ARGA Investment Management LP Raises Holdings in Wynn Resorts, Limited (NASDAQ:WYNN)

ARGA Investment Management LP grew its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 86.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,369 shares of the casino operator's stock after purchasing an additional 15,519 shares during the period. ARGA Investment Management LP's holdings in Wynn Resorts were worth $2,786,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in WYNN. Barrow Hanley Mewhinney & Strauss LLC grew its position in Wynn Resorts by 18.4% in 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 acquiring an additional 485,204 shares in the last quarter. Geode Capital Management LLC grew its position in Wynn Resorts by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 2,433,052 shares of the casino operator's stock worth $209,120,000 after acquiring an additional 26,792 shares in the last quarter. Jefferies Financial Group Inc. grew its position in Wynn Resorts by 9.0% in the fourth quarter. Jefferies Financial Group Inc. now owns 1,683,600 shares of the casino operator's stock worth $145,059,000 after acquiring an additional 139,270 shares in the last quarter. Renaissance Technologies LLC grew its position in Wynn Resorts by 16.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,616,756 shares of the casino operator's stock worth $139,300,000 after acquiring an additional 228,000 shares in the last quarter. Finally, Norges Bank bought a new stake in Wynn Resorts in the fourth quarter worth about $117,352,000. Hedge funds and other institutional investors own 88.64% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WYNN. Citigroup raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. started coverage on shares of Wynn Resorts in a research note on Monday, June 23rd. They set an "overweight" rating and a $109.00 price target for the company. Mizuho decreased their price target on shares of Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Wall Street Zen downgraded shares of Wynn Resorts from a "buy" rating to a "hold" rating in a research note on Wednesday, March 12th. Finally, The Goldman Sachs Group started coverage on shares of Wynn Resorts in a research note on Monday. They set a "buy" rating and a $122.00 price target for the company. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Wynn Resorts has a consensus rating of "Moderate Buy" and an average target price of $113.58.

Insider Buying and Selling

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $92.12, for a total value of $208,375.44. Following the sale, the director directly owned 3,066 shares of the company's stock, valued at approximately $282,439.92. This represents a 42.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.52% of the company's stock.

Wynn Resorts Stock Up 2.9%

Shares of NASDAQ:WYNN opened at $108.67 on Tuesday. The company has a market capitalization of $11.36 billion, a price-to-earnings ratio of 30.19, a price-to-earnings-growth ratio of 3.05 and a beta of 1.37. Wynn Resorts, Limited has a 52 week low of $65.25 and a 52 week high of $109.50. The firm has a 50 day moving average of $90.56 and a 200 day moving average of $85.70.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The casino operator reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.24 by ($0.17). The firm had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 62.13% and a net margin of 6.17%. Wynn Resorts's revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.59 earnings per share. On average, sell-side analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend was Friday, May 16th. Wynn Resorts's payout ratio is 27.78%.

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.

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