Norges Bank Invests $117.35 Million in Wynn Resorts, Limited (NASDAQ:WYNN)

Norges Bank bought a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC lifted its position in shares of Wynn Resorts by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,406,260 shares of the casino operator’s stock valued at $229,945,000 after acquiring an additional 34,907 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Wynn Resorts by 0.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 952,442 shares of the casino operator’s stock worth $82,062,000 after purchasing an additional 5,032 shares in the last quarter. Raymond James Financial Inc. bought a new position in Wynn Resorts in the 4th quarter worth approximately $75,872,000. Holocene Advisors LP grew its holdings in Wynn Resorts by 27,868.5% during the 3rd quarter. Holocene Advisors LP now owns 757,946 shares of the casino operator’s stock valued at $72,672,000 after buying an additional 755,236 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Wynn Resorts by 23.5% in the fourth quarter. Bank of New York Mellon Corp now owns 685,512 shares of the casino operator’s stock worth $59,064,000 after buying an additional 130,349 shares in the last quarter. Hedge funds and other institutional investors own 88.64% of the company’s stock.

Insider Buying and Selling

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

Wynn Resorts Price Performance

Shares of NASDAQ WYNN opened at $83.50 on Tuesday. The company has a market cap of $8.86 billion, a P/E ratio of 19.83, a PEG ratio of 2.35 and a beta of 1.77. The firm has a 50-day simple moving average of $85.93 and a two-hundred day simple moving average of $89.36. Wynn Resorts, Limited has a 1 year low of $71.63 and a 1 year high of $110.38.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.27 by $1.15. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates 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 research analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Monday, February 24th. Wynn Resorts’s payout ratio is presently 23.75%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Jefferies Financial Group raised shares of Wynn Resorts from a “hold” rating to a “buy” rating and raised their target price for the company from $105.00 to $118.00 in a research note on Tuesday, February 18th. Barclays lifted their target price on Wynn Resorts from $115.00 to $116.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Morgan Stanley dropped their price target on Wynn Resorts from $105.00 to $103.00 and set an “overweight” rating for the company in a research note on Monday, February 24th. StockNews.com cut Wynn Resorts from a “buy” rating to a “hold” rating in a report on Wednesday, March 12th. Finally, Mizuho raised their target price on shares of Wynn Resorts from $118.00 to $132.00 and gave the company an “outperform” rating in a report on Friday, February 14th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $119.58.

Wynn Resorts Company 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.