BlackRock Inc. Makes New $609.57 Million Investment in Wynn Resorts, Limited $WYNN

Key Points

• BlackRock acquired 6.28 million Wynn Resorts shares worth approximately $609.6 million, giving it a 6.05% stake. Institutional investors collectively own 88.64% of the casino operator.
• Wynn Resorts reported quarterly earnings of $1.24 per share, beating estimates of $0.99, while revenue rose 6.9% year over year to $1.86 billion.
• The company declared a quarterly dividend of $0.25 per share, representing a 1.0% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $134.19, above the stock’s reported $100.28 opening price.

BlackRock Inc. bought a new stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,278,361 shares of the casino operator's stock, valued at approximately $609,566,000. BlackRock Inc. owned about 6.05% of Wynn Resorts at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Egerton Capital UK LLP acquired a new position in shares of Wynn Resorts in the fourth quarter worth about $249,053,000. Palidye Holdings Caymans Ltd acquired a new stake in shares of Wynn Resorts during the second quarter valued at approximately $104,629,000. Norges Bank purchased a new stake in shares of Wynn Resorts in the 4th quarter valued at approximately $122,696,000. Zurich Insurance Group Ltd FI purchased a new stake in shares of Wynn Resorts in the 3rd quarter valued at approximately $110,213,000. Finally, Bank of New York Mellon Corp acquired a new position in Wynn Resorts in the 2nd quarter worth approximately $45,838,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wynn Resorts Price Performance

Shares of Wynn Resorts stock opened at $100.28 on Monday. The stock has a 50 day moving average price of $99.78 and a two-hundred day moving average price of $102.95. The stock has a market capitalization of $10.33 billion, a P/E ratio of 24.88, a PEG ratio of 0.88 and a beta of 1.01. Wynn Resorts, Limited has a 12-month low of $92.52 and a 12-month high of $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The casino operator reported $1.24 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the business earned $1.09 earnings per share. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Wynn Resorts, Limited will post 4.63 earnings per share for the current year.

Wynn Resorts Dividend Announcement

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

Wall Street Analysts Forecast Growth

WYNN has been the topic of several recent analyst reports. Truist Financial began coverage on shares of Wynn Resorts in a research note on Wednesday, July 8th. They set a "buy" rating and a $125.00 target price on the stock. Wells Fargo & Company decreased their target price on Wynn Resorts from $141.00 to $131.00 and set an "overweight" rating for the company in a research report on Wednesday, August 5th. Barclays lifted their price target on Wynn Resorts from $134.00 to $136.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Stifel Nicolaus set a $143.00 price target on Wynn Resorts in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. reduced their price objective on Wynn Resorts from $135.00 to $134.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $134.19.

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.

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