Biglari Sardar Buys Shares of 70,200 Wynn Resorts, Limited $WYNN

Key Points

• Biglari Sardar acquired 70,200 Wynn Resorts shares during the second quarter, worth approximately $6.8 million. The position represents 11% of the fund’s portfolio and 0.07% of Wynn’s outstanding shares.
• Wynn Resorts reported stronger-than-expected quarterly results, with EPS of $1.24 versus the $0.99 consensus and revenue of $1.86 billion, up 6.9% year over year.
• The company declared a quarterly dividend of $0.25, equivalent to an annualized $1.00 payout and a 1.0% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $134.19, versus a share price of $98.74.

Biglari Sardar purchased a new position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 70,200 shares of the casino operator's stock, valued at approximately $6,815,718,000. Wynn Resorts accounts for 11.0% of Biglari Sardar's portfolio, making the stock its 5th biggest holding. Biglari Sardar owned 0.07% of Wynn Resorts at the end of the most recent quarter.

A number of other large investors have also modified their holdings of WYNN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Wynn Resorts by 10.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,961 shares of the casino operator's stock worth $665,000 after purchasing an additional 754 shares in the last quarter. Woodline Partners LP boosted its position in Wynn Resorts by 36.2% during the first quarter. Woodline Partners LP now owns 7,568 shares of the casino operator's stock worth $632,000 after purchasing an additional 2,012 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Wynn Resorts by 69.0% during the first quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator's stock worth $32,000 after purchasing an additional 156 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Wynn Resorts by 13.8% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,659 shares of the casino operator's stock valued at $155,000 after purchasing an additional 201 shares during the last quarter. Finally, Guggenheim Capital LLC increased its position in shares of Wynn Resorts by 9.5% in the second quarter. Guggenheim Capital LLC now owns 10,008 shares of the casino operator's stock valued at $937,000 after buying an additional 868 shares in the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wynn Resorts Trading Down 0.7%

Shares of WYNN opened at $98.74 on Wednesday. Wynn Resorts, Limited has a twelve month low of $92.52 and a twelve month high of $134.72. The firm has a market capitalization of $10.17 billion, a P/E ratio of 24.50, a price-to-earnings-growth ratio of 0.88 and a beta of 1.01. The stock's fifty day simple moving average is $99.55 and its 200 day simple moving average is $102.77.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.99 by $0.25. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the prior year, the company earned $1.09 EPS. The company's revenue was up 6.9% on a year-over-year basis. Sell-side analysts predict that Wynn Resorts, Limited will post 4.63 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, August 14th. Wynn Resorts's dividend payout ratio is currently 24.81%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on WYNN shares. Citigroup reiterated a "buy" rating on shares of Wynn Resorts in a research report on Thursday, August 6th. Zacks Research upgraded Wynn Resorts from a "strong sell" rating to a "hold" rating in a research report on Monday, August 10th. The Goldman Sachs Group set a $120.00 target price on shares of Wynn Resorts in a research note on Wednesday, July 15th. Bank of America reduced their target price on shares of Wynn Resorts from $150.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Finally, Wells Fargo & Company lowered their price target on shares of Wynn Resorts from $141.00 to $131.00 and set an "overweight" rating for the company in a report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $134.19.

Wynn Resorts Company 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.

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