Rakuten Investment Management Inc. Purchases Shares of 398,868 Wynn Resorts, Limited $WYNN

Rakuten Investment Management Inc. purchased a new position in shares of Wynn Resorts, Limited (NASDAQ:WYNN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 398,868 shares of the casino operator’s stock, valued at approximately $51,163,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Norges Bank purchased a new position in Wynn Resorts during the 2nd quarter worth approximately $106,289,000. Pacific Heights Asset Management LLC raised its holdings in shares of Wynn Resorts by 30.4% during the third quarter. Pacific Heights Asset Management LLC now owns 150,000 shares of the casino operator’s stock worth $19,240,000 after purchasing an additional 35,000 shares during the last quarter. Brandywine Global Investment Management LLC lifted its position in Wynn Resorts by 6.3% during the second quarter. Brandywine Global Investment Management LLC now owns 68,038 shares of the casino operator’s stock valued at $6,373,000 after purchasing an additional 4,049 shares during the period. Wedge Capital Management L L P NC grew its position in Wynn Resorts by 386.4% during the 3rd quarter. Wedge Capital Management L L P NC now owns 303,986 shares of the casino operator’s stock worth $38,992,000 after purchasing an additional 241,495 shares during the period. Finally, Clear Creek Financial Management LLC purchased a new position in shares of Wynn Resorts during the 2nd quarter valued at about $576,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $148.00 target price on shares of Wynn Resorts in a report on Monday, December 15th. Barclays raised their price objective on shares of Wynn Resorts from $141.00 to $143.00 and gave the stock an “overweight” rating in a research note on Friday. Weiss Ratings reiterated a “hold (c+)” rating on shares of Wynn Resorts in a research note on Monday, December 29th. Stifel Nicolaus raised their price target on shares of Wynn Resorts from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, December 8th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Wynn Resorts from $138.00 to $145.00 and gave the stock an “overweight” rating in a research report on Monday, December 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $140.15.

Wynn Resorts Stock Performance

NASDAQ:WYNN opened at $111.28 on Wednesday. Wynn Resorts, Limited has a fifty-two week low of $65.25 and a fifty-two week high of $134.72. The stock has a market capitalization of $11.57 billion, a PE ratio of 24.89, a P/E/G ratio of 14.65 and a beta of 1.08. The company has a fifty day moving average of $122.69 and a two-hundred day moving average of $119.82.

Wynn Resorts (NASDAQ:WYNN) last announced its earnings results on Thursday, November 6th. The casino operator reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.23). The firm had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.76 billion. Wynn Resorts had a net margin of 7.09% and a negative return on equity of 54.88%. Wynn Resorts’s revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.90 EPS. Research analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 26th. Shareholders of record on Monday, November 17th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, November 17th. Wynn Resorts’s payout ratio is 22.37%.

Wynn Resorts Profile

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.