Norges Bank Buys Shares of 1,019,660 Wynn Resorts, Limited $WYNN

Norges Bank purchased a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,019,660 shares of the casino operator’s stock, valued at approximately $122,696,000. Norges Bank owned approximately 0.98% of Wynn Resorts at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital World Investors boosted its position in Wynn Resorts by 0.7% during the 3rd quarter. Capital World Investors now owns 9,481,183 shares of the casino operator’s stock worth $1,216,151,000 after buying an additional 69,793 shares during the period. Palidye Holdings Caymans Ltd bought a new stake in Wynn Resorts during the 2nd quarter worth approximately $104,629,000. Raymond James Financial Inc. increased its position in Wynn Resorts by 5.3% in the 3rd quarter. Raymond James Financial Inc. now owns 1,111,574 shares of the casino operator’s stock valued at $142,582,000 after acquiring an additional 55,555 shares during the period. Zurich Insurance Group Ltd FI bought a new position in shares of Wynn Resorts during the third quarter valued at $110,213,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Wynn Resorts by 1.2% during the third quarter. Dimensional Fund Advisors LP now owns 823,990 shares of the casino operator’s stock valued at $105,715,000 after acquiring an additional 10,041 shares during the last quarter. 88.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on WYNN shares. UBS Group reissued a “buy” rating on shares of Wynn Resorts in a research note on Monday, February 23rd. Jefferies Financial Group lowered their target price on Wynn Resorts from $161.00 to $150.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Wells Fargo & Company set a $142.00 price target on Wynn Resorts and gave the company an “overweight” rating in a research report on Sunday, May 10th. Morgan Stanley lowered their price objective on Wynn Resorts from $136.00 to $133.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Finally, Citigroup decreased their target price on shares of Wynn Resorts from $145.00 to $132.00 and set a “buy” rating for the company in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $140.00.

Wynn Resorts Trading Down 1.3%

WYNN stock opened at $103.60 on Friday. The firm has a market cap of $10.75 billion, a PE ratio of 30.93, a price-to-earnings-growth ratio of 0.98 and a beta of 0.98. The stock has a 50-day moving average price of $102.38 and a 200-day moving average price of $111.04. Wynn Resorts, Limited has a 1-year low of $82.63 and a 1-year high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Thursday, May 7th. The casino operator reported $1.25 EPS for the quarter, beating the consensus estimate of $1.18 by $0.07. Wynn Resorts had a negative return on equity of 42.03% and a net margin of 5.14%.The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the prior year, the company earned $1.07 EPS. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, analysts forecast that Wynn Resorts, Limited will post 4.61 earnings per share for the current year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Monday, May 18th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Monday, May 18th. Wynn Resorts’s dividend payout ratio is presently 29.85%.

About Wynn Resorts

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.