additional 26,792 shares during the quarter. Geode Capital Management LLC owned about 2.22% of Wynn Resorts worth $209,120,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Wynn Resorts during the fourth quarter worth approximately $117,352,000. Raymond James Financial Inc. acquired a new stake in shares of Wynn Resorts during the fourth quarter worth about $75,872,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Wynn Resorts by 18.4% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock worth $269,308,000 after buying an additional 485,204 shares during the last quarter. Bank of New York Mellon Corp increased its position in Wynn Resorts by 23.5% in the 4th quarter. Bank of New York Mellon Corp now owns 685,512 shares of the casino operator's stock valued at $59,064,000 after acquiring an additional 130,349 shares during the period. Finally, Sequoia Financial Advisors LLC raised its stake in Wynn Resorts by 25.6% during the 4th quarter. Sequoia Financial Advisors LLC now owns 525,282 shares of the casino operator's stock valued at $45,258,000 after acquiring an additional 107,212 shares during the last quarter. Institutional investors and hedge funds own 88.64% of the company's stock.

Remove Ads

Wynn Resorts Stock Up 1.2 %

NASDAQ WYNN traded up $0.89 during mid-day trading on Friday, hitting $73.19. The stock had a trading volume of 2,710,084 shares, compared to its average volume of 2,456,991. The company has a 50 day simple moving average of $83.27 and a 200 day simple moving average of $88.68. The company has a market cap of $7.77 billion, a price-to-earnings ratio of 17.38, a P/E/G ratio of 2.35 and a beta of 1.53. Wynn Resorts, Limited has a 52-week low of $65.25 and a 52-week high of $107.81.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $1.15. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.78 billion. Wynn Resorts had a negative return on equity of 71.17% and a net margin of 7.03%. As a group, equities analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were given a $0.25 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.00 annualized dividend and a dividend yield of 1.37%. Wynn Resorts's dividend payout ratio is presently 23.75%.

Analysts Set New Price Targets

Several brokerages have weighed in on WYNN. Jefferies Financial Group upgraded Wynn Resorts from a "hold" rating to a "buy" rating and lifted their target price for the company from $105.00 to $118.00 in a research note on Tuesday, February 18th. StockNews.com lowered shares of Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Wednesday, March 12th. Mizuho upped their price objective 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. Stifel Nicolaus lifted their target price on shares of Wynn Resorts from $123.00 to $128.00 and gave the company a "buy" rating in a report on Friday, February 14th. Finally, Macquarie reissued an "outperform" rating and set a $115.00 price target on shares of Wynn Resorts in a report on Friday, February 14th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $119.58.

Insider Transactions at Wynn Resorts

In related news, major shareholder Tilman J. Fertitta acquired 300,000 shares of the company's stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average price of $70.37 per share, for a total transaction of $21,111,000.00. Following the transaction, the insider now owns 12,900,000 shares in the company, valued at $907,773,000. This trade represents a 2.38 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Philip G. Satre bought 22,200 shares of Wynn Resorts stock in a transaction on Tuesday, February 18th. The stock was purchased at an average price of $92.18 per share, for a total transaction of $2,046,396.00. Following the completion of the acquisition, the director now owns 34,195 shares in the company, valued at $3,152,095.10. This represents a 185.08 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 438,700 shares of company stock valued at $31,300,943 in the last ninety days. Corporate insiders own 0.52% of the company's stock.

Wynn Resorts 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.