Norges Bank Buys Shares of 1,362,023 Wynn Resorts, Limited (NASDAQ:WYNN)

Norges Bank bought a new stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,362,023 shares of the casino operator's stock, valued at approximately $117,352,000. Norges Bank owned approximately 1.24% of Wynn Resorts as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Wynn Resorts during the 4th quarter worth $75,872,000. Holocene Advisors LP lifted its position in shares of Wynn Resorts by 27,868.5% during the third 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. Weiss Asset Management LP bought a new stake in Wynn Resorts in the third quarter valued at about $19,753,000. Jacobs Levy Equity Management Inc. increased its holdings in Wynn Resorts by 466.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 209,760 shares of the casino operator's stock valued at $20,112,000 after buying an additional 172,717 shares during the last quarter. Finally, Biglari Capital CORP. acquired a new stake in Wynn Resorts during the third quarter valued at approximately $13,308,000. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

Wynn Resorts Stock Performance

Shares of WYNN stock traded down $1.19 during mid-day trading on Wednesday, hitting $81.54. 2,526,586 shares of the stock traded hands, compared to its average volume of 2,353,639. Wynn Resorts, Limited has a twelve month low of $71.63 and a twelve month high of $110.38. The company's 50-day simple moving average is $85.79 and its 200-day simple moving average is $89.34. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 19.37, a price-to-earnings-growth ratio of 2.35 and a beta of 1.77.

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Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued 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 net margin of 7.03% and a negative return on equity of 71.17%. The firm had revenue of $1.84 billion for the quarter, compared to analysts' expectations of $1.78 billion. Analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Announces Dividend

The firm also recently announced 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 1.23%. The ex-dividend date of this dividend was Monday, February 24th. Wynn Resorts's payout ratio is 23.75%.

Insiders Place Their Bets

In other news, Director Philip G. Satre acquired 22,200 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was purchased at an average price of $92.18 per share, with a total value of $2,046,396.00. Following the purchase, the director now owns 34,195 shares of the company's stock, valued at approximately $3,152,095.10. This trade represents a 185.08 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Tilman J. Fertitta bought 11,475 shares of Wynn Resorts stock in a transaction dated Monday, March 24th. The stock was acquired at an average price of $84.93 per share, with a total value of $974,571.75. Following the acquisition, the insider now directly owns 12,600,000 shares of the company's stock, valued at approximately $1,070,118,000. This represents a 0.09 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 38,700 shares of company stock worth $3,427,943. 0.52% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WYNN. StockNews.com downgraded Wynn Resorts from a "buy" rating to a "hold" rating in a report on Wednesday, March 12th. Jefferies Financial Group upgraded shares of Wynn Resorts from a "hold" rating to a "buy" rating and boosted their target price for the company from $105.00 to $118.00 in a research note on Tuesday, February 18th. Morgan Stanley reduced their price target on shares of Wynn Resorts from $105.00 to $103.00 and set an "overweight" rating on the stock in a research report on Monday, February 24th. Barclays lifted their price target on shares of Wynn Resorts from $115.00 to $116.00 and gave the company an "overweight" rating 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 report on Friday, February 14th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Wynn Resorts currently has an average rating of "Moderate Buy" and an average target price of $119.58.

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.